Buy A Home
Congratulations! You've decided to buy a home. So where do you start? Purchasing a home can be an exhilarating experience; it can also be an overwhelming one. The key to making the experience enjoyable and successful will be dependent on choosing the right agent to work with. Professional real estate agents remove the guesswork and importantly, remove many of the anxieties associated with buying a home.You should expect your agent to first and foremost listen to your needs and wants. It is important that your agent and you have a shared vision. Start thinking about what this includes. For example where do you want to live, is proximity to schools important to you, what type of home do you want, how many bedrooms and bathrooms, single story or multiple story, how big of a yard, what amenities are important to you, and which ones are nice to have but not necessary. The more you define your vision the more effective your search will be.
Loan Qualification Mortgage Calculator
Professional real estate agents have a team of experts that are integral to the home buying and selling process. If you do not already have a lender, your agent should be able to recommend a selection of qualified, expert lenders for you to choose from.
Your lender will determine exactly what you can afford and will review your financing options. To determine the amount of loan you qualify for the lender will need to know many facts about your finances including your income, your debt obligations such as credit card bills and car loans, and the amount of money you have available for a down payment.
Don't be discouraged if you think you can't afford your dream home. There are hundreds of loan programs available in today's lending market, many of which require a 5 percent down payment or less.
Finding Your Home Search Homes For Sale
On average, 12,544 single-family homes are sold each year in Santa Clara County. To ensure that you're not missing the homes that best match your vision your agent should implement a listing alert program for you. A listing alert is an automated email notification that informs you of new listings that match your profile as soon as they are added to the Multiple Listing Service.
Today's technology, although extremely efficient and effective, does not replace the value of touring properties. While home shopping on your own or with your agent, you will learn about current market values and your agent will learn additional insights about your wants and needs. Together, armed with this knowledge, you will successfully find your dream home and make it a reality.
Buying Your Home Buyer Tips
Once you find a home you like and you are ready to make an offer, your agent will request the seller's disclosure statements and help you understand what they entail. As part of California State Law, seller's are required to disclose all known conditions of the house and the property including such items as earthquake fault zones, flood and inundation hazards and state fire responsibility areas. You and your agent should thoroughly read these documents and discuss any concerns found.
At this point you are ready to make an offer. A professional real estate agent will have already educated you on the purchase contract and at this time should review your wants and needs, provide you with a current market analysis, and assist you with making a great offer.
Escrow, Contingencies, Closing Title, Escrow & Moving
Once both parties have accepted the purchase contract, escrow is opened. Escrow is an arrangement with a disinterested third party to hold documents and valuables in trust until all agreed upon conditions are fulfilled.
Conditions of escrow can include deposits of required documents, deposits of funds required, approvals of inspections, and removal of contingencies as well as many other items. Time is of the essence in escrow. A professional real estate agent will make sure you and the other party to the transaction are meeting necessary deadlines.
Contingencies are items that must happen in order for the purchase to be made. Examples of contingencies are approval of agreed upon repairs, inspections ordered by the buyer, loan approval, and sale of the buyer's current home.
Your role during escrow will depend on the escrow instructions. Be sure to read all escrow instructions carefully and discuss any questions or concerns with your escrow officer.
Upon completion of all terms and conditions, escrow is closed with the transfer of property and money to the respective parties.
Your agent should be assisting you throughout this entire process, answering any questions you may have and ensuring you get through it with success.
Real Estate Glossary
