Buying a home in Orange County, CA can seem overwhelming and frustrating - especially for first time buyers hoping to snap up a short sale or REO.  As with most things, there's both an easy way and a hard way to complete a task.  do it.  There's a series of steps buyers can take to reduce the hassles and confusion and make the experience both positive and exciting.  It's really all about being organized and taking first things first.  Simple logic that's highly effective.  Here's the plan:

Step 1:  Understand the Process - Knowing what to expect and when to expect it will help your transaction go smoothly. This holds true for seasoned investors as well as first time buyers.  Ask your real estate agent for a booklet or brochure outlining the purchase process.

Step 2:  Understand the Players & Their Role in Your Purchase - Your real estate agent, your loan officer & your home inspector are on your team and will be looking out for your best interest.  The seller's agent represents the seller. The Escrow or Title Officers are neutral parties.  Deal directly with your team and let your agent handle the others.

Step 3:  Know The Reasons it Makes Sense for You to Buy Now - What are your financial motivations? From a financial perspective are you better off purchasing now or would it make more sense to wait a few months?  Are you considered a strong buyer (substantial down payment, excellent credit)? Or will you find it difficult to compete when the market turns back around?

Step 4:  Define Your Requirements for a Home - Know what you need vs. what you want and what are the areas in which you are willing to compromise.  If you found a well-priced home that had 2.5 bathrooms instead of 3, would that be acceptable?  How about one that had extra storage space but only a 2-car garage?  Broadening your online search might provide additional properties for consideration, assuming you are open to compromise.

Step 5:  Determine What You Can Realistically Afford - What is the total monthly amount you can spend on a home?  This is where I see many clients having difficulty.  By nature we typically want more than we can truly and comfortably afford.  Don't wait until you have money in escrow to figure out you've bit off more than you can chew.  Know your budget and talk to your C.P.A. and/or financial planner before you begin your search.

Read Buying A Home In Rancho Santa Margarita The Easy Way - 14 Step Guide (Part 2)

Read Buying A Home in Rancho Santa Margarita The Easy Way - 14 Step Guide (Part 3)

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