Buying a new home in Boulder City with Plaza Realty
Purchasing a home is an intimidating event for most people. However, with some up-front planning, it isn't very complex.
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 a home
There are many things you'll want to do before you look for a home.
You'll most likely want to assemble an outline of features you need to have, get a feeling for what neighborhoods and school districts you want to live in, and begin planning your budget.
A good guideline to adhere to is that your mortgage payment should be 30 percent of your net monthly income.
Step 2 – Connect with a real estate agent
This is where Plaza Realty comes in.
We can schedule a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss neighborhoods, schools in the Boulder City area, the mortgage industry, and any additional economic factors that could affect your buying decision today or in the future.
I can also help you get started on your loan.
There are some great mortgage professionals in Boulder City, and I work with a lot of them, so you'll be in great hands.
They can assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Start your search
Following our first meeting, I'll begin searching for homes on the market that are good for you.
I'll preview many of the homes and reject the duds, and then we'll set up appointments to tour the houses whenever it's convenient for you.
As we view the houses, I'll point out good features, as well as bad ones. I'll even ask you to point out what things you like and dislike.
It's pretty common for buyers to change their must-have list as we tour homes and some items become far more crucial than others.
If that happens, I'll look through the listings again and trim it down to the house of your dreams.
Step 4 – Comprehend the housing market
My awareness of the Boulder City market is a fundamental factor in your home search. I'm mindful of all the neighborhoods and schools, and I will alert you to which areas are "hot" and require immediate action and some that are "cool" and allow for more consideration.
As we view houses, I'll let you know if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be careful and make sure you ask lots of questions. Every real estate agent in Boulder City will convince you they know the home market.
If it seems like they don't know everything, call me at 702-293-2440 or e-mail me at , and I'd be happy to answer any questions you might have. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find your dream house
We'll find the house of your dreams in Boulder City, and when we do, I'll precisely create your real estate purchase offer. The offer will be tailored with your needs in mind and the home, including some contingencies, such as obtaining financing, finishing the inspection, and a clean title.
When submitting your offer, you'll need to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to purchase the property, and it's most often put towards the closing costs. If the offer is accepted, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer, and it's pretty common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to take 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.
We'll also work within your financing constraints. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Get financing
After the deal is finalized, you'll start working with your lender to close the loan.
If you've been pre-approved, this shouldn't be a long process at all, but you need to stay in close contact with your mortgage lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Loan Estimate (LE) outlining your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of receiving your application.
This estimate is based on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if everything looks adequate.
Then we'll close on your house. This will most often happen at a title company or escrow office and should be a smooth and hassle-free event.
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, simply call me at 702-293-2440 or e-mail me at .