As A First Time Buyer Specialist in Pasadena, Calif. I always do a one hour consultation and give out a Buyers Kit to my buyers. Is very important that agents educate the buyers about the buying process to avoid any buyer’s remorse so when it comes to making the hard decisions they are ready.
Here are 8 steps to the buying process and what is discussed at the consultation:
(1) First, select a Realtor you can trust to guide you through the buying process.
(2) Second, get a loan approval with a bank or broker that is familiar with different programs for First Time Buyers. Is important to know what your price range is, and how the monthly payment fits the family budget.
(3) Third, have your agent go through the Purchase Agreement with you. Make sure that he or she explains the Due Diligence Process, and the Removal of Contingencies. This is one of the most important sections of the contract. I cannot emphasize how important this is. Removal of contingencies is very serious, it can put your deposit in jeopardy if not handled properly.
(4) Fourth, who is responsible for the payment for both, the Physical Inspection, and the Appraisal? It’s always the buyer responsibility, unless otherwise specified by the bank or the seller.
(5) Fifth, Seller Disclosures and significance after they are given to the buyer for review. If it's a planned community, such as a Condo or Townhouse, have agent explain who orders the minutes & CCR’s, and who is responsible for submitting the request to the Association.
(6) Sixth, Earthquake and Hazardous Report purpose and significance.
(7) Seventh, the Importance of Title Report and purpose and significance.
(8) Eight, have your agent explain the different parts of an offer; submitting offer, dealing with multiple offers in this market, counter offers, and final acceptance. After the offer is accepted (with a full executed purchase agreement) buyer is given a three days to take the good faith deposit to escrow. A few days after Escrow will put together a Preliminary Buyers Package delineating the terms and timeline based on the purchase agreement for both the buyer and buyer’s agent.
All 8 steps should help you buy a home without any fear of losing your deposit, or without any buyer’s remorse. Before you get in a car and start looking at homes sit with your agent have him explain the buying process, you'll be glad you did.
Good luck in obtaining the American Dream, Home Ownership.
If you would like to receive a Buyers Kit please contact us for 30 minute. consultation and receive your personalized Kit visit us at http://PasadenaBeautifulHomes.com
or click on the link.
Best of Luck,
Natalie Aguilar Vogie,
First Time Buyer Specialist Pasadena, Calif.