Hello, my name is Julie McLaughlin and I'm a Realtor in Chico California. My tips are based on California real estate transactions and even more specifically, Chico real estate and may not reflect the protocols of other areas. Please check with your local real estate professionals to verify transaction protocols.

Buying a home for the first time can be a bit daunting if you don't know what to expect. I'm going to walk you through the process and give you some tips to make this big investment a little less intimidating.

First things first. You need to get pre approved for a loan. Often times Realtors have lenders they trust and know will be fair to their clients, and lenders can often recommend a good Realtor to you as well. Getting pre-approved is a very important first step because without it, you don't know what price range of homes you should be looking at. When looking for a lender, research and get rate quotes from at least 2 different lenders to make sure you're getting the best loan for you and your needs. It's also wise to get a lender in your local area. This way you have face to face communication and your lender and Realtor have that type of interaction with each other as well.  It also means your lender can sit beside you at closing for support and to answer any questions you might still have regarding the loan.

Next, do some research and find a Realtor that you feel matches your personality type and who you feel will be honest and hard working. It's important to like your Realtor since most likely you'll be spending hours with them looking at houses, writing up offers, and finally getting handed your keys to your first home.  The internet can be a good place to get a "feel" for an agent's personality and ethics. Just read the bio on their website. Another great resource is referrals from friends who have enjoyed working with a particular agent. No matter what the source, pick a good agent for your team and remember, being represented by a real estate agent costs you nothing! Not being represented could end up costing you a lot. The sellers pay your representing agent for you. Take advantage of that!

Once you've got your agent they will do most of the work for you, however you may wish to shop the internet on your own as well. It's fun to do and helps you get a feel for the current market. Many agents have their own website where you can browse the MLS (Multiple Listing Service) in your area.

Most likely you'll view a few homes with your agent before you find one you want to write an offer on. You and the sellers will either find terms you both can agree to, or you won't and you will start the hunt all over again.

If you do agree to the same terms, then you can open an escrow. Escrow is a legal arrangement in which an asset (such as cash, real property or other tangible assets) is deposited into an escrow account under the trust of a neutral third party (escrow agent) pending satisfaction of contractual contingency or condition. Once the condition has been met, the escrow agent will deliver the asset to the party prescribed by the contract (Definition courtesy of Wikipedia).  Escrows can be almost any length of time but are typically 30 days long. During escrow you will conduct any inspections of the home you desire. A common inspection to have is the whole house inspection done by a licensed professional. You will also receive disclosures on the property during this period. If any of your inspections or the disclosures reveal something about the property you're not comfortable with, check with your agent to see whether you can still get out of the purchase contract or ask the sellers to pay to have things fixed. This will depend on a variety of things, including what your contract states and how far into the agreement you are, etc.

Once everything is to your satisfaction, and the day of signing the documents comes, you'll need to bring a few things. By now you should know what amount of money you need for closing. It's a good idea to bring that with you to signing in the form of a money order or cashier's check. You'll also need your identification card and you should know your thumb print will be required. Make sure your hands are rested because you'll be signing a lot of papers. Your escrow officer will explain everything to you that your signing and your lender and agent may be present as well to answer any questions.

Once your loan is funded, the transaction is recorded and escrow is closed, it's time to receive your keys! For most, this is a very exciting time. The house is yours and you can begin to move in. You now get to reap the benefits of tax right offs that come along with homeownership. Congratulations!

For more information about homeownership or to search the Chico MLS visit my website at http://www.housesinchico.com/ .  My website has a lot of information about Chico real estate and has many resources for Chico area residents. If you're not living in Chico now but are considering moving here, again, check out my website and learn more about our wonderful town!

Julie McLaughlin

Chico Realtor