Purchasing your home in Oakland or one of the surrounding cities?

Purchasing a home intimidates most people. However, with a bit of planning ahead of time, it isn't all that complicated. We like to supply buyers with an overview of the entire deal so they'll understand exactly what they can expect. Below are our nine steps to purchasing a home.

Step 1 – Get ready to buy
There are a lot of things you should consider before you start looking for a home. When you begin your search, you'll probably want to make a check list of items you want, get a feel for what neighborhoods and school districts you'd like to live in, and start planning around your budget. Keeping your mortgage payment around a third of your net monthly income is a good rule of thumb to adhere to.

Step 2 – Get in touch with a real estate agent
This is where we come in. We'd like to plan a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your future plans. We'll discuss neighborhoods, school districts in the Oakland area, the mortgage and housing industries, and any additional economic factors that may affect your purchase today or in the future.

In addition, we'll help you begin the loan process. There are some excellent mortgage professionals in Oakland, and we partner with a lot of them, so you'll be in great hands. They can help you decide which type of loan is best for you, as well as help you get approved.

Step 3 – Begin your search
After our first meeting, we'll start searching for available houses on the market that are good for you. We'll get a sneak peek of most of the homes and ignore the duds, and then we'll set up appointments to view the homes whenever it's convenient for you.

When we view homes, we'll identify positive features, as well as bad ones. And we'll ask you to tell us about things you like and don't like. Generally, buyers revise their wish list as we view houses and some things become far more essential than others. If that's the situation, we'll go back through all the listings another time and narrow it down to the house of your dreams.

Step 4 – Get a feel for the market
Our awareness of the Oakland home market is a fundamental resource in your home search. We're mindful of all the neighborhoods and schools, and we will let you know what neighborhoods are "hot" and require immediate action and the ones that are "cold" and allow for more examination.

As we tour homes, we'll let you know if the seller's asking price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, trust your instincts and be sure to ask lots of questions, as any real estate agent in Oakland will convince you they truly understand the market. If things don't add up, just call us at (510)601-0116 or e-mail us at hq@thomas-chambersrealty.com, and we'd be more than happy to answer any questions you might have. Our knowledge of the market will help you stay a step above the rest through the entire deal.

Step 5 – Find your dream home
We know we'll find your dream house in Oakland, and when that happens, we'll thoroughly develop your home purchase offer. The offer will be written with your needs in mind. Whenever necessary, We never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.

When we submit your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property and is usually applied to the cost of closing. If the offer is accepted, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.

Step 6 – Negotiate
Most contracts aren't closed on the first offer – it's widely common to receive a counter offer. Don't let it alarm you. We'll figure out whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.

How aggressively we negotiate the deal depends on market circumstances. We'll also work within your budget. And at the end of the day, we'll compose a contract that works well for you.

Step 7 – Secure your loan
Once the contract is signed, you'll start working with your lender to close the loan. If you're already pre-qualified, this shouldn't take very long at all. However, you need to stay in close contact with your lender. And we'll care for all the property information your mortgage lender will need to close the loan.>

Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of receiving your application. This estimate rests on the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a close range of accuracy, and we'll study the estimate and let you know if it all looks good.

Then we'll close on your house. This should happen at a title company or escrow office and will probably be a smooth and comfortable event.

Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call us at (510)601-0116 or send us an e-mail.