Buying or selling a home in Albuquerque? Qmetro Realtors Inc can help.
Purchasing a home is intimidating for a lot of people. However, with a little up-front planning, it isn't too difficult.
I like to furnish buyers with an overview of the whole deal so they know exactly what they can expect.
These are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to answer questions you have regarding this information.
Step 1 – Prepare to purchase a home
There are a lot of things you need to consider before you look for a home.
When you begin your search, you'll want to create an index of features you want to have, get a plan of what school districts and neighborhoods you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is less than or around 30 percent of your net monthly income is a good guideline to adhere to.
Step 2 – Connect with a real estate agent
That's where I can help.
We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Albuquerque area, the mortgage and housing industries, to any other economic factors that may affect your buying decision today or in the future.
I'll also help you get started on your loan.
I work with some of Albuquerque's finest mortgage professionals, so you can rest assured that you're in great hands.
They can assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
After our first meeting, I'll begin searching for available houses on the market that are a great fit for you.
I'll research many of the homes and ignore the duds, and then we'll book appointments to tour the homes whenever it's most convenient for you.
As we view the houses, I'll call attention to good features and bad ones. And I'll ask you to tell us about things you like and don't like.
Most often, buyers update their must-have list as we view houses and some things become more essential than others.
If that happens, I'll go back through the listings once again and trim it down to the house you've been wishing for.
Step 4 – Know the market
My knowledge of the Albuquerque home market is an essential aspect in your house search. I'm informed of all the neighborhoods and schools, and I can let you know some neighborhoods are "hot" and require prompt action and the ones that are "cool" and allow for more consideration.
When we view houses, I'll let you know if the asking price has room for negotiation or if I believe the home is "priced to sell."
Any REALTOR in Albuquerque will tell you they understand the market, but be wary, and be sure to ask your agent lots of questions.
If things don't add up, call me at 505.615.0436 or e-mail me at , and I'd be glad to answer any questions you may have. My market expertise will keep you a step ahead through the entire deal.
Step 5 – Find the home of your dreams
We'll find the house of your dreams in the Albuquerque area, and when that happens, I'll precisely create your home purchase offer. The offer will be tailored with your needs in mind and the home, including some contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When sending in your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property. The amount is usually applied to the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the beginning offer, and it's extremely common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a deal that's best for you.
Step 7 – Get financing
After the contract is signed, you'll start working with your lender to close the loan.
If you're already pre-qualified, it won't take much time at all, but you'll want to keep in close contact with your lender.
And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) detailing your closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) of closing costs from your lender within three days of getting your application.
This estimate is based on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a precise range of accuracy. I'll study the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will most likely take place at a title company or escrow office and will most likely be a smooth and easygoing affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, just call me at 505.615.0436 or e-mail me at .