Purchasing a home for the first time can seem like the most daunting task in the world as you decide to embark on it. According to the National Association of Realtors, 74% of renters don’t even try going through the process because they are afraid that they won’t qualify, so please, pat yourself on the back for getting to this point. Also note that as your real estate agent, I’ve been in your shoes before and my job is to make sure that you are confident each step of the way. When it comes to being a first time home buyer, I strive to help you make your first time home buying experience the best one possible, always prioritizing your best interest.
THE PROCESS: Getting you Qualified
As you can imagine knowing exactly what you can qualify for and what you feel comfortable committing to when purchasing a home is the first step of the purchasing process. As a real estate agent, I am not licensed to give you an approval letter, however, my 10+ years in finance and banking (Wells Fargo/Bank of America), I am able to provide you with an estimate of what you may be able to qualify. I can give you a rough estimate of what your loan payment, insurance and property taxes may add up to, so don’t worry, I’ve got you covered. Despite my abilities to run numbers, the next step is to set up a meeting with a qualified mortgage consultant that can provide us with a pre-approval letter that can break down the details of a potential purchase.
SHOWING HOUSES AND CALIBRATING MARKET VALUE:
Once we have a pre approval letter on hand we can move towards the next step which is finding your home! Our mission during this process is to send you homes for sale that only meet your specific budget and criteria. We have a high level of respect for your time and will do our best to only show you properties that are within your criteria. During this time we will be in close communication to assure that a list of 3-5 homes get populated so that we can set a time to preview homes. It is only after previewing homes that you will get an accurate perspective of what you get with your money and what works best for you.
MAKING THE OFFER:
After previewing several homes you will eventually gather enough conviction towards making an offer. This is where we step in; Crafting an offer letter with supporting evidence at a price point that works for you, yet assures successful acceptance plays a critical role during this process. Rest assure that we will provide you with the guidance necessary to have conviction towards making a solid offer.
OPENING ESCROW:
After having your offer accepted, the clock starts ticking and a 30/45 day escrow is common. This is when inspections, appraisals and final loan approvals take place. It is not uncommon to go back and forth with the seller to negotiate credits depending on the results of the inspection or appraisal.
INSPECTION:
During the home inspection process a qualified home inspector will inspect the home for a variety of elements not limited to plumbing, electrical, roof, etc. The purpose of the home inspection is to bring to light any issues or possible areas that may require repair. As a your real estate agent, I will utilize my network of qualified plumbers, electricians, concrete contractors etc to help provide estimates for repair. Depending on the issue, it is not uncommon to negotiate the repair by the seller or a credit to help fix necessary repairs.
CLOSING ESCROW:
Closing escrow is when all contingencies get removed and both buyer and seller are satisfied. The escrow office, wires funds to the appropriate parties and keys are delivered to the new homeowner, and voila, just like that, you have your keys to your new home!
AFTER CLOSING:
It is not uncommon that you may require additional services after closing escrow. Getting a house painted to your liking and making minor repairs that were negotiated during escrow are common. With our contracting team, we will be able to quickly step up to the plate and provide you with a variety of resources that will make this transition both an easy and quick one!
