Buying a home represents one of the most significant personal and financial decisions you ever make. You want to make sure you have the best professional working for you during this process. In selecting a real estate professional, you want to make sure that this agent
The goal of finding a home that meets your needs means that you and your agent need to clearly understand what you are looking for. The critical information that you and your agent need to know includes:
One of the most important aspects of buying a home is figuring out how much you can afford and arranging financing. As a general rule of thumb, financing your home requires a down payment ranging from 10% to 20%, which in some circumstances can be even less. In addition, most lenders allow approximately 30% of a person’s gross income to go towards making mortgage payments and not more than 40% of gross income to go towards making all debt payments, including mortgage payments
In today’s fast moving real estate market, it is critical to arrange financing before you find the home you want to make an offer on. This process is called pre-qualifying for a mortgage and involves determining how much of a mortgage you can afford. The loan amount you pre-qualify for plus your down payment roughly represents the amount you can afford to spend on a home
We can assist you in arranging financing by providing contact information for a number of qualified mortgage bankers and direct banking lenders.
As you review properties, you will soon become expert at recognizing which properties appeal to you, which do not and why. The answers to “why” will be helpful in refining your search to more specific neighborhoods you like and features of the homes you like.
When you find a home you want to make an offer on, the most important point to developing a competitive offer is determining the price you will offer. This price should take into consideration market value, which is a value based on what others are willing to pay for a similar property under similar market conditions. As your agent, we will provide you with important information regarding the level of sales activity in the neighborhood and recent selling prices for similar homes. In addition to what is going on in the market, you are a factor in determining market value. The most important question to answer is: “What is this home worth to me?”
Once you have made an offer, with an earnest money deposit, and the seller has accepted it in writing, you have what is called a “ratified deal”. Getting to a ratified deal may involve an offer and any number of counter-offers if the seller does not simply accept your original offer. Once one party to the deal accepts the other party’s latest offer, in writing, instead of making another counter-offer, you have a ratified deal and you are ready to begin the escrow process.
During the escrow process, the buyer and the seller will be performing all the requirements under the purchase contract. These may include arranging the actual loan for your purchase, getting a pest inspection and a contractors inspection, reviewing disclosure documents and releasing contingencies, among other things. As your real estate professional, we will help you navigate through this involved process, making sure all parties meet all critical deadlines and explaining each step of the process to you.
The escrow process ends when all conditions to closing, as specified in the purchase contracts and through joint instructions of the buyer and seller, have been successfully completed. This includes loan funding and payment of any balance you have outstanding towards your down payment and closing costs. Typically, you will meet with the title officer to sign all the necessary documents to secure loan funding and close the transaction within a few days of the close of escrow date. Escrow closes when money is successfully transferred from buyer to seller and the title officer records you purchase in country records.
As you prepare to purchase your new home, you need to remember all the details involved in moving. Making a detailed checklist is the best way to ensure that your move into your new home is happy experience. Some of the things that you should include on your list are:
We offer a full range of relocation services and have developed respected relationships with many corporate relocation agents and companies over the years. Whether you are a buyer relocating to San Francisco or the Bay Area for the first time, or a long term resident who has decided to move to a nearby county or out of state, we can assist you with all your real estate related needs. Contact us anytime to discuss your relocation. We look forward to hearing from you.
Whether it is due to a job transfer, corporate relocation, a personal move, or retirement, allow us to assist you.