The Buying Process
Navigating the process of purchasing a home in San Diego can be quite overwhelming. It requires careful consideration and expertise to ensure you’re in the best position for getting the home you want. Working with an experienced real estate agent who understands your wish list and can advise you on how to position yourself favorably for the purchase, is absolutely crucial! My Buying Plan enables you to be highly competitive in this shifting market.
Obtaining a pre-approval on your mortgage will help you in many ways. First it will help you determine your budget, and help you stay within your means. Second it shows the seller that you are serious about purchasing a home, and that you have the funds necessary to complete the purchase.
Keep in mind that once you are pre-approved for a loan, it does not mean that you will be guaranteed this amount in your final mortgage. You will still have to be approved for a mortgage after you have submitted an offer.
It is important not to make any significant purchases or apply for any additional credit cards or lines of credit while looking for homes and during escrow.
Take photos and notes as you go through the open houses so you remember the layout and the feel of each house you visit.
Pay attention to features of the property that are fixed such as the neighborhood, the lot size, and the orientation of the home. Try not to pay too much attention to the colors of the walls or the furniture.
Make note of anything that would need to be addressed immediately when moving in (ex. worn carpeting, window coverings, and light fixtures).
Once you find a home you love, you can make an official offer to the seller. Jessica will provide guidance on pricing based on recent market activity, but the final offer price is your decision; at the end of the day, you want to offer a price you feel is fair.
Be prepared to receive a counter-offer, and don't be afraid to negotiate for your purchase.
Be prepared to attend the home inspection, or (at minimum) the summary at the end of the inspection. You may have questions that arise and the home inspector is the best person to answer those questions.
If anything serious comes out of the inspection you may wish to get additional inspections; be sure to allow for this possibility prior to your contingency period expiring.
During your inspection contingency period you'll want to review all seller disclosures, inspection reports, natural hazard report, title, and HOA docs (if applicable).
If you have any questions or concerns, these will need to be addressed prior to removing your contingency. In many cases you will want to either negotiate repairs to be made or a seller to issue a credit. This credit will be applied towards your closing costs.
Your lender will order an appraisal for the property. If the appraisal comes in above or at value, there shouldn't be any issues. If the appraisal comes in below value, you can negotiate with the seller to reduce the price, cancel escrow, or proceed with the given value (discuss with your lender).
Your lender will review the appraisal and all financial related documents & information prior to granting the loan.
Prior to closing you'll want to prepare for your move:
Schedule movers and/or a truck
Contact local utilities to set up service
Contact the USPS for a change of address
Schedule the locks to be changed
Closing is the final step for you to become the legal owner of your home. You will take a final walk-through just before closing to ensure the negotiated work has been completed and everything is in working order.