Buying a new home in Lexington
Buying a home is intimidating for many people, but with some up-front planning, it's not very complicated.
I like to furnish buyers with an overview of the whole deal so they'll know exactly what to expect.
Below are my nine steps to buying a home.
Should you have questions about any of this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to purchase a home
There are several things you should contemplate before you start looking for a home.
You'll most likely want to assemble an outline of features you need to have, get a feeling for what school districts you want to live in, and start working on your budget.
Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good rule to follow.
Step 2 – Talk to a real estate agent in Lexington
This is where I can help.
I'd be more than happy to schedule a time to meet with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Lexington area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
I work with some of Lexington's finest mortgage professionals, so you can rest assured that you're in great hands.
They'll help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
After our initial meeting, I'll start looking for houses on the market that meet your needs.
I'll research most of the houses and ignore the bad ones, and then we'll schedule appointments to tour the homes whenever it's most convenient for you.
When we view the homes, I'll show you the positive features and bad ones. And I'll ask you to talk about things you like and don't like.
As a rule, buyers amend their list of must-haves as we tour homes and some features become far more substantial than others.
If that's the situation, I'll look through all the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Comprehend the market
Your agent's awareness of the Lexington housing market is an imperative component in your house search. And I assure you I'm acquainted with all the schools and neighborhoods, and I will let you know certain districts are "hot" and require prompt action and others that are "cool" and allow for thoughtful analysis.
When we view houses, I'll let you know when the asking price has room for bargaining and when I believe the house is "priced to sell."
Any REALTOR in Lexington will tell you they truly know the housing market, but take notice, and be sure to ask your agent lots of questions.
If it doesn't seem like they know everything, contact me at (859) 576-1877 or e-mail me at , and I'd be happy to answer any questions you have. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find the house you've been looking for
We'll find your dream home in Lexington, and when we do, I'll thoroughly create your real estate purchase offer. The offer will be tailored with your needs in mind and the home, including many contingencies, such as acquiring financing, finishing the inspection, and a clean title.
When turning in your offer, you'll want to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property and is most often put towards the closing costs. If the offer is accepted, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the first offer – it's widely common to receive a counter offer. Don't let it alarm you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Get financing
After we sign the final contract, you'll start working with your lender to close the loan.
If you're already pre-approved, this shouldn't take much time at all. But you should to stay in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of taking your loan application.
This estimate is formed from the loan amount, and RESPA requirements order 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 everything looks all right.
Then it's time to close on your house. This will probably happen at a title company or escrow office and will most often be a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. 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 .