So you’re thinking about buying your first home. Your very own house (and mortgage). A place to call and make your own. It’s a big move, literally and figuratively. Buying a house requires a serious amount of money and time. The journey isn’t always easy. It isn’t always intuitive. But when you get the keys to your new home — that, friend, can be one of the most rewarding feelings.
The key to getting there? Knowing the home-buying journey.
That’s where your local Anaheim real estate agent David Sandoval and this guide comes in.
Do Your Homework
Oh sure, everybody wants to jump right into open houses. But before you even set foot into a foyer, you should identify your list of “musts” and “wants.” This list is an inventory of priorities for your search. And there’s so much to decide: Price, housing type, neighborhood, and school district — just to name a few.
Find a Great Agent
Your relationship with your real estate agent is the foundation of the home buying process. He or she is the first expert you’ll meet on your journey, and the one you’ll rely on most.
Choose a Lender
Once you’ve found your agent, ask him or her to recommend a mortgage lender that will meet your needs. This is another big step, as you’ll be working with your lender closely throughout the home-buying process.
Pick a Loan
Once you’ve decided on a lender (or mortgage broker), you’ll work with your loan agent to determine which loan is right for you. You’ll consider the percentage of your income you want to spend on your new house, and you’ll provide the lender with paperwork showing proof of income, employment status, and other important financials. If all goes well you’ll be pre-approved for a loan at a certain amount. (nice!.)
Go to Showings and Look Around
Now that you have both an agent who knows your housing preferences, a budget and a lender to finance a house within that budget. Your agent will provide listings you may like based on your parameters (price range, ZIP codes, features), and will also help you determine the quality of listings you find online.
Make an Offer
Once you find the home you want to buy, you’ll work with your agent to present an offer that not only specifies the price you’re willing to pay but also the proposed settlement date and contingencies — other conditions that must be agreed upon by both parties, such as giving you the ability to do a home inspection and request repairs.
Making an offer can feel like an emotional precipice, Will they say yes? It’s stressful! Some home sellers simply accept the best offer they receive, but many sellers make a counteroffer. If that happens, it’s up to you to decide whether you want your agent to negotiate with the seller or walk away.
Get the Place Inspected
If your offer is accepted, then you’ll sign a contract. Most sales contracts include a home inspection contingency, which means you’ll hire a licensed or certified home inspector to inspect the home for needed repairs, and then ask the seller to have those repairs made. This mitigates your risk of buying a house that has major issues lurking beneath the surface, like mold or cracks in the foundation.
When you offer to buy a home, your lender will need to have the home appraised to make sure the property value is enough to cover the mortgage. If the home appraises close to the agreed-upon purchase price, you're one step closer to settlement — but a low appraisal can be an issue.
Close the Deal
The last stage of the home-buying process is settlement, or closing. This is when you sign the final ownership and insurance paperwork and make this whole thing official. (Congrats! you made it to the end)
If your ready to begin the home buying process please do not hesitate to contact me David Sandoval your trusted real estate agent in Anaheim and Orange County.
If you need a trusted referral to a qualified Real Estate agent anywhere in the United States feel free to contact me I can also help you find one.