Buying or selling a home? Qmetro Realtors Inc can help.
Purchasing a home is a stressful event for most people, but with a little planning ahead of time, it's not too difficult.
I like to give buyers a road map of the whole deal so they'll know exactly what they can expect.
These are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address questions you have about this information.
Step 1 – Prepare to buy a home
There are many things you'll want to contemplate prior to beginning your home search.
You'll probably want to make an index of items you need, get a plan of what neighborhoods you want to live in, and start planning around your budget.
A good guideline to follow is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Talk to a real estate agent in Albuquerque
This is where I can help.
We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss neighborhoods, school districts in the Albuquerque area, the mortgage and housing industries, and any additional economic factors that could affect your purchase today or in the future.
I'll also help you facilitate the loan process.
There are some very good mortgage professionals in Albuquerque, and I partner with a lot of them, so you're in great hands.
They'll help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
Following our initial meeting, I'll begin searching for available homes on the market that are good for you.
I'll preview most of the homes and exclude the bad ones, and then we'll book appointments to tour the homes whenever it's convenient for you.
As we tour homes, I'll show you the good features and bad ones. I'll also ask you what things you like and don't like.
It's common for buyers to amend their list of must-haves as we tour homes and some items become more substantial than others.
If such is the case, I'll go back through all the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Know the housing market
My knowledge of the Albuquerque market is an essential element in your home search. I'm conscious of all the neighborhoods and schools, and I will let you know some districts are "hot" and call for prompt action and the ones that are "cool" and allow for more examination.
When we tour houses, I'll be sure to tell you when the list price has room for bargaining and when I trust the house is "priced to sell."
When working with an agent, be on guard and make sure you ask plenty of questions, as any REALTOR will claim to truly understand the market.
If things don't add up, call me at 505.615.0436 or e-mail me at , and I'll be glad to answer any questions you have. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream house
We'll find your dream home in the Albuquerque area, and when we do, I'll meticulously create your purchase offer. The offer will be tailored keeping your needs in mind and the home, including some contingencies. A few examples are acquiring financing, finishing the inspection, and a clear title.
When we present your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property and is typically put towards the closing costs. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the beginning offer – it's really common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll compose a contract that is best for you.
Step 7 – Get financing
Upon completion of the deal, you'll start working with your lender to close the loan.
If you've been pre-approved, this shouldn't take very long at all, but you should to keep in close contact with your mortgage lender.
And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Loan Estimate (LE) outlining your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of receiving your loan application.
This estimate rests on the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a narrow range of accuracy. I'll review the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will most likely happen at a title company or escrow office and should be a smooth and calm event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just call me at 505.615.0436 or e-mail me at .