1. Commit To The Process. In the lives of most people, a home is their most important purchase. The savvy home buyer makes the decision to buy, plans carefully for the move, provides the adequate time needed to meet with the lender and provide them with the necessary paperwork, keeps emotions in check through the process, and listens to the advice of their professionals involved in the transaction, including the Real Estate Broker, and, if necessary, a Tax Accountant, and Lawyer.
2. Use Your Broker Wisely. Your professional Real Estate Broker can give you advise on neighborhoods, schools and the crafting of the offer. After you and your Broker have found the perfect home, he or she will coordinate the appraisal, all inspections, and work closely with the title company, lender and the seller's agent to transfer the property into your name at Close of Escrow.
3. Get Pre-Approved for Financing. Few sellers will even look at an offer without an accompanying letter from the lender that states, in their preliminary investigation, you are qualified to purchase. The lender will ask for various documents to help them access your qualifications such as tax returns, pay stubs and a credit report. The lender will pre-qualify the buyer based on the evidence the buyer supplies, so be ready with the documents when requested.
4. Choose The Neighborhood Carefully. In coordination with your Real Estate Broker, it is important to view properties in different neighborhoods to get a feel for what your housing dollar will purchase. Don't look further than what you can afford, as the worst thing for a buyer to do is to fall in love with an unsuitable or unattainable property. This is another reason to follow number 3 above.
5. Be Realistic About What You Need and What You Want. Seldom should it take more than a few weeks to find a home in a normal market. If you have come to terms with what you want, what you need, and what is affordable for your pre-approved home buying budget, you will narrow the selection process to a true comfort level without disappointment.
6. Make The Right Offer. With the guidance of your Real Estate Broker, you can access comparable sales in the neighborhood, and craft a contract that is a Win/Win situation to purchase the property on the terms and conditions that work for both you and the seller. Judging the market, the time of year, economic conditions, and financing terms are just some of the factors you and your Broker should discuss when preparing the offer to purchase.
7. Get Inspections. It is a prudent purchaser who gets a termite, roof and home inspection to give them a good assessment of the property during the escrow period. In many cases, sellers have already had inspections done by licensed firms whose specialty is home inspections. You may order you own licensed inspectors if you don't feel comfortable with the seller's choices. You may also order any other inspection that you feel necessary to reach a personal comfort level. Usually these inspections should be ordered as soon as escrow is opened, as the offer usually contains time limits for inspections and approval of such.
8. Avoid Non-Essential Changes. The prudent homebuyer will avoid changes that may effect the credit or financial picture. Changing jobs, buying a new car, splurging on new furniture, or missing credit card payments are the sort of non-essential changes that can have a negative impact on the purchasing decision follow through. If you need to sell stocks, get a monetary gift for a down payment, or make other withdrawals, these should be done well before closing so that the lender can verify the source of the funds.
9. Always Get Title Insurance. Lenders will require title insurance to close the escrow, but even cash buyers should get title insurance. Indeed, the title company, handles many other details of the transaction, as well as acting as an impartial third party.
10. Be Pro-Active. Whether you are a first time buyer or one who has purchased many properties, there are many details that need to be resolved and many questions that need to be answered. Your Broker will take an active role in keeping you aware of all the details and assist you throughout the process, but if you have any questions, please do ask, so the transaction will move smoothly and trouble free.
Contact Info:
Robb Sturgess, Broker/Owner
275 Rose Ave Suite 203
Pleasanton, CA 94566
925-368-3449
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