So you’re thinking of buying a home? Matthew Lehman Real Estate can help.
Buying a home can be stressful for many people, but with a little planning it doesn’t have to be. Let’s take a brief look at the process. Here are nine steps to consider when buying a home or condominium.
Step #1 – Preparing for your purchase
Map out a general plan of features that are important to you; Schools, Neighborhoods, proximity to ski slopes, restaurants, ets. In Mammoth some people want to live near the ski slopes, while others prefer to be near the downtown area or the Village. Are you looking for a property to live in, or are you considering a property that will be rented out when you are not in Mammoth? Not all properties can be rented on a nightly basis.
At this step, it is very important that you work on getting pre-qualified for your home purchase and I cannot emphasize enough the importance of using a local lender. There are a lot of local financial quirks that only local lenders and Realtors are familiar with. Also, it is important to know early in the buying process which condominiums are eligible for financing; not all are.
Step #2 – Selecting the right real estate agent in Mammoth Lakes
This is where I can help. Let’s arrange a time to meet and speak about your real estate needs so we can get an idea of your plans for the future. At this point we can discuss the features you identified as important to you, and we can talk about financial resources and other community characteristics.
Step #3 – Start looking for a property
After our initial meeting, I’ll begin finding properties that best fit your needs. I will sift through the cumbersome data and present you with a refined selection of homes. You can also visit one of our websites search tools and look on your own. Once we narrow the search to those homes that best fit your desires, we can make some appointments to view the respective properties.
When we tour the homes or condominiums, I’ll call attention to desirable features. I’ll even ask that you let me know which things you like and dislike. It’s not uncommon for buyers to change their minds with regard to desired characteristics. If this happens, no problem. I’ll go back through all the listings and narrow the search until we find the house of your dreams.
Step #4 – Understanding the Market
One way to start learning a little about the Mammoth Lakes market is to visit our Market Analysis page. This gives a good overview of the market trends.
My knowledge of the Mammoth Lakes market is extensive and it will be a helpful as you enter the home buying process. I’m very familiar with the characteristics of each neighborhood and can call attention to the pros and cons of each.
For each listing, I’ll assist you in understanding if the list price appears to have room for negotiation, or if I believe its priced properly. Most REALTORS® in Mammoth Lakes will claim to know the market, so ask a lot of questions. If you don’t get the comfort level you are looking for, contact me at [email protected], or call 760-934-1110 and I’ll be more than happy to answer any questions you have. I’m confident that my knowledge of the markets will give you the assurance you are looking for.
Step #5 – Selecting a home and submitting an offer
I’m certain we’ll find the home or condominium you want. When we do, I will develop a detailed offer to purchase. This offer will be accommodate your needs, including any contingencies, such as appraisal or financing, home inspections, and a clean title.
Upon presenting the offer, we will want to include an “initial deposit”. This will be submitted to the seller, or escrow, in order to secure the offer. Most of the time the initial deposit will be applied to the purchase price at the close of escrow.
Step #6 – Negotiating your purchase
Its common to see an initial offer returned with a counter offer. If you experience this, don’t be intimidated, it’s frequently part of the process. We will review the terms of the counter offer and consider whether or not to agree, provide a counter offer of our own, or simply reject the seller’s counter offer.
The market will be a significant factor in deciding how aggressively we approach the deal, but in the end we will decide what works best for you.
Step #7 – Finalizing the Loan
After an offer is finalized, you will continue working with your lender on finalizing the loan. Assuming you have been pre-qualified, you will be most of the way there, but staying in close contact with the lender is an important task at this point in the deal. It will be my job to look after all of the property information for your lender.
Step #8 – Closing the deal
You will receive a Good Faith Estimate from your lender outlining details of your closing costs, within three days of applying for our loan. I’ll analyze the estimate and let you know if everything looks appropriate.
Assuming the closing estimate is adequate; we will work with our escrow company and close on your home. At this point in the deal, things should move quickly and with few hurdles.
Step #9 – Move in!
There is little to say here other than congratulations! You may have questions after you move in and you can call me at (760) 934-1110 or send me an e-mail