ready to buy your new home?

buying process

Buying a home can be complicated, but it helps to be prepared for the process in advance. Before starting to seriously look for a home, consider the following one-year timeline that will help you arrange your finances. The more time you give yourself for this process, the better.


1. GET YOUR CREDIT REPORTS & OBTAIN YOUR FICO CREDIT SCORES
If there are errors on your reports, you will pay a higher interest rate on your mortgage. You might have issues in securing a mortgage loan. Some Companys offer free credit scores. Three major credit bureaus include, Equifax, Experian and TransUnion. Scan for suspicious activity collection accounts for debts. You won't owe any negative marks(other than bankruptcy), that are older than seven years. Your credit scores are three digits numbers used to determine your credit worthiness. This helps to establish the rate & terms for your home mortgage loan.

2. SAVE MONEY & SWITCH TO AUTOMATIC BILL PAY
Cut back on extravagance expenses or unnecessary expenses and put as much money aside as possible. Think about your dream of ownership of a home. Ideally try to have at least 3.5% to 5% down payment or 10% even more financing options. A single 30-day late payment can blow 100 points off of your score. So be sure every  bill gets paid when it's due. If you don't have a reliable bill paying system, consider using automatic debts so payments come directly from checking account or any other online bill-payment system.

Buying a home

​​"helping clients successfully buy and sell their homes since 1982"

TEAM BAUTISTA​

Real Estate Team

1. Get Pre-Qualified by a Lender:  

  • Obtain prequalification letter


2. Property Search:

  • Check homes that suit your needs and preference
  • Educate yourself about the current housing market


3. Making an offer for the Target Ideal Home:

  • Write an offer and delivery earnest money deposit (emd) 
  • Check will held until there is a ratified contract


4. Present the Offer:

  • Your Realtor will prepare highlighting the benefits of your offer and your strength as a Buyer (s)
  • Your Realtor will present the offer to the Seller(s) through the Seller's agent
  • The Seller(s) will either accept the offer, counter your offer, or reject it


5. Counter Offer:

  • Your Realtor will discuss the counter offer (if any) and how it relates to your goals and prepare a response


6. Escrow:

  • When the offer has been accepted and signed by all parties, will open escrow
  • Buyer's earned money will be deposited at this time
  • Preliminary Report to be ordered to the Title & send copies to all parties involved in this transaction


7. Loan Application:

  • Buyers will submit completed loan application to the lender of their choice and provide the lender with all the necessary documents


8. Contingency Period:

  • Physical Inspections/ Pest Inspection
  • Buyer's approval of Seller's Real Estate Transfer Disclosure Statement
  • Buyer's Approval for the Preliminary Report
  • Property Appraisal and loan approval


9. Homeowners Insurance Coverage:

  • Buyer(s) to select an insurance company & discuss coverage.
  • Give insurance agent information to escrow (Escrow will need to order a copy of the policy for the new lender prior to escrow closing)


10. Signing Documents , Down Payment and Closing Funds:

  • Your lender will send all loan documents directly to escrow for signing & send back to the lender for review & approval.\
  • Buyer(s) will receive copies of title documents signed & lender documents
  • Buyer(s ) will submit funds prior to closing
  • Escrow officer will provide a Buyer's Estimated Closing Statement which will itemize your costs and credits with an estimate of total funds required to close.


11. Funding:

  • Loan documents are verified & approved Lender
  • Will send the funds to the Title


12. Close Of Escrow:

  • The deed will be recorded at the County's Recorder's Office by a Title Company
  •  Take about 6 weeks for the new homeowners to receive their original copy of the recorded deed


13. MOVE IN:

  •    Endorsement of the keys to the NEW HOMEOWNERS