Buying or selling a home in Lexington? Homes & Horse Farms Real Estate can help.
Buying a home is stressful for a lot of people, but with some up-front planning, it isn't that confusing.
I like to provide buyers with an outline of the entire deal so they know exactly what to expect.
Here are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to answer any questions you have about this information.
Step 1 – Get ready to buy
There are several things you'll want to consider before beginning your home search.
You'll probably want to assemble an index of features you need to have, get a feel for what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
A good rule of thumb to follow is that your mortgage payment should be no more than a third of your net monthly income.
Step 2 – Talk to a real estate agent in Lexington
This is where Homes & Horse Farms Real Estate comes in.
We'll arrange a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Lexington area.
In addition, I'll assist you with getting started on your loan.
Homes & Horse Farms Real Estate partners with some of Lexington's best mortgage professionals, so you can rest assured that you're in great hands.
They can assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Start looking
Following our initial meeting, I'll start looking for available houses on the market that are a great fit for you.
I'll research most of the houses and remove the duds, and then we'll book appointments to view the houses when it's convenient for you.
As we tour homes, I'll show you the good features, as well as negative ones. And I'll ask you to talk about things you like and dislike.
It's widely common for buyers to update their list of must-haves as we tour homes and some features become far more essential than others.
If that's the case, I'll go back through all the listings once more and trim it down to the house of your dreams.
Step 4 – Comprehend the housing market
My awareness of the Lexington home market is a crucial component in your home search. I'm informed of all the school districts and neighborhoods, and I can let you know some neighborhoods are "hot" and require immediate action and some that are "cool" and allow for careful consideration.
When we tour houses, I'll let you know if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions. Every REALTOR in Lexington will tell you they comprehend the housing market.
If things don't add up, just call me at (859) 576-1877 or e-mail me at , and I'll be more than 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 the house you've been looking for
We'll find the house of your dreams in Lexington, and when we do, I'll carefully develop your home purchase offer. The offer will be tailored with your needs in mind and the home, including a lot of contingencies, such as getting financing, finishing the inspection, and a clean title.
When submitting your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property. The amount is often put towards the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer. It's widely common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a contract that is best for you.
Step 7 – Obtain a loan
Once we sign the final sales contract, you'll begin working with your lender to close the loan.
If you're pre-approved, this shouldn't take long at all. However, you should to stay in close contact with your lender.
And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of getting your loan application.
This estimate depends on the loan amount. RESPA requirements require that it has to include all closing costs and be within a tight range of accuracy, and I'll go over the estimate and let you know if everything looks permissible.
Then we'll close on your house. This should take place at a title company or escrow office and will most often be a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, just call me at (859) 576-1877 or e-mail me at .