Looking to buy a home?

Step 01 / CHOOSING THE RIGHT AGENT 

Step 02 /  PREPARE FINANCE RECORDS

Before you even start thinking about buying a house, it's important to make sure that your finances are in order and to consider how much you can afford. Mortgage lenders recommend you do not buy a home that is more than 3. 5 times your annual household income. If you are not purchasing with cash, you will need to find a mortgage lender and get pre-approved.

CREDIT REPORT

Get a copy of your credit report and look over all the information it contains. Your credit score will give you an idea of what kind of loan rates and interest rates you can expect to pay if you do decide to apply for a mortgage

COSTS TO CONSIDER

A Down Payment is typically between 3.5- 20% of the purchase price if possible. Try saving up at least 20 percent of the purchase price In cash as part of your down payment- this will earn you better terms from the lender.

Earnest money, or good faith deposit, is a sum of money you put down to demonstrate your seriousness about buying a home. This is typically 1-3% depending on market conditions.

Closing Costs for the buyer run between 1- 2% of the loan amount.

A Home Inspection cost: $300 to $1,000 depending on the property size & location. 

Step 03 / GET PRE-APPROVAL

A pre-approval is an official document that says that a bank or credit union is willing to lend you a specific amount of money based on your income, assets, and liabilities. A pre-approval means that the bank has reviewed your financial information (income and assets) and decided that it's safe for them to give you a loan for at least as much as they have approved for your purchase.

You can start your search knowing how much house you can afford-not just in terms of its price tag but also in terms of monthly payments. You will be able to compare listings with this knowledge at hand and avoid wasting time or money on homes that are outside your price range.

Step 04 / START HOME SHOWING

START HOME SHOWING

We will set up showings on suitable homes that match your wish list and budget. Here are some tips. Don't worry, we will take care of most things but it's important for you to consider the below.

CHECK PLUMBING AND ELECTRICS

Check kitchen and bathroom plumbing, as well as electrical outlets and light switches for proper operation. Open doors and walk into every room to test their comfort level (no one wants to be surprised by an unexpected closet door).

NOTE TRAFFIC

Note traffic on the street and surrounding area. If you commute to work, consider revisiting the area during peak times to get an idea of traffic and travel time.

TAKE NOTES

You may forget some details when looking at other houses later on In this process, so keep track of them all now as they come up. It's also a good idea to take pictures.

Step 05 / MAKE AN OFFER

Once you've found the home of your dreams, it's time to put things in motion.

The next step is to make sure that your offer is competitive. When it comes to making offers on a home, here are some things to consider.

OFFER PRICE

This is how much money you are willing to pay for the home. This can include fees and any other cost associated with buying a home (closing costs). You should also factor in taxes if they aren't included in the purchase price or monthly payments.

AN EARNEST DEPOSIT

This is a down payment which shows that you're serious about buying the house, usually around 3% percent of its value

OFFER TO CLOSE QUICKLY

Offer to close quickly. Try to shorten the inspection period to 10 days to speed up the process. Most sellers want to close within 30 days

THE SELLER WILL THEN:

Accept, reject, or make a counteroffer. A counter-offer is when the seller offers you different terms. If this happens, you can accept their offer, reject it or negotiate it with our assistance.

ACCEPTED

If your offer is accepted, you will sign the purchase agreement. Then you are officially under contract! 

Step 06 / GET A HOME INSPECTION

A home inspection is a fairly common practice in the real estate industry. We will schedule an inspection with a professional home inspector. It can help you identify issues with the house. You should use this information to NEGOTIATE with your seller if there are any problems that need attention, especially ones that could be costly to fix. This gives you an opportunity to make sure you don't end up with a home that has structural issues. Be reasonable on smaller issues. If there's minor wear and tear on appliances or carpeting, consider giving it a pass unless there's something seriously wrong with them (like mold on window frames).

Step 07 / GET AN APPRAISAL

Your lender will arrange for an Independent appraiser to provide an estimate of the house you are purchasing. The appraiser decides if the cost agreed is a fair price for the property. When purchasing a home, It's required by most lenders to have an appraisal done to ensure the value of the property is consistent with what you are paying for it. Once approved, expect to receive a letter confirming your loan terms and final rate selection

Step 08 / RE- CLOSING

The pre-closing stage is the period between signing and closing day, It's time to make sure everything is in order before you move into your new home. We will complete a title search. This ensures that the seller truly owns the property and that all existing liens, loans, or judgments are disclosed.

HERE'S WHAT YOU'LL NEED DURING THIS PHASE

CLOSING DISCLOSURE

Lenders are required to provide you with a closing disclosure, at least three days before closing. This will include your final loan terms and closing costs. You will have three days to review the statement

SECURE HOME WARRANTY AND SUITABLE HOME INSURANCE

REVIEW OFFER - Your real estate agent will have already reviewed this document with you, but always review it again.

REVIEW MORTGAGE DOCUMENTS - You'll also want to check out whether or not there are penalties if you miss payments.

FINAL WALKTHROUGH - We will do a final walk through the home with you 24 hours before closing to check the property's condition and make sure any repair work the seller agreed to make has been done. 

Step 09 / CLOSING DAY

Closing will likely be held at the office of the title company, attorney, or lender.

WHAT TO BRING

• Government-issued photo ID (x2)
• A certified cashier's check in the number of closing costs due or proof of a wire transfer. 
• Your Closing Disclosure
• Proof of your homeowner's insurance

WHO WILL BE THERE

• A title company representative Your agent (Me)
• The seller
• The seller's agent
• Your loan officer
• Attorneys involved in the transaction

Once all the papers are signed, you've secured your mortgage and the closing is officially complete, you'll receive the keys to the property.

Congratulations

YOU ARE OFFICIALLY A HOMEOWNER!

Real Estate Is Complicated.

At the closing table, my goal is for you to feel that the purchase of your home exceeded all of your expectations, so throughout our interactions - from search to close - I'll work hard to achieve that goal.

When you choose me as your partner, you are not just getting a trusted, respected agent - you are getting a local expert who is passionate about serving our community and those who call it home.

CONTACT US

My team and I provide real estate services to home buyers and sellers in the South Bay. We bring commitment, competency and compassion to the Real Estate world. Bringing over 10 years of marketing, design and real estate experience…I’m confident we can help with any of your real estate needs!

mobile: 650.346.3239

e-mail: tingniu.house@gmail.com 

Contact me today to see how we can help you.