Back HomeBuyers’ Guide
1. Find your Realtor
First – find the right Realtor. This is crucial since you will be working with him to find a home, not just a house, and because the UTC/Golden Triangle has so many different neighborhoods that navigating it can get confusing. He should be guiding you every step of the way and he must know the local market inside and out; this will save you a great deal of hassle, time and money.
The right Realtor will:
- Pre-screen properties
- Know exactly what is for sale in the area – and what is likely to come up
- Know the right price to pay
- Have background information on each neighborhood – local amenities, schools, etc.
- Introduce you to mortgage professionals
- Ensure you avoid investment pitfalls
2. Assess you financial situation
Your credit report should be up to date and accurate – errors can sometimes happen so get it as early as possible so you’ll have time to get it fixed if you need to. Know where you stand financially so you’ll have a clear idea about how much you can borrow. A good mortgage broker can advise you here as well.
3. Pre-approval
Get pre-approved. This will give you an edge over competitors as a pre-approval lets sellers know that you’re a serious buyer.
4. Know the neighborhood
Visit the area – preferably several times and on different times and days of the week. This will give you a better idea about what life is like here and what the flavor of the neighborhood is.
5. Exactly what do you want?
Be clear about what exactly you want in a home. Make a list of “must haves”, “would like to haves” and “not really important, but would be nice to have” – and give a copy to your Realtor. Good communication is vital.
6. Your offer
Make an offer – your Realtor will advise you as in this step it is crucial to get it right. A good Realtor will negotiate on your behalf and watch out for your best interests. Arm yourself with patience since sometimes the back-and-forth can take a while.
7. The small print
Check the small print. Read the seller’s disclosure and consult your Realtor. Potential problems should be detailed on the Real Estate Transfer Disclosure Statement (TDS). Check any inspections reports and title report.
8. Escrow
The escrow process actually starts right after you and the seller sign the purchase agreement. Getting all the contingencies met takes up the bulk of the escrow time. This is when your lender will be appraising the property, when inspections will be done, and so on. Your money will be placed in the hands of a third party (in SoCal, it’s usually an escrow company) and when you and the seller have signed off on all the contingencies, the actual exchange will be done.
