Let Mendes Residential assist you in buying a new home in San Diego
Purchasing a home is a stressful event for many people. However, with a bit of planning ahead of time, it isn't that complicated.
So you'll know exactly what to expect, we like to provide our buyers with a road map of the entire deal.
Here are our nine steps to purchasing a home.
Step 1 – Get ready to buy
There are plenty of things you'll want to consider before commencing your home search.
It's likely that you'll want to make a list of items you want, get a feel for what school districts you want to live in, and begin working on your budget.
A good rule to follow is that your mortgage payment should be less than or around 1/3 of your net monthly income.
Step 2 – Get with a real estate agent
This is where Mendes Residential can help.
We'll plan a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss everything from neighborhoods, schools in the San Diego area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.
We can also help you get started on your loan.
Mendes Residential works with some of the best mortgage professionals in San Diego, so you'll be in great hands.
They will assist you with choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start your search
After our first meeting, we'll start finding available homes on the market that are a great fit for you.
We'll get a sneak peek of most of the homes and ignore the duds, and then we'll book appointments to view the homes when it's convenient for you.
When we view houses, we'll point out good features and bad ones. And we'll ask you about things you like and dislike.
Usually, buyers amend their must-have list as we tour homes and some features become more necessary than others.
If that's the situation, we'll go back through all the listings one more time and narrow it down to the home you've been dreaming about.
Step 4 – Get a feel for the market
Our understanding of the San Diego housing market is a valuable benefit in your house search. We are mindful of all the neighborhoods and schools, and we will communicate certain districts are "hot" and call for immediate action and the others that are "cold" and allow for cautiousness.
When we view houses, we'll let you know if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
Any REALTOR® will tell you they truly know the market, but be mindful, and make sure you ask your agent a lot of questions.
If it doesn't seem like they know everything, contact us at 619-889-3614 or e-mail us at firstname.lastname@example.org, and we'd be more than happy to answer any questions you might have. Our market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream home
We know we'll find your dream house in the San Diego area. When that happens, we'll thoroughly develop your purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are getting financing, completing the home inspection, and a clear title.
Upon presenting your purchase offer, you'll likely want to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property and is most often applied to the closing costs. If the offer is accepted, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the first offer. It's really common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
The state of the market will play a vital role in how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll create a contract that works well for you.
Step 7 – Obtain your loan
Once the deal is finished, you'll begin working with your lender to close the loan.
If you're already pre-qualified, it won't take long at all, but you need to keep in close contact with your mortgage lender.
And we'll look after all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
Your lender will send you a Loan Estimate (LE) detailing your closing costs within three days of getting your loan application.
This estimate is based on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a close range of accuracy, and we'll examine the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and will most likely be a smooth and relaxing occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you contact us at 619-889-3614 or send us an e-mail.