Home purchasing is not an easy process! Depending on your unique situation and needs along with the current era of short sales/foreclosures, you will spend hours, days, months and in some case years before you will purchase and or move into your dream home. And we have not even touched on the subject of all the paperwork involved with this process.Do you know what to do? How to go about it? Where to start? Are you a fist time home buyer?
But, don’t let this scare you. Just like with any process, once you break it down to meaningful steps, it becomes easier to understand and handle. Having said that, here is a summary outline of steps to purchase a home:
1) Figure out your purchase financing options. Unless you will be purchasing with all cash! How much can you afford? Seek a loan professional who can guide/advise you based on your unique financial situation. Ask them to provide you a preapproval letter based on verification of your income, expenses, credit, assets and other required items.
2) Find a Real Estate agent and interview them to see what will they or can do to help you. Ask for referrals! Go over the purchase process, contracts, disclosures, timeline, expectations, various options etc.
3) Identify your ideal city, neighborhood, schools and property. Drive around the neighborhoods, see what you like, what you don’t like. Check out open houses in the areas you like
4) Make an offer based on your consultation with real estate agent
5) If your offer is approved, you will be in contract and in escrow. Your earnest money will be deposited and contingency period will begin. Be in constant communication with your Realtor, your loan/mortgage consultant. Do not make any major purchases or do anything that will impact your financial situation
6) If offer is not approved and all parties cannot come to terms then you will go back to step #3 and start this process again
7) Once all contingencies are removed, documents are signed and bank has funded the loan and the deed has been recorded under your name, you will then own the house!
For any Real Estate advice please contact Waseem Sufi at 925-321-5346
For any Financing advice, please contact Charlett Jensen with Diversified Mortgage Group at 925- 918-2502