Are you contemplating buying a new home in Bakersfield?
For a lot of people, buying a home can be an intimidating event. But with some up-front planning, it isn't very complicated.
So they know exactly what they can expect, I'll provide buyers with a road map of the whole deal.
Here are my nine steps to purchasing a home.
Should you have any questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to purchase a home
Before you start searching for a home, there are a lot of things you need to contemplate.
It's likely that you'll want to assemble a checklist of features you want to have, get a feel for what neighborhoods and school districts you want to live in, and begin working on your budget.
Keeping your mortgage payment less than or around 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Contact a real estate agent
That's where I come in.
We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Bakersfield area.
In addition, I'll help you begin the loan process.
There are some great mortgage professionals in Bakersfield, and I work with a lot of them, so you can rest assured that you're in great hands.
They can assist you in choosing which kind of loan is best for you and help you get approved.
Step 3 – Start your home search
After our first meeting, I'll begin searching for available houses on the market that meet your needs.
I'll get a sneak peek of many of the homes and reject the bad ones, and then we'll set up appointments to view the houses when it's convenient for you.
As we tour homes, I'll call attention to good features and negative ones. I'll also ask you about things you like and dislike.
It's widely common for buyers to amend their wish list as we view homes and some things become more crucial than others.
If such is the case, I'll go back through the listings once more and trim it down to the house of your dreams.
Step 4 – Know the housing market
My understanding of the Bakersfield market is a crucial factor in your house search. I'm acquainted with all the school districts and neighborhoods, and I will let you know which districts are "hot" and call for prompt action and the ones that are "cold" and allow for more analysis.
As we tour houses, I'll be sure to tell you when the list price has room for negotiation and when I trust the house is "priced to sell."
Be on guard and be sure to ask a lot of questions, as any REALTOR in Bakersfield will tell you they truly know the housing market.
If it appears they don't know everything, contact me at 661-205-5475 or e-mail me at , and I'll be glad to answer any questions you have. My market knowledge will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
I'm positive we'll find the house of your dreams in Bakersfield. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies, such as acquiring financing, finishing the home inspection, and a clear title.
When submitting your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property and is typically applied to the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the first offer. It's extremely common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll put together a deal that is best for you.
Step 7 – Obtain your loan
After we sign the final contract, you'll begin working with your mortgage lender to close the loan.
This shouldn't take very long at all if you're already pre-approved, but you'll need to stay in close contact with your lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) outlining your closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a close range of accuracy. I'll analyze the estimate and let you know if it all looks all right.
Then it's time to close on your house. This will most often occur at a title company or escrow office and will most likely be a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at 661-205-5475 or e-mail me at .