Step-by-Step Guide to Buying Your Dream Home
Home ownership is one of the biggest financial commitments people make in their life. Every city and every town is different. It is important to get a good understanding of what it takes to find your dream home and what the fair market values should be. It all becomes easier if you start with getting the right guidance.
Affiliated with the world’s largest brokerage Coldwell Banker, Summer has access to the largest off-market opportunities. Her extensive experience as a listing agent also gives her insight how to put forward the strongest offer and make the most aggressive negotiation.
A competent real estate agent serves to help clients get a good understanding of the local market and make buying a very streamlined process. Every family’s need is different so a good agent should be able to properly match your need to the right section of the local market. She should be able to identify, on your behalf, properties that could be suitable for your needs and budget and pre-screen them for you so that you can save time and effort.
Real Estate buying is team work. Most experienced agents will be able to recommend at least several loan agencies to get your financial documents ready. Every lender works under different guidelines and sometimes you will have to try out a few of them before deciding on one lender. In the Bay Area, a pre-approval letter is a very important financial document that specifies how much loan the bank can offer you and what’s the highest purchase price you can afford. The amount is calculated based on your income and credit history.
It’s all about your need and where you envision yourself living in. Depending on your budget, you might have to give up one area for another because you want that one extra bedroom. Other times one might decide to give up a nicer backyard for a better school district. A few weeks into your house hunting, your agent and you should have a very good idea of which area and market fits your needs the best.
Summer is one of the leading listing agents in Mountain View and its surrounding areas. Contact her now to get a detailed neighborhood sales report.
You have fallen in love with a house and you would like to make an offer. But wait, are you sure underneath the beautiful cover every component works as expected in that charming house? This is where you need your agent to read and explain the disclosure documents for you. Typically the seller will have ordered an inspection report and a separate pest inspection. Non-material defects such as liens, insurance claims, soil composition will also be disclosed. You should only make an offer if you are satisfied with the complete disclosure package.
The best offer isn’t always necessarily the one with the highest price. Terms and conditions are important! In the most competitive markets in the Bay Area, buyers often make offers without contingencies. However there are some risks associated with making non-contingent offers. For example, if the lender appraisal comes lower than buyer’s offer price and then lender is only willing to lend up to 80% of the appraised value, then the buyer will have to come up additional funds to cover the difference between the appraised price and the offer price. If the buyer had an appraisal contingency, then they can choose to forgo the property without losing the initial deposit.
An experienced agent will be able to appraise the property accurately and suggest an offer price that will be fair and competitive. Knowing what the seller looks for is also important. Summer’s vast experience as a listing specialist gives her superior understanding of the seller’s position and tactics.
The title company will play the main role during the escrow period. Their job is to issue escrow instructions based on the purchase contract and make sure all the conditions are satisfied. If the buyer has to take a mortgage, then the escrow length will be determined by how quickly the lender can process and approve the mortgage loan. A typical escrow lasts about 30 days. Seller has to continue to disclose to buyers anything that has changed since the contract is established. Once the lender’s fund has been transferred to the escrow account together with the buyer’s down payment, the title company will prepare the closing documents for both parties to sign. A grant deed will be notarized to officially transfer the title from the seller to the buyer.
You finally get the key to your dream house. The next step is to get it cleaned and furnished. Sometimes some renovation is also needed to get the kitchen or bathrooms in top shape.
Summer has all the right people you need to accomplish all these. Her role as your realtor doesn’t end when the escrow is over. She will continue to help you until you are settled into your new home. Click here to see the design work done by Summer’s team.