The first step any home-buyer should take is to identify your wants and needs. Analyzing your wants and needs includes asking yourself what motivates you to buy. What does your dream home look like or what features does it need to have? How many bedrooms/bathrooms do you need? What is the timeline of your home purchase? Are school districts a deciding factor for you? What features are absolutely necessary and which ones would be nice to have in your future home?
Here are some sample questions to help you figure out your home search criteria:
• Lifestyle
What kind of lifestyle are you looking for?
• Location
Is the property's proximity to a BART or Caltrain station important to you?
• Room Counts
How many bedrooms and bathrooms do you need?
• Kitchen/Dining/Living Room
Do you like an open kitchen? Do you want a big dining room to entertain?
• General/Structure
Are you open to minor cosmetic fix-ups, or do you prefer move-in ready condition?
• Interior
What kind of floor plan is the best for you?
• What are other critical features you are looking for to make it a dream home?
E.g. Minimum sq. ft? Pet-friendly neighborhood? Close to downtown or nature?
Quiet bedrooms? Skylights? In-law unit or potential for rental income?
The next step before buying a home is to get pre-approved. A pre-approval signifies a lender approving you for a loan at a specified amount based on criteria such as your income, assets, debt, and credit. Pre-approvals can usually be completed within one to two business days upon receiving all requested documentation.
• Speak to a credible mortgage broker/lender
• Gather financial documents
• Apply for a pre-approved loan
• Obtain a pre-approval letter
After developing a solid understanding of the necessities of your new home and a financial budget, the next step is to develop a list of homes that meet most/all of your requirements. Once you have a list, which we can assist in making for you, we will schedule a time to visit them. Getting help finding a home comes through:
• Hiring us to represent you
• Prioritizing your "wish list" - ideal vs. bottom line
• Narrowing your research: location, price point, room counts
• Visiting homes on the market with or without an agent
4. MAKE AN OFFER
Once you’ve found “the one”, it’s time to take a leap. Making an offer and writing a contract on a home is not only a big step but a legally binding one. Your offer on the home includes the price you are comfortable offering, earnest money deposit, and any addendums or contingencies you want to include. The precautions below will help ensure your best interests are kept in mind and keep you on track:
• Determine an offer price based on comparable homes
• Include addendums and contingencies in your contract
• Inspection Contingency
• Loan Contingency
• Appraisal Contingency
• Send agent your bank statements demonstrating the ability to pay down payment or offered purchase price ( proof of fund)
Once the contract is signed, we are nearing the finish line! This is an important phase within which many details must be addressed before the mortgage can be finalized and closed.
• Place the EMD in an escrow account
• Clear contingencies by scheduling an inspection or appraisal
• Complete final walkthrough
Closing is a culmination of the home-buying process. During this final step, all last-minute details surrounding the home loan conditions are finalized by the lender. By taking care of the following things ahead of time, you'll help ensure a smooth closing.
• Prepare your down payment and closing costs
• Gather forms of identification
• Obtain a copy of your final contract
• Sign final title documents with escrow
• Get your new home keys
INTERESTED IN BUYING, SELLING, OR INVESTING?
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Schedule a 30-minute meeting with Lina Yang to discuss your real estate needs!