10 Steps to Buying a Home

Tired of renting? … Then now is the time to become a HOMEOWNER!  Here are 10 steps to home buying for you to consider.   Let’s review these steps….

#1 – Save for your down payment –  How are you spending your money?  What can you do differently to start saving money?  Are you aware that you may qualify to buy with as little as 3.5% down? There are loans with 5%, 10%, 20% down, too!

#2 – Know your credit score –  There are several ways to find out your credit score thru Equifax, Experian, and TransUnion are the 3 reporting services your lender will review.  Now is the time for you to Clean Your Credit, if necessary.  Your lender can refer you to a credit service to help you.

#3 – Find a Real Estate agent –  Ahem … me!!  I will be there step-by-step to take you thru the maze of buying a home.

#4 – Get Pre-approved –  BEFORE doing a home search, contact a mortgage professional.   Your Realtor will have referrals for you. Allow the lender to get a copy of your credit as well as your financial documents.  Once these documents are evaluated by an underwriter, your lender will be able to provide you with a loan pre-approval and price range.

#5 –  Find a Home – Now that your lender has provided you with a price range to purchase in, it’s time, with the help of your Realtor, to search neighborhoods.  You can discuss your haves & wants now.  Bedrooms, baths; type of home – condo, town home, single family; location; amenities, etc. Let your Realtor know and start your search.

#6 – Make an Offer – Wow! You find the perfect home!  Work with your Realtor to write the best offer to encourage your seller to choose YOU!

#7 – Have a Home Inspection – Once your offer is accepted, your deposit is in Escrow (neutral 3rd party who collect signed documents & funds to be disbursed at the closing).  Now you will need to Hire a Home Inspector to find out the unseen condition of the property.  Your Realtor will provide you with referrals.

#8 – Get a Home Appraisal – Your lender will need to verify the value of your home based on recent sales similar to your home choice.  The appraiser is not chosen by the lender or the seller or the agent.  The Appraiser is provided by an Appraisal Management Co.

#9 – Close the Sale – You have provided all of the signed documents, your loan has been fully approved and now it’s time to follow thru with a closing date as per your original offer.  You will sign your loan documents and wire the balance of your deposit and closing costs to the Escrow Co.  The Title Co will get the deed recorded and BAM! You are a HOMEOWNER!

#10 – Move In — It’s time for your Realtor to give you the Keys for Your New Home!

Let’s get together soon so you can ask questions and we can review your options!

Carol Gilles, now of Fredericks Realty,  has successfully been working with qualified buyers since 1979 to help guide them through the process of becoming a homeowner.  Call Carol at 310-864-9738; RE Lic #00803846