1. Decide what area you want to start your home search.
2. Know what your price range is.
3. Rule of Thumb: You can afford housing costing up to 2.5 to 3 times your annual income.
SAVE up for a down payment. You need 3.5-5% for FHA and 10% down for conventional, and 20% down avoids extra costs of PMI. And closing costs.
4. Search the internet Realtor.com, Zillow, Redfin.com are very popular.
5. Go to Open Houses you get a peek and this can be a great opportunity to interview agents you may want to work with, ask questions about the area ie HOA, schools, taxes etc.
6. Once to you have decide on an agent (please don't call 5 or 6 and have them all show you property, this can be very upseting to an agent if they ask you to sign and exclusive, do it and they will work for YOU!) ask the them to send you listings in the area of choice and then tell them how much your loan approval is. And your wants, 3 plus bedrooms, single story, pool etc. Your agent can then tell you if all of your criteria and price range is possible. And can make suggestions if there is a conflict. This will save you both allot of time and the agent will not have to guess at what you want.
7. After viewing 30-50 houses if you are still wanting to make that big purchase hopefully you have been touched by the hand of REALITY and know you will not be able to buy that 10,000 sf mansion with the tennis courts for $250,000. But instead the little 3+2 with the tile kitchen and modest backyard is in you price range.
8. Writing the offer can be nerve racking, but waiting for your offer to be accepted can be even more stressful. With to days market being reminiscent of the Fast and Furious era of 2004-2006. Once again multiple offers and cash is King. But in order to get the First Time Home Buyers Tax Credit and win this home you had to offer $10,000 over the list price for this Bank Owned home that still needs paint and carpet and a cleaning.
9. What you will need to write an offer a check called Earnest Money Deposit (EMD), Proof of Funds for your down payment, a Loan Approval Letter. Your agent will go over the details of the Purchase Contract with you if you have questions ASK! Length of escrow is also a consideration and will sepend on your Loan Co. and how long their underwriter will need.
10. Escrow opens you start your inspections, Home, Termite, Natural Hazard, Mold even though the Bank Says "AS IS" you are allowed a certain amount of time to actually find out what "AS IS, IS". At this point if anything major is found that the Bank will not fix, hopefully your agent put in the contract you will be giving written approval of the inspection findings. Just in case you decide it is a much bigger pickle than just paint and carpet. Most Banks will not fix but your agent can negotiate for the bank to contribute to the closing costs.
10. After reviewing Title, CC & R's, Taxes, Trust Deed, Mortgage Loan Documents ans assorted paperwork and signing your name at least 100 times on the dotted line.... your agent will hand you over the keys to your castle.
Caution this is only for those of you who are still contemplating Buying a home. The steps have been created in a simple easy to follow scenario. Buying a home can have many twist and turns, ups and downs. But is a great satisfying reward for those that complete the journey.
As your real estate professional, I'm committed to providing you with any information you may need on buying or selling a home, current interest rates, neighborhood news and more.
In this challenging real estate market I want you to know that I'm ready to work for you in order to make the buying or selling of a piece of real estate as efficient for you as possible!
Call or email me today!
Sincerely,
Tere Rice Realtor* dre #01079287
Preferred Group Properties
31910 Del Obispo #120
San Juan Capistrano, CA 92675
951-693-0093
fx 951-253-9261
http://temecularanchandhomes.postlets.com/
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