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Thank you for visiting our site today.  If this is your first visit, take your time and look around.  We have plenty of information and resources available to you.  If you are a return visitor, Welcome Back!  We would love to hear from you and you tell us when you're ready to take a house hunting trip.

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This site is owned by
Bill Stephens, licensed in the State of Louisiana with the Louisiana Real Estate Commission and exclusively affiliated with Van Eaton & Romero, Inc. a Latter & Blum Company, located at 6 DeGaulle Square, Lafayette LA  70508-6040, USA. VanEaton & Romero, ERA Powered, is Independently Owned & Operated.

Property Inquiries
Bill Stephens:  337-267-4116.

VanEaton & Romero
Main Office:  337-233-9700

Buying Your Home

 

Buying a Home in Lafayette LA

 

First Make the Decision to Buy
It seems obvious, but it's good to note that the first step to buying a home is making the decision to buy. Consider the reasons you want a new home and write them down. Determine how long you want to live in your new home - does buying still make good financial sense? Can you afford a home that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.

 

Seek Professional Guidance
We would like to schedule a time to meet with you to hear the reasons you want to buy a home and your plans for the future. We'll talk about Lafayette's neighborhoods, schools, economic factors that can affect the market today and tomorrow, as well as how you would like your home and neighborhood to grow with you.

At this time, we will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are in negotiations with the seller.

You should request a "Loan Estimate" at the time the loan application is submitted to the lender. This estimate will indicate your interest rate, initial costs for the loan, the monthly payment broken down and the other estimated closing costs for the Act of Sale. The estimate is based on the loan officer's past experience and may not include all the closing costs. We will be glad to review the "Loan Estimate," answering questions and highlighting missing costs and estimates we believe to be high or low.

 

Begin the Hunt
After our initial meeting, we will search all my resources for homes on the market that fit your criteria. Then, we'll schedule appointments to tour the homes at times convenient to you.

As we tour homes, we will point out positive features and negative features. We'll ask you to tell us what you like and what you don't like. You'll probably amend your "wish list" as we tour the homes, some things will become more important and others less important. Based on your reactions and responses, we'll refine our search criteria to narrow in on the home of your dreams.

 

Know the Market
Our knowledge of the different neighborhood markets in Lafayette is an essential factor in the home search. We will let you know when the market in a particular neighborhood is "hot" and requires quicker action or when the market is "cool" and allows for more thoughtful consideration.

In a "seller's market" it is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more homes for sale than buyers. This gives us more negotiating room as homes are taking longer to sell.

 

Find Your Dream Home
We are confident we'll find your dream home. When we do, we'll put together the Purchase Agreement tailored for your needs including the appropriate contingencies (such as obtaining financing, favorable home inspections, clear title, etc.).

In the state of Louisiana, the offer is normally presented with a "deposit". This is a cash deposit made by you and placed into an escrow account to secure an offer to purchase the property. The amount is applied to your downpayment, closing costs and/or purchase price. If the seller accepts the offer, generally the closing will take place in approximately 30 - 45 days from the date of the Purchase Agreement (generally dependent on the turn around time of your mortgage financing).

 

Negotiate the Purchase
It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.

Market conditions for that specific neighborhood in Lafayette will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.

 

Go to the Closing
3 or more days prior to the closing of the sale your Lender will furnish you a copy of your "CD" or Closing Disclosure which itemizes all costs incurred and the final amount you will need to bring to the closing in the form of a bank certified check.  During that 3 days you can ask your Lender or myself questions about the CD and discuss it until you understand it completely.  Once you understand the CD you are ready to go to closing.  
In Lafayette we use law firms to close the Act of Sale and transfer ownership from the seller to you.  Using a firm that specializes in real estate law and closings is highly recommended.  We can also supply a list of these closing firms for your convenience.  The closing can take anywhere from 1-2 hours depending on the type of loan and the Lender's ability to respond with a final approval of the completed and signed documents.

 

Move In
Congratulations!
It's time to move into your new home. Enjoy this exciting time!


To view any home call
337-267-4116

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