Buying a Home Basics
Are you in the process of buying a home? Or maybe you are just starting to house hunt for your dream home. You will encounter a lot of steps during this journey. However, we've got you covered! Keep reading to get all the information you need on buying a home.
Find Out What You Can Afford
Even before you consider qualifying for a loan, make sure you have an idea in mind of what you can put towards purchasing a house. While the loan you qualify for might be one number, only you know your spending habits. You want to live happily in your home. The only way you can be truly happy in your new house is if you are living well within your own means.
Look Over Your Credit
It is important to know your TRUE credit score before you meet with any loan officers. Your credit score will decide the type of interest rate you possibly get. The lower the number, the higher the interest rate will be. If the loan amount you qualify for is not what you want, you will have to take some steps to fix your credit. Typically, it can take several months (or longer) to fix any errors in your report. The sooner you take care of this the better. Fixing your credit score can end up saving you thousands of dollars over the life of your loan.
Contact your local Coldwell Banker Blackstone office to ask them for a referral of a reputable credit repair professional. Real estate offices work with credit repair companies almost every day and know the best in your local market.
Choosing Your Next Home
Once you get pre-qualified, you are ready to start your home shopping! There is nothing wrong with "window shopping" online. In fact, you can browse any home on the market from our website. If you need to purchase immediately, it is a good idea to work with your local Coldwell Banker Blackstone agent to inform them of your timeline. In today's current real estate market, houses are not staying on the market very long. This is due to low inventory in the Southern California home market. Your real estate agent will need to make offers fast to best negotiate on your behalf.
A lot of houses on the market today see a multiple offer situation. This means the sellers and their listing agent will have your offer and multiple others to consider when selling their house. This is why it is extremely important to work with a real estate professional that understands how to present the best offer to potential sellers.
Find an agent today in (pick an office that is close to your current home or where you want to live):
Working the Contract
Working with an agent from Coldwell Banker Blackstone means you can feel safe about who is handling your transaction. Getting an offer accepted on the house consists of more than just signing on the dotted line. Typically, offers have contingencies that must be met before it is accepted. Agents will negotiate on your behalf, and present the best possible outcome that protects you and your family.
Before you make a final decision, you will work with your real estate agent on the home inspection. This gives you and your agent an opportunity to ask the seller to make needed repairs or lower the asking price based on what is found in the report.
Closing
Before the closing day, you should get with your real estate agent and make sure they have everything they need so there are no delays. We recommend you take time to read what you are signing. If some of the terms look incomplete, do not sign until they meet your satisfaction. The financial details of the transaction are handled through a process called escrow. This means that your money is trusted with a neutral third party until certain conditions are met.
Hopefully, if everything goes smoothly you are getting the keys to your new house!