Buying your home in Albuquerque?
Purchasing a home intimidates a lot of people, but it isn't that difficult with some planning ahead of time.
I like to supply buyers with a road map of the entire deal so they'll know exactly what to expect.
These are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer questions you have about this information.
Step 1 – Get ready to buy
Before you start looking for a home, there are plenty of things you'll want to take into account.
When you start your search, you'll want to form an outline of must-have features, plan for what school districts you want to live in, and start working on your budget.
Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good rule of thumb to follow.
Step 2 – Speak with a real estate agent
That's where I come in.
I'd love to schedule a time to get together with you and speak with you about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, schools in the Albuquerque area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll assist you in getting started on your loan.
Qmetro Realtors Inc partners with some of the finest mortgage professionals in Albuquerque, so you're in great hands.
They will help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Start your home search
After our initial meeting, I'll start looking for homes on the market that meet your needs.
I'll preview many of the houses and reject the bad ones, and then we'll set up appointments to tour the houses when it's most convenient for you.
When we view the homes, I'll point out good features, as well as bad ones. I'll even ask you what things you like and don't like.
It's widely common for buyers to revise their must-have list as we view houses and some items become far more important than others.
If such is the case, I'll go back through all the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the market
Your agent's awareness of the Albuquerque housing market is an essential element in your home search. And I can assure you I'm acquainted with all the neighborhoods and school districts, and I can let you know certain districts are "hot" and require immediate action and others that are "cool" and allow for thoughtful consideration.
As we view homes, I'll let you know when the asking price has room for negotiation and when I believe the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask lots of questions. Any REALTOR in Albuquerque will tell you they understand the home market.
If it seems like they don't know everything, call me at 505.615.0436 or e-mail me at , and I'd be happy to answer any questions you may have. My understanding of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream house in Albuquerque, and when we do, I'll carefully create your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies. A few examples are obtaining financing, finishing the inspection, and a clear title.
Upon turning in your offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property. The amount is typically applied to the closing costs. If your offer is accepted, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the beginning offer. It's widely common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your financing limits. And when it's all said and done, we'll compose a contract that is best for you.
Step 7 – Obtain financing
Upon completing the deal, you'll begin working with your lender to close the loan.
It won't take very long at all if you're pre-qualified, but you need to keep in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of getting your application.
The estimate rests on the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a precise range of accuracy, and I'll go over the estimate and let you know if it all looks good.
Then we'll close on your house. This will most likely take place at a title company or escrow office and is often a smooth and relaxing occurrence.
Step 9 – Move in
Congratulations! Now you can 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 .