How To Buy A Home

Dated: 10/21/2016

Views: 243

For many of us, the purchase of a home will be the biggest transaction of our lives. And for the new / first time home buyer, the process can be far from simple. One of the most important steps a home buyer can take, is to begin the process by speaking with a REALTOR.

 1. The Buyer Consultation 

Beginning the process of purchasing your home should always start with a Buyer Consultation. This is where you, your REALTOR, and your Lending Partner determine what amount you qualify for, or what's commonly referred to as your "purchasing power." 

2. Let The Searching Begin!

 After completing the pre-approval process, our Lending Partner will provide us with a pre-approval letter. This, along with our proof of funds (funds you will be using for a down payment and closing costs if applicable) will allow us to prepare an offer on a home(s) of your choice. 

We will begin your home search at our consultation, looking through cities, areas, and types of homes that fit your buying needs both financially and personally. Afterwards, Our Team will begin previewing these properties in person prior to scheduling a viewing appointment with you. We know your time is valuable, and so we ensure homes that look good in photos, also look good in person. There have been numerous times when the description and photos did not match the home in person. 

 3. Making the Offer

 After we locate the home(s) of your choice, it's time for an offer to be created! Our Team will create a competitive offer for the home that works in both ours and the Seller's favor. Our goal is to obtain your home for the lowest FAIR market value. 

 4. Escrow is Opened! 

 Once our offer is accepted and escrow is opened, time is of the essence. Inspections, appraisals, requests for repairs (if applicable) need to be completed as well as documents needing to be obtained to finalize your loan application. Important items to remember while going through escrow:

 A. Once escrow is opened, a deposit is made into the escrow account within three days (72    

     business hours). 

B. Our Lending Partner orders an appraisal.

C. We order and schedule a home inspection to be completed. 

D. We request repairs (if needed) after the receipt of the home inspection report. 

E. Appraisal is returned and items are finalized on your loan application prior to submitting for

    approval. 

F. Once approval is received, we are able to move forward with finalizing the purchase and closing

    escrow. 

 Of course, there are some additional items and tasks that need to be completed throughout this process before closing, but we will of course cover those during our consultation period. 


5.Below are some of the items and answers to FAQ regarding home buying.

 A. Attempt to track your credit. You want your score at 580 or higher. Preferably 640 or higher to 

    get the best rates available. 

B. There are down payment assistance programs available for first time home buyers (or home 

    buyers that have not owned a home within the last three years). They are income and credit 

    score specific, so speaking with a Lending Partner will definitely keep you updated on the 

    availability. 

C. You can purchase a home with as little as 3% Down Payment. ie: A $325,000 home would need

     a down payment of $11,375.

D. There are lender and seller credits available to cover closing costs. 

E. A Home Inspection is not mandatory, but highly recommended when purchasing a home. 

F. A deposit needs to be made into the escrow account within 72 hours of opening escrow. 

 

If you or someone you know is interested in purchasing a home, give us a call at 1-800-585-1690. 

We'd love the opportunity to earn your business and trust. 

 

Or CLICK HERE to schedule a Buyer Consultation with Our Team!

 

Parker Realty Group I RE/MAX Real Pros

www.TheParkerRealtyGroup.com [email protected]

1-800-585-1690 I (949) 427-1350 I (951) 239-7801

Alexander Parker I REALTOR I Orange County I Riverside County I San Diego County

Kymberly Robinson I REALTOR, San Bernardino County I Los Angeles County


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Parker Group REMAX DRE 01928217

Hello, My name is Alexander Parker, Residential Sales and Marketing Specialist with Elite Realty Group at RE/MAX Real Pros. Our Brokerage Team is #1 ranked in Southern California. We list and help pur....

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