Pre-approval means getting Lenders to deem you worthy of receiving a mortgage. It helps put you in a stronger negotiating position by letting sellers know you’re committed as this step is required before you're able to put an offer on a home. After meeting with a Lender, if it's determined that you still have some work to do to get your finances in order or increase your credit score, your Lender can help develop a game plan. Once you’ve been pre-approved, you’ll know how much home you can afford. As a local real estate expert, I work with great Lender partners; the Lender partner you choose to work with is instrumental to our success in this process. Although, the Lender you choose to work with is completely your decision, I'm always happy to introduce you to one who will help jumpstart the home buying process!
NARROW DOWN YOUR HOME SEARCH CRITERIA
The primary factors you want to consider when narrowing down your home search criteria are price, condition, size & type, and location. Price is the bottom line, particularly for first-time buyers. It is best to narrow down your search by price point first, so you only view homes that you can afford. It is vital to discover which homes for sale are in prime condition and which will require some investment to fix. Neighborhood, schools, transportation, and other location-related factors are hugely important factors. Identify specific regions, towns, or even neighborhoods where you would be happy to lay down a foundation. After you've determined what's important to you, your home search can begin. I'll get you set up on alerts to begin receiving alerts as soon as new homes are listed, and we can adjust this criteria as we go through the process as well.
SIGN INITITAL BUYER-AGENT REPRESENTATION AGREEMENT
At this point, you've been pre-approved. Congratulations! This also means your home search criteria has been narrowed down and you're seeing the homes available. Before getting showings scheduled and negotiating terms, the last step is to sign the California Department of Real Estate-specific initial buyer-agent representation agreement. This agreement formalizes our working relationship, detailing what services you are entitled to and what is expected of you in return. It is an important and helpful tool for clarifying expectations, developing mutual loyalty, and most importantly, elevating the services you will receive.
Now that we've handled all of the initial logistics... ??Pre-approval ??Search criteria is determined ??Initial Buyer-Agent agreement is signed, we're ready to start house hunting! ??
DETERMINE THE RIGHT OFFER
I work with buyers to understand and develop an offer and price recommendation by creating a Comparative Market Analysis (CMA). This step is vital to ensuring that the basis for the offer price is market data, not emotions. Just remember that there may be one or more other buyers willing to make a better offer, so always put your best foot forward the first time.
THE ESCROW PROCESS
Congratulations! Your offer has been accepted and we're ready to open escrow. During this time, buyers have the opportunity to have a home inspection (and various types of inspections) performed - the interior and exterior of the property will be inspected. Any serious issues that pop up will be discussed to determine how to negotiate whether the seller or buyer will take care of any necessary repairs. You can also expect to receive important paperwork from their Lender, Escrow representative and Realtor during this phase. Of all times during the home buying process, this is the one when it’s absolutely vital to double check every document and agreement for accuracy before signing.
You’re on the cusp of closing the deal and owning your very own home; however, it’s important to pay attention to all the minor details that need to be handled in order to make the purchase official. I work diligently with buyers to get the deal past the finish line in a timely and efficient manner. The one final hurdle to leap? Setting up all your utilities, getting your mail forwarded to your new address, and, settling in to your new home.
HANDLE THE LOGISTICS
The deal is done. You’ve started moving your belongings into your new residence. ??? As with the closing process, though, this isn’t something buyers have to or should go through alone. I stick around to make sure the transition to the new property is a smooth, headache-free one and check in on the progress.