Know What You Want
Write down where you want to live, how many bedrooms and bathrooms you need, proximity to shopping, freeways, fixer upper or ready to move in, etc. Knowing exactly what you want in your next home will help you and your realtor as you begin searching and visiting homes.
Contact a trusted real estate broker/agent.
A knowledgeable and professional real estate agent will help you navigate the homebuying process by answering your questions, referring mortgage lenders, inspectors, and guiding you step-by-step until you become a homeowner.
Contact a mortgage lender or ask your real estate professional for a lender recommendation
The lender will provide you with a loan approval letter after they review your credit report, assets(savings), income and debt. This letter will be required when you begin to submit offers on homes because it shows the home seller that a lender has reviewed your overall financial situation, credit profile and has determined that you are a good credit risk.
Go Home Shopping
With the loan approval letter in hand, you and your realtor can take action on one of the most fun homebuying steps — visit homes and make offers. Once an offer is accepted, the escrow/buying process begins and the clock starts ticking. So, make sure that you respond right away to requests for information/documents via emails, text messages and voice messages. There are deadlines that you must meet in order to close on time and, ultimately, protect your earnest money deposit (or EMD as us realtors call it). The EMD is the good faith deposit that you provide to escrow to show the seller that you mean business.
Conduct your home inspection & appraisal
Conduct the general home inspection (and any other inspections that may be necessary) and have an appraisal completed. The appraisal is conducted by the bank to ensure that the amount that you offered is not more than the market value of the home.
Prepare to close
Once the home inspection and the appraisal have been completed and everything turned out fine, now you can prepare to close. Prior to closing, though, you will have to purchase homeowners insurance.
Conduct the final walkthrough
Conduct the final walkthrough at least 5 days before close of escrow to make sure that the home is in the same condition as when you first visited it and that all negotiated repairs have been completed by the seller.
Sign closing documents.
Meet with the escrow officer, notary and your real estate agent to sign all of the documents. On average, the loan document signing process can take between 30-60 minutes and it should not be rushed. Ask as many questions as you feel are necessary.
8050 Florence Ave. #109
Downey, CA 90240
Thank you for being a returning visitor. Now, get in touch with us so we can help you. We promise we don’t bite.
Cell: (562) 373-5120
Please leave a message. Broker Nicolas Romo will personally get back to you promptly.