Buying or selling a home in Lexington? Homes & Horse Farms Real Estate can help.
Buying a home is a stressful event for many people. However, with some planning ahead of time, it isn't all that difficult.
I like to give buyers an outline of the whole deal so they understand exactly what to expect.
These are my nine steps to purchasing a home.
If you have any questions regarding this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Prepare to buy
There are a lot of things you should take into account before you start looking for a home.
You'll want to form an index of items you need, get an idea of what school districts you want to live in, and start working on your budget.
Keeping your mortgage payment less than or around 1/3 of your monthly income is a good rule of thumb to follow.
Step 2 – Connect with a real estate agent
This is where I can help.
I'd be happy to arrange a time to meet with you and speak with you about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Lexington area, the mortgage industry, to any other economic factors that could affect your buying decision today or in the future.
I'll also help you facilitate the loan process.
There are some excellent mortgage professionals in Lexington, and I partner with a lot of them, so you're in great hands.
They will help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
Following our initial meeting, I'll start searching for available houses on the market that are good for you.
I'll research many of the houses and reject the bad ones, and then we'll schedule appointments to tour the houses when it's convenient for you.
As we tour the houses, I'll show you the good features, as well as bad ones. And I'll ask you what things you like and don't like.
It's widely common for buyers to update their wish list as we view houses and some things become far more essential than others.
If that's the case, I'll search the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
My understanding of the Lexington housing market is a crucial aspect in your home search. I am conscious of all the neighborhoods and schools, and I can alert you to which areas are "hot" and warrant immediate action and some that are "cold" and allow for thoughtful consideration.
As we tour houses, I'll be sure to tell you when the asking price has room for negotiation and when I trust the home is "priced to sell."
Every REALTOR in Lexington will tell you they know the housing market, but be wary, and be sure to ask lots of questions.
If things don't add up, call me at (859) 576-1877 or e-mail me at , and I'll be glad to answer any questions you might have. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
We'll find your dream house in Lexington, and when we do, I'll carefully create your purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies. A few examples are obtaining financing, carrying out the inspection, and a clear title.
When we submit your offer, most likely you'll want to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property, and it's usually put towards the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the initial offer, and it's extremely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions.
In addition, we'll work within your financing limits. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Secure your loan
Once we sign the final sales contract, you'll start working with your lender to close the loan.
If you've been pre-approved, it shouldn't take very long at all, but you'll need to keep in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of accepting your loan application.
This estimate is formed from the loan amount. RESPA requirements require that it has to contain all closing costs and be within a close range of accuracy, and I'll examine the estimate and let you know if it all looks good.
Then it's time to close on your house. This will probably happen at a title company or escrow office and should be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at (859) 576-1877 or e-mail me at .