Are you contemplating buying your new home on the Monterey Peninsula or Salinas Valley? Bayshore Real Estate Services can help!

With some up-front planning, purchasing a home isn't that complex, but it still intimidates a lot of people. So you'll understand exactly what to expect, we like to supply our buyers with an outline of the whole deal. Below are our nine steps to buying a home.

Step 1 – Prepare to buy
Before you begin looking for a home, there are a lot of things you should contemplate. When you start your search, you'll want to create a list of features you need to have, plan for what neighborhoods and school districts you want to live in, and begin planning your budget. A good rule of thumb to follow is that your mortgage payment should be less than 30 percent of your net monthly income.

Step 2 – Speak with a real estate agent
This is where Bayshore Real Estate Services can help. We'll book a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll discuss neighborhoods, schools in the Monterey area, the mortgage industry, and any additional economic factors that could potentially affect your buying decision today or in the future.

We'll also help you begin the loan process. There are some great mortgage professionals in Monterey, and we 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 qualified.

Step 3 – Start your home search
After our first meeting, we'll start looking for available houses on the market that meet your needs. We'll get a sneak peek of most of the houses and eliminate the duds, and then we'll book appointments to tour the houses at a time that's convenient for you.

When we view homes, we'll point out positive features, as well as bad ones. we'll also ask you to tell us about things you like and don't like. It's pretty common for buyers to amend their list of must-haves as we tour homes and some things become more necessary than others. If that's the situation, we'll go back through all the listings once again and narrow it down to the home of your dreams.

Step 4 – Know the market
Our knowledge of the Monterey housing market is a necessary asset in your home search. We are conscious of all the neighborhoods and schools, and we'll will communicate which neighborhoods are "hot" and warrant prompt action and the ones that are "cool" and allow for cautiousness.

When we view houses, we'll be sure to tell you when the seller's list price has room for bargaining and when we think the home is "priced to sell." When working with an agent, trust your instincts and make sure you ask lots of questions. Any REALTOR^® will tell you they truly understand the market. If it seems like they don't know everything, just call me at (831) 484-2400 or e-mail us at homes@bayshoremonterey.com, and we'll be happy to answer any questions you have. Our market expertise will help you stay a step above the rest through the entire process.

Step 5 – Find the house you've been looking for
I'm positive we'll find the home of your dreams in the Monterey area. When we do, we'll thoroughly develop your home purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as getting financing, finishing the inspection, and a clear title.

When turning in your offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property. The amount is usually applied to the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.

Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer, and it's extremely common to receive a counter offer. Don't let it alarm you. We'll talk over whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and move on.

Market circumstances determine how aggressively we negotiate the deal. We'll also work within your budget. And at the end of the day, we'll formulate a contract that works well for you.

Step 7 – Get your loan
After we sign the final sales contract, you'll begin working with your lender to close the loan. If you're pre-qualified, it won't take long at all, but you'll want to keep in close contact with your lender. And we'll deal with all the property information your lender will need to close the loan.>

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

Then it's time to close on your home. This will probably occur at a title company or escrow office and will probably be a smooth and calm occasion.

Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, simply call us at (831) 484-2400 or send us an e-mail.