You have decided to purchase a home, and become a homeowner. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an safe zone for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.
Purchasing a home is one of the largest investments one can make in a lifetime. This is the reason why all of us want to find a home that not only fits our needs but is a good value. Getting things right the first go around isn’t an easy a job, especially if you are a first-time buyer!
Selecting an Agent
Talk to recent clients and find out what they have listed and sold the past few years. Check out their website and view recommendation and testimonials. Make sure they are local accredited professionals that familiar with the specific area and all the different special assements, mello roos, CFDs.
The Financing Process
Before you begin shopping for a home to purchase, you will need to get prequalified or preapproved for a home loan. You will need to contact a credible loan officer and fill out a loan application and supply documentation necessary.
After a review of your work history and financial information your loan officer will either decline or approve you for a home loan. Once you have your preapproval letter you will know exactly how much buying power you actually have and begin your home shopping.
What to Expect when Viewing Homes
There are a lot of decisions to make when purchasing or selling a home, and you need to have all the facts so you can make an informed decision. First, you will want to make a list of houses that meets your criteria and price range. Next, communicate with your Realtor your likes, dislikes and any preferences you desire.
After making a list of homes to view your Realtor will determine if the house is vacant and can gain access through a lockbox, or needs to make an appointment to view the interior of the house.
Take notes, all of us shop by comparison so it is a good thing to take pictures and notes on each house. A good Realtor will assist you of the pros and cons.
Making an Offer
After you have searched and researched the neighborhood, location, schools and have found the home of your dreams, you will need to make an offer. Contact your Realtor to write a RPA or Residential Purchase Agreement and submit it to the agent. Your Realtor will assist you in making a reasonable offer based on the value of the comparable homes in the neighborhood.
A purchase offer is contingent on an appraisal and a home inspection of the property. A home inspection provides the buyer with signs of structural damage or things that may need fixing. Your real estate agent usually helps you arrange to have this inspection arranged within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without any penalty if the inspection reveals substantial material damage.
Both you and the seller will receive a report on the home inspector’s findings. At this point, you can then decide if you want to submit a repair request to ask the seller to fix anything on the property before closing the sale. Before escrow closes, you will have a final walk-through of the house, which gives you the opportunity to confirm that any agreed-upon repairs have been made.
Your lender will arrange for an appraiser to provide an independent valuation of the house you are purchasing. The appraiser is a third party company and is not directly associated with the lender. The appraisal will notify all the parties involved in the transaction that you are paying a fair price for the home.
Closing the Sale
After the final walk-through, the next step is closing. At closing, you will sign all of the documents required to complete the home purchase, including title and your loan documents. It normally takes a few of days for your loan to be funded after the paperwork is returned to the lender. The lender will review the documents, fund the loan and it typically records the next day.
In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.
Please contact me if you have any questions about buying a home.
Below, select desired reports and complete the form provided.