Purchasing a home can be stressful for most people, but with a bit of up-front planning, it's not very complex.
I like to furnish buyers with an outline of the entire deal so they know exactly what to expect.
Below are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to lorrie@lorriefrench.com. I'm glad to address questions you have about this information.
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Step 1 – Prepare to buy a home
Prior to starting your home search, there are many things you'll want to consider.
When you start your search, you'll probably want to form an outline of items you need, plan for what neighborhoods you want to live in, and start planning your budget.
Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good guideline to go by.
Step 2 – Communicate with a real estate agent
This is where I can help.
We'll set up a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll discuss neighborhoods, schools in the San Francisco, area, the mortgage and housing industries, and any additional economic factors that might affect your buying decision today or in the future.
In addition, I'll assist you in getting started on your loan.
There are some great mortgage professionals in San Francisco,, and I partner with a lot of them, so you're in great hands.
They'll assist you with figuring out which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
After our initial meeting, I'll start searching for available houses on the market that are a great fit for you.
I'll research many of the homes and throw out the duds, and then we'll set up appointments to view the homes whenever it's most convenient for you.
As we view the homes, I'll point out good features and negative ones. I'll even ask you to tell us about things you like and dislike.
Generally, buyers update their wish list as we tour houses and some things become far more necessary than others.
If that's the situation, I'll go back through all the listings another time and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
My awareness of the San Francisco, housing market is a crucial asset in your search. I'm acquainted with all the neighborhoods and schools, and I can alert you to certain districts are "hot" and demand immediate action and some that are "cold" and allow for cautiousness.
When we view houses, I'll be sure to tell you when the asking price has room for bargaining and also when I know the home is "priced to sell."
When working with an agent, be mindful and be sure to ask plenty of questions, as any REALTOR® will tell you they know the market.
If it doesn't seem like they know everything, contact me at 415.345.3113 or e-mail me at lorrie@lorriefrench.com, and I'd be glad to answer any questions you have. My understanding of the market will keep you a step ahead through the entire deal.
Step 5 – Find your dream home
We'll find the home of your dreams in San Francisco,, and when that happens, I'll carefully create your home purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon presenting your offer, you'll likely need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property, and it's most often applied to the cost of closing. If the seller accepts the offer, we should close on the home about 30 to 60 days after. This allows necessary 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 it intimidate you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Get your loan
Upon finalizing the contract, you'll begin working with your lender to close the loan.
If you're pre-approved, it won't be a long process at all, but you'll need to keep in close contact with your lender.
And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of receiving your loan application.
The estimate depends on the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a close range of accuracy. I'll review the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and should be a smooth and relaxed occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, simply contact me at 415.345.3113 or send me an e-mail.
