Let Realty World-Frangadakis Corporation assist you with buying your home in the Bay Area!

With some up-front planning, purchasing a home isn't that complicated, but the event is stressful for many people. So they'll know exactly what they can expect, I'll give buyers a road map of the entire deal. 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 mike@frangadakis.com. I'm happy to answer any questions you have regarding this information.

Step 1 – Get ready to buy a home
There are many things you should do prior to commencing your home search. When you begin your search, you'll probably want to put together an index of items you need, get a feel for what school districts you want to live in, and begin planning around your budget. Ensuring your mortgage payment is around a third of your net monthly income is a good principle to go by.

Step 2 – Speak with a real estate agent

That's where I come in. I'd be happy to schedule a time to meet with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll talk about the mortgage and housing industries, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the area.

I'll also help you get started on your loan. There are some great mortgage professionals, and I partner with a lot of them, so you'll be in great hands. They can assist you with choosing which kind of loan is best for you and help you get approved.
 

Step 3 – Begin house hunting
Following our initial meeting, I'll begin searching for available houses on the market that suit your needs. I'll preview many of the homes and exclude the duds, and then we'll schedule appointments to tour the houses whenever it's convenient for you.

When we view houses, I'll point out good features and bad ones. And I'll ask you about things you like and don't like. It's common for buyers to revise their must-have list as we tour houses and some features become far more important than others. If such is the case, I'll look through the listings once again and trim it down to the home you've been dreaming about.

Step 4 – Understand the housing market
My understanding of the housing market is an essential element in your house search. I am conscious of all the neighborhoods and school districts, and I can let you know some districts are "hot" and warrant immediate action and others that are "cool" and allow for thoughtful examination.

As we view houses, I'll be sure to tell you when the seller's list price has room for bargaining and when I believe the house is "priced to sell." Be careful and make sure you ask your agent lots of questions, as any REALTOR will tell you they truly know the market. If it appears they don't know everything, just call me at (408)354-4992 or e-mail me at mike@frangadakis.com , and I'd be more than happy to answer your questions. My knowledge of the market will keep you a step above the rest throughout the entire deal.

Step 5 – Find the house of your dreams
We'll find the home of your dreams, and when that happens, I'll precisely create your home purchase offer. The offer will be tailored with your needs in mind and the home, including many contingencies. A few examples are getting financing, finishing the home inspection, and a clean title.

When turning in your offer, you'll likely want to submit "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property. The amount is most often put towards the cost of closing. If the offer is accepted, we should close on the property 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 first offer. It's widely common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.

Market conditions will play a big part in how aggressively we negotiate the contract. We'll also work within your financing limits. And at the end of the day, we'll create a contract that works well for you.

Step 7 – Get your loan
After we sign the final deal, you'll begin working with your mortgage lender to close the loan. If you're already pre-approved, this shouldn't be a long process at all. However, you need 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 lender will furnish you with a Good Faith Estimate (GFE) outlining your closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of accepting your application. The estimate rests on the loan amount. RESPA requirements require that it has to include all closing costs and be within a narrow range of accuracy, and I'll study the estimate and let you know if everything looks good.

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 event.

Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, make sure you contact me at (408)354-4992 or e-mail me at mike@frangadakis.com.

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