Find a Realtor
It's important that you choose an experienced buyers' agent with whom you are comfortable. Your agent should be actively seeking potential homes for you, keep you informed of the entire process, negotiate on your behalf, answer your questions with competence and guide you through the process as smoothly as possible.
Pre-approval helps alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect but are not in your price range.
Find your dream home
Decide the amount you want to spend on a house purchase. Establish priorities - needs vs. wants. Start with the things you absolutely need: three bedrooms, central air, a backyard, a good school district, etc. Then list your wants: hardwood floors, a large kitchen or a swimming pool. By keeping these distinctions in mind, you can focus your search on the homes that meet all of your needs and include at least a few of your wants. Always be prepared to make some compromises to stay within your price range.
Make an offer
The starting point is your mortgage pre-approval letter. Remind yourself that there is a maximum amount you can afford to pay. The goal is to pay even less than this, giving you more breathing room in your budget. The listing price is certainly a key indicator of value, but it's not the only one. A good place to start is by checking the sales price of homes that recently sold in the same neighborhood. We can provide you with a Comparative Market Analysis (CMA).
Both Parties Agree on Offer
A seller rarely accepts an initial offer at face value. You can almost always expect some sort of counter to your offer so prepare to negotiate.
Apply for the loan
Home inspection period
A professional and thorough home inspection is absolutely critical when buying a home, it is an opportunity to have an expert look closely at the property and get a written opinion as to its condition. This inspection can be done by a licensed home inspector or by using plumbers, electricians, heating and air specialists, roofers, etc. This is done at the buyer's expense and on his behalf. We recommend that you and your agent attend the inspection. This gives you a chance to ask questions about the property and to get answers that are not biased.
Loan contingency period
Close of escrow
If everything is clear, then you are ready for the closing, one of the most significant days of your financial life. At the closing, you and the sellers , along with your real estate agents, will meet to sign the final stack of papers. When you leave, you will have a mortgage, a title, and the keys to your new home.