One of the most important purchases of your life……. will be the home you live in. People are concerned about, proximity to work or family, Local amenities, school ratings, safety, value, and of course, location location location.
Even though there are more resources online today than ever before, nothing takes the place of your relationship with a knowledgeable realtor.
Take these 5 easy steps to make your first home purchase stress free and easy.
Contact a real estate agent you can trust. If you want to keep good relationships with friends, relatives or business associates, don’t use them as your realtor. You truly need someone who can remain neutral and support your decisions even if they don’t always agree.
Get pre-approved. Being pre-approved means you know the price range a lender will make available to you for the mortgage.
Comparing mortgage terms from a couple of institutions is a good way to avoid a raw deal.
Our network of lenders can help you through the pre approval process. Alternatively, contact your banks’ in house lender or mortgage company and ask to speak to the lending officer about getting pre-approved for a home mortgage.
Pre-Approval: Is the full process of reviewing all requested docs such as tax returns, job and income status, pulling an actual credit report and the review of expenses, savings, etc. to determined your exact price range.
Share the Pre-Approval Letter with your agent. Knowing your budget makes it easier to find the home of your dreams. More importantly this pre approval letter is the strongest documents that is part of the offer package I will present to the sellers. It states to the seller: “I am in the position of completing this transaction”
Guiding you through the sale process:
Make an offer. You found the home you want! Now we discuss the best strategy to getting your offer accepted. Price is just one of several key factors in the negotiations. As your agent I have the experience in balancing these factors to making your offer most appealing to the seller.
AFTER THE OFFER GETS ACCEPTED:
We will discuss which specific home inspections you may want to have or your lender may require. The inspection time and review are within the time frame we request in the offer to allow adequate time to conduct, review and decide to either move forward with the purchase or withdraw the offer based on your findings. This is called your “general contingency period” and it allows you to make that decision without jeopardizing your initial “good faith deposit”, otherwise known as EMD (Ernest Money Deposit the initial deposit you submit to the Escrow Company after your offer gets accepted).
At this time you will also review the seller disclosures on the property concerning known current conditions.
There is a clause in the contract that request the seller present these disclosers to you.
This is one of several contingency periods you have on various points throughout the purchase process. An in depth conversation with me, your Realtor will better explain your step by step performance during the escrow period
Acceptance to Closing Escrow
As we head down the home stretch you will have had your share of signing countless but necessary documents in the home buying process.
While much of this journey on paper may seem daunting, keep in mind no two transactions will ever be the same. This is where your agent can be so helpful and patient to guide you through the final steps towards home ownership.
A typical escrow is approximately 30 days. Few variables can extend (or shorten) the length of escrow by a few days depending on the individual situation. Your Realtor can better explain some of the scenarios that can arise during an escrow that might need a couple more days of attention before the actual closing date.
“I will stick by you through the entire process, keeping you informed and explaining what happens next.”
Beside it being a business transaction, there is an element to this process that can be fun and exciting. It is the gateway to a whole new chapter in your life!
Welcome to Home Ownership!