Buying or selling a home? Qmetro Realtors Inc can help.
Purchasing a home is stressful for a lot of people, but it's not very complex with a little planning ahead of time.
So they'll understand exactly what to expect, I'll give buyers an outline of the whole deal.
These are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to address questions you have about this information.
Step 1 – Get ready to purchase a home
There are a lot of things you need to consider before beginning your home search.
When you start your search, you'll probably want to assemble an index of features you need, get a feeling for what neighborhoods and school districts you'd like to live in, and start planning your budget.
A good principle to adhere to is that your mortgage payment should be around 1/3 of your net monthly income.
Step 2 – Contact a real estate agent in Albuquerque
This is where I come in.
We can book 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 talk about neighborhoods, schools in the Albuquerque area, the mortgage industry, and any other economic factors that might affect your purchase today or in the future.
I'll also help you begin the loan process.
There are some excellent mortgage professionals in Albuquerque, and I partner with a lot of them, so you'll be in great hands.
They'll help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
After our first meeting, I'll start looking for homes on the market that best suit you.
I'll get a sneak peek of most of the homes and remove the bad ones, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
When we view homes, I'll point out positive features, as well as negative ones. And I'll ask you about things you like and dislike.
It's common for buyers to amend their list of must-haves as we view homes and some features become far more substantial than others.
If such is the case, I'll go back through the listings again and trim it down to the house you've been wishing for.
Step 4 – Comprehend the market
My awareness of the Albuquerque home market is a necessary element in your home search. I am informed of all the school districts and neighborhoods, and I'll communicate which neighborhoods are "hot" and require prompt action and others that are "cool" and allow for more examination.
When we view houses, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
Every real estate agent will tell you they comprehend the home market, but take note, and make sure you ask your agent plenty of questions.
If it appears they don't know everything, contact me at 505.615.0436 or e-mail me at , and I'd be happy to answer any questions you have. My market expertise will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm certain we'll find the house of your dreams in the Albuquerque area. When that happens, I'll thoroughly develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When we turn in your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property, and it's most often applied to the closing costs. If the seller accepts the offer, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the initial offer – it's extremely common to receive a counter offer. But don't let it intimidate you. We'll talk about whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your budget. And at the end of the day, we'll assemble a deal that works well for you.
Step 7 – Obtain financing
Upon finalizing the contract, you'll start working with your lender to close the loan.
If you've been pre-approved, it shouldn't take much time at all, but you'll want to stay in close contact with your lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate depends on the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a tight range of accuracy, and I'll go over the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will most likely occur at a title company or escrow office and will likely be a smooth and pleasant affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, be sure to contact me at 505.615.0436 or e-mail me at .