BUYER RESOURCES |
Eight Steps to Buying Your Home
1. Decide To Buy - Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. We call home ownership the best “accidental investment” most people ever make. We believe when it is done right, home ownership becomes an “intentional investment” that lays the foundation for a life of financial security and personal choice. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out. Base your decision to buy on facts, not fears.
2. Hire Us As Your Agent - The typical real estate transaction involves many individuals including mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer’s agents, seller’s agents and other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. It is our responsibility to coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout. Our main roles are to:
3. Secure Financing - While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. Many first-time buyers start out confused about the process or nervous about making such a large financial commitment. Here is an easy to understand step by step process to securing the financing for your first home.
4. Find Your Home - You may think that shopping for homes starts with jumping in the car and driving all over town. However, driving around is fun for only so long. If weeks go by without finding what you’re looking for, the fun can fade pretty fast. That’s why we say that looking for your home begins with carefully assessing your values, wants, and needs for the short and long terms. Questions to ask yourself:
5. Make An Offer - When searching for your dream home, you were just that – a dreamer. Now that you’re writing an offer, you need to be a businessperson. You need to approach this process with a cool head and a realistic perspective of your market. The three basic components of an offer are price, terms, and contingencies. The offer price must fairly reflect the true market value of the home you want to buy. Our market research will guide this decision. The following terms are the other financial and timing factors that will be included in the offer:
- If you are paying rent, you likely can afford to buy. The lack of a down payment does not prevent you from making your first home purchase.
- There is never a wrong time to buy the right home. A less than perfect credit score won’t necessarily stop you from buying a home.
- The best way to get closer to buying your dream home is to buy your first home now.
2. Hire Us As Your Agent - The typical real estate transaction involves many individuals including mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer’s agents, seller’s agents and other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. It is our responsibility to coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout. Our main roles are to:
- Analyze your wants and needs and guide you to homes that fit your criteria.
- Educate you about your market and negotiate on your behalf.
- Assist with all paperwork and deadlines and coordinate the work of other needed professionals.
3. Secure Financing - While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. Many first-time buyers start out confused about the process or nervous about making such a large financial commitment. Here is an easy to understand step by step process to securing the financing for your first home.
- Choose a loan officer or mortgage broker, submit a loan application and get pre-approved.
- Determine what you want to pay, select a loan option and submit to the lender an accepted purchase offer contract.
- Get an appraisal, title commitment and obtain funding at closing.
4. Find Your Home - You may think that shopping for homes starts with jumping in the car and driving all over town. However, driving around is fun for only so long. If weeks go by without finding what you’re looking for, the fun can fade pretty fast. That’s why we say that looking for your home begins with carefully assessing your values, wants, and needs for the short and long terms. Questions to ask yourself:
- How much space do I need and why? Am I interested in a single family home, condo, new home or a fixer-upper?
- Which is more critical: location or size? What features and amenities do I want and or need?
- How important is home value appreciation and neighborhood stability?
5. Make An Offer - When searching for your dream home, you were just that – a dreamer. Now that you’re writing an offer, you need to be a businessperson. You need to approach this process with a cool head and a realistic perspective of your market. The three basic components of an offer are price, terms, and contingencies. The offer price must fairly reflect the true market value of the home you want to buy. Our market research will guide this decision. The following terms are the other financial and timing factors that will be included in the offer:
- Schedule – A schedule of events that has to happen before closing.
- Conveyances – The items that stay with the house when the sellers leave.
- Commission – The agent commission or fee for the buyer's agent and seller's agent.
- Closing Costs – Each party pays closing costs, which can be negotiated into contract.
- Home Warranty – This covers repairs or replacement of appliances and major systems. You may ask the seller to pay for this.
- Earnest Money – This protects the sellers from cancellation and makes a statement about the seriousness of your offer.
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6. Perform Due Diligence - Unlike most major purchases, once you buy a home, you can’t return it if something breaks or doesn’t quite work like it’s supposed to. That’s why home owner’s insurance and property inspections are so important. A home owner’s insurance policy protects you in two ways: against loss or damage to the property itself and liability in case someone sustains an injury while on your property. The property inspection should expose any issues a home might hide so you know exactly what you’re getting into before you sign your closing papers. Your major concern is structural damage. If you have a big problem show up in your inspection report, you should bring in a specialist. If the worst-case scenario turns out to be true, you might want to walk away from the purchase. Don’t sweat the small stuff, things that are easily fixed can be overlooked.
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7. Close Escrow - The last stage of the home buying process is the appraisal, title search, and a final check of your credit and finance. We will keep you posted on the progress, but your work is pretty much done. Your pre-closing responsibilities include staying in control of your finances and obtaining any certified funds for closing. Communicate with us often to confirm all your documentation is in order, including conducting the final walk-through. Near closing day, you’ll arrange to sign documents that do the following: finalize your mortgage, pay the seller, pay your closing costs, transfer the title from the seller to you and arrange to legally record the transaction as a public record. As long as you have clear expectations and follow directions, closing should be a momentous conclusion to your home search process and begin your experience as the new home owner.
8. Protect Your Investment - Throughout the course of your home-buying experience, you’ve probably spent a lot of time with us and we’ve gotten to know each other fairly well. Even after you close escrow on your house, we can still be of assistance with updates on your home's current market value, helping your friends and family with buying or selling a home and also finding contractors to help with home maintenance and or remodeling. Attention to your home’s maintenance needs is essential to protecting the long-term value of your investment.
8. Protect Your Investment - Throughout the course of your home-buying experience, you’ve probably spent a lot of time with us and we’ve gotten to know each other fairly well. Even after you close escrow on your house, we can still be of assistance with updates on your home's current market value, helping your friends and family with buying or selling a home and also finding contractors to help with home maintenance and or remodeling. Attention to your home’s maintenance needs is essential to protecting the long-term value of your investment.
Military Relocation Professional
Nancy Villasenor is recognized by the National Association of Realtors as a certified Military Relocation Professional (MRP). Knowledgeable and ready to assist military personnel and veterans find housing solutions that best meet their needs and allow them to take full advantage of their military benefits.
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Investments, Fix and Flip, Rentals
There are many ways and reasons for investing in real estate. Whether it's to gain financial security or extra income, it is always a good time to invest in real estate. We work with local investors to find and evaluate potential investment rentals and or fix & flip properties. Contact us for more details.
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Foreclosures, Bank Owned REO's
Nancy Villasenor is a certified specialist in the management and sale of foreclosed, bank owned REO properties. We have established relationships with banks and asset managers, assisting them in the sale of hundreds of bank owned homes. Contact us today for a free foreclosure list.
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