Step 1: Choosing a REALTOR®
The most important decision when deciding to purchase a home is choosing someone to represent you. The job and expertise of your REALTOR ®will be to support you through the process in finding the right home for you and negotiating the best possible terms. Your REALTOR® will explain the procedure in buying a home along with making sure you understand all the necessary documents needed to complete the transaction.
What you should look for in a REALTOR®?
- Knowledgeable about the neighborhoods and communities that you are interested in living
- Flexibility w/ your schedule
- Excellent communication skills
- Effectiveness in face-to-face negotiations
- Technology savvy
- Experience and expertise
Step 2: Financing
Pre-Qualification
Determining the price range you can afford is the next step to selecting a home to purchase. You can begin by speaking to a loan officer to pull your credit report and verify your income to determine your maximum loan amount. Choose only a mortgage type that you understand and a payment level with which you feel comfortable which may very well be less than the maximum for which you are approved. Call one of our loan officers today at 510.505.1050!
Loan Process
Step 3: Finding and Choosing the Perfect Home
After developing the criteria with your REALTOR® on what type of home you are looking for, your REALTOR® can start applying their knowledge and expertise using their appropriate resources to research the available properties out there and schedule appointments to see the ones that interest you. As you view these different properties, you may find new criteria that interests you. Be sure to communicate with your REALTOR® what you are thinking as it is the key element to a successful property search. Once you find the home you have been looking for, you and your REALTOR® will negotiate a price to make an offer. This is where your REALTORS® negotiation skills will come into play and she/he will negotiate the best possible terms for you. Although your REALTOR® will give you advice and information, it ultimately is your decision as to what price you want to offer and what terms you prefer.
Step 4: Managing the Escrow and Removing Contingencies
Once the purchase agreement is accepted and signed by all parties, your REALTOR® will open up escrow for you, which will require the deposit of your earnest money. Escrow is only a neutral third party that receives, holds, and distributes all funds associated with the transaction. Prior to closing this escrow, all of the contingencies of the purchase agreement must be met in which your REALTOR® will coordinate.
Step 5: Closing Escrow and Moving In
Once all of the conditions of the purchase agreement have been met, you will be required to sign all your loan documents and closing papers. Then you will deposit the rest of your down payment including any closing costs to escrow and then the lender will deposit the rest based on your loan amount. Then the deed will be recorded by the County Recorder's office and your will be the new owner of your new home. Congratulations!!
