With interest rates at historic lows and so many different loan programs available, this is a great opportunity to purchase a home. Whether you are buying an investment property, or a home as your principal residence, now is the time to get in on California real estate.
Here are a few basics steps to purchasing a home:
1. Agent: Finding the right Realtor® to represent you in the purchase of your property is critical to a smooth and successful home buying process. We thank you in advance for choosing us and giving us the opportunity to earn your business
2. Financing: Getting pre-qualified for a home loan is the first step to finding the right house. Prior to looking for homes, you should have a good idea what price range to shop in by talking to a lending professional.
3. Shopping: With the advent of websites like Listingbook.com, searching for homes online is a team sport! After signing up for your free account, you will be able to search the multiple listing service (MLS) like a true professional. As your Realtor®, we also search the MLS for a home that meets your specific criteria and share those homes with you via email. Once we have compiled a list of homes you like, we will go out and preview those homes.
4. Offers: We assist you in the preparation and submission of an offer to purchase. We are your representative and advocate throughout the negotiation process.
5. Escrow: Once an offer is accepted it goes to escrow — a non-biased third party company hired to carry out the agreements of the contract. Escrow officers perpare lots of paperwork for buyers, sellers, and agents. They order disclosures, title insurance, and the home warranty (if applicable). This time period traditionally lasts between 30 and 60 days.
6. Appraisal: During the escrow period, your lender will order an appraisal to be completed for the subject property. This appraisal will determine whether your lender will provide a loan for the amount you offered on the property.
7. Inspection: Once escrow is underway, you will complete your home inspection of the property to determine the amount of work involved for immediate repair, property maintenance and any future concerns about the property. This is paid for by the buyer and completed by a certified and/or licensed professional.
8. Loan Documents: The final approval of the loan will mean that it is time for you to sign loan documents and agree to pay back your new loan. These documents are signed with a notary and then immediately sent back to escrow to be processed.
9. Closing: Escrow will close when all the components of the transaction have been properly completed, which is usually a few days after the loan documents are signed. The loan will fund, your grant deed will record at the country recorders office, and you will be given the keys to your new home!