The Buying Process
Buying a home, especially your first, can be an intimidating and confusing process. It’s often the biggest financial decision someone makes in their lifetime. There are a lot of resources online, but even then it’s neither clear nor simple. That’s where I come in. More than anything, my job is to help guide you through the process and keep you feeling confident that you’re purchasing the right house and making a great decision.
Reach out today to set up a consultation where I’ll walk you through the buying process in detail. For a brief run-through, see the steps below:
1. Loan Prequalification or Pre-Approval
In a hot market like Sacramento where it’s common to have multiple offers within the first week, it’s important to have your loan pre-approval letter ready to go. While there are a number of online services, such as Quicken Loans and Rocket Mortgage, that offer quick service upfront, I’d recommend using a local lender whom you can interface with directly. You don’t want to get stuck calling a 1-800 number and waiting on hold the day before you’re supposed to close. I’ll be happy to share with my recommended lenders with you.
2. Find Your Home!
The fun part! During our consultation, I’ll make note of all the criteria you’re looking for in your home and get you set up on a search on our local MLS that’ll send you homes the instant they come on the market. Additionally, I’ll search for and send you homes that I believe will pique your interest. Any home you’re interested in, I’ll set an appointment and we’ll go check it out in person.
3. Purchase Contract Negotiation
Once we’ve found a home you love, we’ll put in an offer. In such a fast market, it’s not at all uncommon that we’d be going up against multiple parties. I’ll guide you through the process to make sure your offer is the most competitive it can be while staying within or below your budget.
4. Appraisal and Inspection Period
After we have an accepted offer, we schedule our appraisals and inspections. An appraisal is when the lender sends an appraiser to verify that the home is sufficient enough to use as collateral for their loan. While not required, it’s extremely recommended that you opt for inspections to make you know what you’re buying.
5. Disclosure and Inspection Review
Once we have the reports back from the inspections and the seller has sent over their legally mandated disclosures, we’ll review them together to make sure there aren’t any deal-breakers that were discovered.
6. Request for Repairs
Armed with our reports, we’ll make requests for repairs or credits to fix problems that were discovered in the inspections.
7. Signing Loan and Title Documents
A few days before close, you’ll sign all your documents (and there are a lot!) at the title company’s office, or by a mobile notary.
8. Close of Escrow!
Welcome to your new home! It’s time to get set up and moved in. If you need help arranging moving services, I’ll be more than happy to help.