Buying a home intimidates a lot of people, but with a bit of planning ahead of time, it isn't very difficult.
So you know exactly what to expect, I like to give my buyers an outline of the whole deal.
Below are my nine steps to purchasing a home.
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Should you have questions regarding this information or if you're prepared to get started, you can contact me here or e-mail me at bernie@vendemossucasa.com.
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Step 1 – Get ready to purchase a home
There are many things you should consider before commencing your home search.
It's likely that you'll want to form an outline of items you need to have, get a feel for what school districts you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good rule to adhere to.
Step 2 – Speak with a real estate agent in San Juan
This is where Clasificados Online De Propiedades En Puerto Rico can help.
I'd like to arrange a time to get together with you and speak with you about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage and housing industries, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and schools in the San Juan area.
In addition, I'll help you start the loan process.
Clasificados Online De Propiedades En Puerto Rico partners with some of San Juan's best mortgage professionals, so you'll be in great hands.
They will help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After we meet, I'll begin finding available homes on the market that meet your needs.
I'll research most of the homes and remove the bad ones, and then we'll schedule appointments to view the homes when it's most convenient for you.
When we tour the homes, I'll show you the good features, as well as bad ones. I'll even ask you about things you like and don't like.
For the most part, buyers update their list of must-haves as we view homes and some items become far more substantial than others.
If that's the case, I'll search all the listings another time and narrow it down to the home of your dreams.
Step 4 – Get a feel for the market
Your agent's knowledge of the San Juan housing market is a crucial component in your home search. And I can assure you I'm mindful of all the neighborhoods and schools, and I will communicate some neighborhoods are "hot" and require immediate action and the ones that are "cool" and allow for thoughtful examination.
As we tour homes, I'll let you know when the list price has room for negotiation and also when I think the house is "priced to sell."
Trust your instincts and make sure you ask lots of questions, as any REALTOR® in San Juan will claim to know the housing market.
If it seems like they don't know everything, contact me at 1-888-538-0390 or e-mail me at bernie@vendemossucasa.com, and I'll be happy to answer any questions you may have. My understanding of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find the home of your dreams in San Juan. When we do, I'll precisely create your real estate purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as acquiring financing, completing the inspection, and a clean title.
When we present your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property and is most often applied to the closing costs. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the initial offer, and it's extremely common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions will play a part in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Obtain a loan
Upon finalizing the contract, you'll start working with your lender to close the loan.
This won't be a long process at all if you're pre-qualified, but you'll want to keep in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of accepting your application.
The estimate depends on the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a tight range of accuracy, and I'll review the estimate and let you know if it all looks okay.
Then it's time to close on your house. This should take place at a title company or escrow office and is often a smooth and comfortable occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just call me at 1-888-538-0390 or send me an e-mail.
