The fact is, if you go to work with a competent and trusting real estate professional from the very beginning, the whole process will be much smoother and productive.
The key, as is true with any working relationship, is to find a competent and trusting professional. Once you do, engage that professional for your purposes (remember you don’t pay for your Realtor – the seller does!).This is truly the foundation to a successful home purchase.
2. Next, Know What You Can Afford
You need to work with a mortgage broker or lender you can trust. Your Realtor and mortgage broker, or lender need to be working on the same page to accomplish your best interest and home buying goals.
It’s important to get Pre-Qualified first to know exactly what you can afford and what will be required to get a specific loan. At the beginning this usually involves just a 5-10 min. conversation on the phone. It is important to do this right away so as to look at homes that fit within your parameters.
3. Now You're Ready to Focus on What You're Looking For
Now you’re ready to focus on where you want to live, (San Diego, Chula Vista, Del Mar, Rancho Bernardo, Poway, East County, etc.) what kind of home you want, and other elements that are important to you – within the context of what you qualify for.
You need the best, most comprehensive information available. You need to know where the best deals are and how to take advantage of the different opportunities. Communication between you and your Realtor are paramount during this stage – the more you communicate the better job your Realtor can do to find what you want. Be patient, but stay involved and be diligent.
4. Found Your Home, Now It's Time to Write an Offer
1) When you write your offer, you also need to submit an Earnest Money Deposit. The deposit will vary, but typical deposits are in the $3,000 - $5,000 range. The monies can be wired within 3 days of escrow opening.
2) Once your offer has been accepted, you will have contingencies and can walk away for any reason or no reason within 17 days and get your full deposit back.
5. Finally Have Acceptance!
Escrow opens with the agreed upon escrow company. At this point your Real Estate Agent will needs to go into high gear to oversee and coordinate all the items that need to take place during the escrow period:
- home inspection
- termite inspection
- disclosure and title review
- final loan approval
- negotiate repairs
- home warranty
Problems can arise; this is when you will need your competent Realtor to focus on solving problems and smoothing out the bumps.
6. Once Items Have Been Completed, Loan Docs Have Been Signed, Down Payment Has Been Wired To Escrow, Now It's Time ...to Fund.
Once escrow has received loan funds from the lender and down payment funds from the buyer - it’s time to Record New Title with the County Assessors Office.
Once the transaction has recorded / confirmed the deal is closed! Get Keys – it’s yours! Welcome Home.