Buying your new home in Bakersfield
Buying a home is an intimidating event for a lot of people, but it's not very confusing with a little up-front planning.
I like to give buyers an outline of the whole deal so they understand exactly what to expect.
These are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to answer questions you have regarding this information.
Step 1 – Prepare to purchase
There are a lot of things you should contemplate before beginning your home search.
You'll most likely want to put together a checklist of features you want, get an idea of what school districts and neighborhoods you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment less than or close to a third of your monthly income is a good rule to go by.
Step 2 – Communicate with a real estate agent
This is where I come in.
We'll book a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Bakersfield area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.
I'll also 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 will help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After our first meeting, I'll start looking for available homes on the market that best suit you.
I'll get a sneak peek of many of the houses and throw out the duds, and then we'll schedule appointments to view the homes at a time that's convenient for you.
As we tour houses, I'll point out positive features, as well as bad ones. And I'll ask you to tell us about things you like and dislike.
As a rule, buyers amend their wish list as we view houses and some items become far more essential than others.
If that happens, I'll search the listings one more time and trim it down to the home you've been dreaming about.
Step 4 – Get a grasp of the housing market
My awareness of the Bakersfield home market is an essential agent in your home search. I'm acquainted with all the neighborhoods and school districts, and I will communicate what districts are "hot" and warrant prompt action and others that are "cold" and allow for careful analysis.
As we view houses, I'll let you know if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be careful and be sure to ask plenty of questions, as any REALTOR will convince you they truly know the housing market.
If things don't add up, just call me at 661-205-5475 or e-mail me at , and I'd be happy to answer any questions you may have. My understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find your dream home
We'll find the house of your dreams in Bakersfield, and when that happens, I'll carefully develop your purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as obtaining financing, completing the inspection, and a clear title.
When we send in your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property. The amount is often applied to the closing costs. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the beginning offer – it's pretty common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your budget. And at the end of the day, we'll compose a deal that's best for you.
Step 7 – Obtain a loan
Upon finalizing the deal, you'll start working with your lender to close the loan.
It shouldn't be a long process at all if you're pre-approved, but you need to keep in close contact with your lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) of your closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of getting your loan application.
The estimate rests on the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a tight range of accuracy. I'll study the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will likely occur at a title company or escrow office and will likely be a smooth and relaxed occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at 661-205-5475 or e-mail me at .