Purchasing a home in San Jose

For most people, purchasing a home can be an intimidating event. But with a little up-front planning, it's not very difficult. I like to give buyers an outline of the whole deal so they'll understand exactly what they can expect. Below are my nine steps to buying a home.

Step 1 – Get ready to purchase
There are plenty of things you should take into account prior to starting your home search. It's likely that you'll want to form a checklist of items you want to have, get an idea of what neighborhoods you want to live in, and begin planning your budget. Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good rule of thumb to follow.

Step 2 – Get in touch with a real estate agent in San Jose
That's where I can help. I'll plan 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 everything from neighborhoods, school districts in the San Jose area, the mortgage and housing industries, to any other economic factors that could affect your buying decision today or in the future.

I'll also assist you in getting started on your loan. Morgan Real Estate and Financial Incorporated works with some of the best mortgage professionals in San Jose, so you're in great hands. They can help you figure out which kind of loan is best for you, as well as help you get approved.

Step 3 – Begin house-hunting
Following our first meeting, I'll start finding available homes on the market that are great for you. I'll research many of the homes and reject the bad ones, and then we'll set up appointments to view the houses at a time that's convenient for you.

When we view the homes, I'll call attention to good features and negative ones. I'll even ask you about things you like and dislike. It's widely common for buyers to revise their must-have list as we tour homes and some items become far more important than others. If that's the case, I'll search all the listings another time and trim it down to the house you've been waiting for.

Step 4 – Know the market
An agent's awareness of the San Jose home market is a necessary element in your home search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I will communicate what districts are "hot" and demand prompt action and the rest that are "cool" and allow for more analysis.

As we tour houses, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the house is "priced to sell." When working with an agent, trust your instincts and make sure you ask plenty of questions. Any real estate agent in San Jose will tell you they know the market. If it seems like they don't know everything, just call me at 4083208080 or e-mail me at morgan4home@gmail.com, and I'd be more than happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire process.

Step 5 – Find your dream house
I'm positive we'll find the house of your dreams in the San Jose area. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are obtaining financing, finishing the inspection, and a clean title.

When we present your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property, and it's typically applied to the closing costs. If your offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.

Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer. It's pretty common to receive a counter offer. But don't let this intimidate you. We'll figure out whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and move on.

Market circumstances will play a large role in how aggressively we negotiate the deal. In addition, we'll work within your financing budget. And at the end of the day, we'll compose a contract that's best for you.

Step 7 – Obtain your loan
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. If you've been pre-qualified, it won't take very long at all, but you need to stay 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 Good Faith Estimate (GFE) outlining 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 include all closing costs and be within a tight range of accuracy, and I'll examine the estimate and let you know if it all looks okay.

Then it's time to close on your home. This will probably take place at a title company or escrow office and will likely be a smooth and relaxing occasion.

Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at 4083208080 or send me an e-mail.