Are you purchasing a new home in Cupertino? Mikasa Homes & Funding can help.
Buying a home intimidates most people, but with some up-front planning, it isn't all that confusing. So you'll understand exactly what to expect, I like to furnish my buyers with an outline of the whole deal. These are my nine steps to purchasing a home.
Step 1 – Prepare to buy a home
Before you start looking for a home, there are several things you need to contemplate. You'll most likely want to make a check list of items you want to have, get a feeling for what neighborhoods you'd like to live in, and begin working on your budget. Keeping your mortgage payment around 1/3 of your net monthly income is a good rule of thumb to go by.
Step 2 – Contact a real estate agent in Cupertino
That's where I can help. I can plan a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future. We'll talk about the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Cupertino area.
In addition, I'll help you start the loan process. There are some very good mortgage professionals in Cupertino, and I partner with a lot of them, so you're in great hands. They can assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
After we meet, I'll begin looking for homes on the market that suit your needs. I'll preview many of the houses and exclude the bad ones, and then we'll schedule appointments to tour the homes when it's convenient for you.
As we view the houses, I'll show you the positive features, as well as negative ones. And I'll ask you to talk about things you like and don't like. Generally, buyers change their list of must-haves as we view homes and some things become far more necessary than others. If that happens, I'll go back through all the listings once again and trim it down to the house of your dreams.
Step 4 – Understand the market
Your agent's understanding of the Cupertino home market is an imperative component in your house search. And I can assure you I'm acquainted with all the schools and neighborhoods, and I can alert you to some areas are "hot" and demand immediate action and the others that are "cold" and allow for thoughtful consideration.
As we view houses, I'll let you know when the asking price has room for bargaining and when I think the home is "priced to sell." When working with an agent, be careful and be sure to ask lots of questions, as any real estate agent will claim to comprehend the market. If things don't add up, call me at (408) 350-8368 or e-mail me at email@example.com, and I'd be more than happy to answer any questions you have. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream home in the Cupertino area. When that happens, I'll meticulously create your real estate purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are obtaining financing, completing the inspection, and a clear title.
Upon presenting your offer, you'll likely want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property and is often put towards the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer – it's very common to receive a counter offer. But don't let it intimidate 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 circumstances will play a vital role in how aggressively we negotiate the deal. In addition, we'll work within your financing budget. And when it's all said and done, we'll compose a contract that is best for you.
Step 7 – Get your loan
After the contract is signed, you'll begin working with your lender to close the loan. It shouldn't take very long at all if you're already pre-approved, but you need to stay 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
Your mortgage lender will supply you with a Good Faith Estimate (GFE) of closing costs within three days of taking your loan application. This estimate depends on the loan amount. RESPA requirements require that it has to include all closing costs and be within a strict range of accuracy, and I'll study the estimate and let you know if it all looks all right.
Then we'll close on your house. This will most likely take place at a title company or escrow office and will most often be a smooth and stress-free occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at (408) 350-8368 or send me an e-mail.