Buying or selling a home in San Antonio? David Bowman can help.
For most people, purchasing a home can be a stressful event. But with a little up-front planning, it isn't very complicated.
So you know exactly what to expect, I like to give my buyers an outline of the entire deal.
These are my nine steps to purchasing a home.
Step 1 – Prepare to buy
Before you start your home search, there are several things you'll want to consider.
When you begin your search, you'll probably want to create an index of features you need to have, plan for what neighborhoods and school districts you'd like to live in, and begin planning your budget.
Keeping your mortgage payment around 1/3 of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Communicate with a real estate agent in San Antonio
That's where I come in.
I'd like to plan a time to get together with you and communicate with you about why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the San Antonio area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
There are some great mortgage professionals in San Antonio, and I work with a lot of them, so you can rest assured that you're in great hands.
They can help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After our initial meeting, I'll begin looking for homes on the market that meet your needs.
I'll get a sneak peek of many of the houses and reject the duds, and then we'll book appointments to view the homes at a time that's convenient for you.
When we tour the homes, I'll call attention to positive features, as well as bad ones. I'll even ask you to tell me about 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 things become more crucial than others.
If that's the case, I'll go back through the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Get a feel for the housing market
My understanding of the San Antonio home market is a necessary resource in your search. I am informed of all the schools and neighborhoods, and I can let you know certain neighborhoods are "hot" and demand immediate action and the others that are "cold" and allow for more examination.
As we view houses, I'll make sure to communicate when the seller's list price has room for bargaining and also when I believe the house is "priced to sell."
When working with an agent, be careful and be sure to ask a lot of questions. Every real estate agent in San Antonio will tell you they understand the housing market.
If things don't add up, just call me at 210-325-9972 or e-mail me at DavidBowman@MorningstarRealty.net, and I'd be glad to answer any questions you might have. My market knowledge will keep you a step above the rest throughout the entire process.
Step 5 – Find the home you've been looking for
I'm positive we'll find your dream house in the San Antonio area. When we do, I'll meticulously develop your purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies. A few examples are obtaining financing, completing the inspection, and a clean title.
When we turn in your offer, you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property and is most often put towards the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the beginning offer. It's very common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your financing constraints. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Get a loan
Upon finalizing the contract, you'll start working with your lender to close the loan.
If you're already pre-qualified, this won't take very long at all, but you need to stay in close contact with your lender.
And I'll manage all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of taking your loan application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a tight range of accuracy, and I'll go over the estimate and let you know if everything looks okay.
Then it's time to close on your house. This should occur at a title company or escrow office and will most often be a smooth and relaxing affair.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at 210-325-9972 or send me an e-mail.