So you want to understand the process of buying a home so here are several steps you must go through to help navigating the process.
Once you have a basic understanding of how the process works, you can go into the process feeling more confident.
Here are the basic steps you’ll experience in understanding the process of buying a home…
1.) Prequalification
This is usually the first step you’ll take. In a nutshell, you go to a lender to find out how big a loan you can get and what the payments would be. This is determined by your credit score, salary, and your down payment. The goal is to have your loan in order before you look at homes, this way when you find one you like you will be ready to write an offer. If you would like help connecting with a good lender contact us and we’d be happy to set you up with a great local lender.
2.) Look At Some Houses
After sitting down with your agent (that’s us) and figuring out what your needs are, we’ll start showing you some homes that meet your criteria. Your agent will do their best to show you homes that match exactly what you want.
With your agent’s advice and input, come up with an offer that seems fair. She’ll present the offer at which time the sellers will accept it, reject it, or make a counter offer. Your agent will go over any counter offer with you and help you determine if it’s a good fit for your needs.
4.) Open Escrow Account
Your real estate agent opens up an escrow account after you and the sellers come to an agreement and sign it. Your agent puts your earnest money (a small percentage of the total paid up front to show you’re for real about the purchase), into the escrow account.
5.) Get Your Loan
Apply for your loan. Pretty straight forward. Give them all the documentation they need and make sure it’s all signed and correct.
6) Get Homeowner’s Insurance-
It’s time to select an insurance provider and get a policy. Then you’ll forward this information to the escrow. They need a copy of the policy for the lender before escrow can close. The lender won’t cover the loan unless they’re secure in case of a fire or other catastrophe.
7) Sign All The Documents-
You will need a photo ID. You will receive copies of all the loan documents and title documents. When everything is signed off on by all the parties involved, you’ll be able to see the light at the end of the tunnel.
8) Provide The Down Payment-
You will need to provide your down payment in the form of a cashier’s check. You will also be provided with a buyer’s closing statement detailing all your closing cost responsibilities. It will be an itemized statement detailing your credits and total money due. You should be well prepared to cover costs to avoid last minute problems.
9) Close Escrow-
The deed to the home is recorded by the county recorder’s office. You’ll get the original in a few weeks. Your real estate agent will coordinate the delivery of the house keys and any other possessions.
10) Move Into Your New Home-
This is pretty self-explanatory. You are now the owner of the house and do with it as you see fit… now it’s time to pop a bottle!
These are just a few things to take into consideration as you navigate the process of purchasing a new home or condo.
If you are a first time home buyer check out our post on “5 Tips for Getting Ready to Buy Your First Home”
Perhaps you are interested in other San Diego real estate options? Whatever type of home for sale in San Diego or elsewhere, we can help you find it!
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We hope you liked “Understanding The Process Of Buying A Home”. For more real estate articles check out one of our many blogs here.
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