Contemplating buying a new home in Beverly Hills? Compass can help.
Buying a home intimidates many people, but it's not that difficult with some up-front planning.
I like to give buyers an outline of the whole deal so they know exactly what they can expect.
Below are my nine steps to buying a home.
Should you have any questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to purchase
Before you start looking for a home, there are a lot of things you'll want to consider.
When you start your search, you'll probably want to form an outline of must-haves, plan for what school districts you want to live in, and begin planning your budget.
A good rule of thumb to follow is that your mortgage payment should be less than 30 percent of your net monthly income.
Step 2 – Get in touch with a real estate agent
This is where Compass comes in.
I'd like to set up a time to meet with you and speak with you about why you want to buy a home and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Beverly Hills area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you get started on your loan.
There are some excellent mortgage professionals in Beverly Hills, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll assist you with choosing which type of loan is best for you and help you get qualified.
Step 3 – Start your home search
After we meet for the first time, I'll start searching for homes on the market that meet your needs.
I'll research most of the homes and reject the bad ones, and then we'll set up appointments to view the homes at a time that's convenient for you.
When we tour houses, I'll identify positive features, as well as negative ones. I'll even ask you to point out what things you like and dislike.
Usually, buyers update their wish list as we tour houses and some items become more substantial than others.
If that happens, I'll go back through all the listings another time and trim it down to the house you've been dreaming about.
Step 4 – Know the market
My awareness of the Beverly Hills market is a necessary agent in your home search. I'm familiar with all the school districts and neighborhoods, and I will communicate certain neighborhoods are "hot" and warrant immediate action and others that are "cold" and allow for thoughtful analysis.
As we tour homes, I'll make sure to communicate if the list price has room for negotiation or if I believe the house is "priced to sell."
Any REALTOR in Beverly Hills will convince you they know the market, but be on guard, and make sure you ask a lot of questions.
If things don't add up, just call me at 818.516.0011 or e-mail me at , and I'd be more than happy to answer any questions you may have. My knowledge of the market will keep you a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
We'll find the house of your dreams in the Beverly Hills area, and when that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including a lot of contingencies, such as obtaining financing, completing the home inspection, and a clean title.
Upon sending in your offer, you'll likely want to present "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property. The amount is often applied to the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the first offer. It's very common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your financing constraints. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Get financing
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, this shouldn't be a long process at all. However, you should to stay in close contact with your lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Loan Estimate (LE) detailing your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of accepting your application.
This estimate is based on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a narrow range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will probably happen at a title company or escrow office and is often a smooth and peaceful event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at 818.516.0011 or e-mail me at .