One of your new year’s resolutions for 2008 is to buy a home of your own. With prices somewhat mitigated and interest rates at near historic lows, it is time to take advantage of the opportunities that present themselves in our current real estate market. No one knows when the bottom of the market will occur, but you do know that the market is much more friendly to serious buyers than it was a few months ago. The following is a thumbnail sketch of the process that can be expected when you purchase residential property in the Sacramento region.
First, contact your favorite Realtorâ. Several weeks ago we discussed questions you should ask before choosing a real estate professional. Once you have found an agent who will put your needs first and who understands the buying process, you will need to communicate clearly to the agent the type of home you want, the amount you are willing to pay, and the time frame in which you’d like to buy. By asking a series of questions, your agent should be able to get a good sense of who you are and what type of property is suitable.
After choosing your agent, you will need to contact a lender to begin the loan process. Your agent may give you recommendations, or you may decide to contact a lender you have worked with before. It is a good idea to get loan quotes from at least two or more lenders and compare their products so you can decide which loan products best suit your needs. Your agent can be very helpful in assisting you in deciphering the various loan terms—especially if this is your first loan.
Once you have been pre-approved for a loan, you will know how much money you have to work with and the house hunting can begin. Sometimes clients look at only a few homes; other times they need to see several before they find one that best suits their needs. Be sure to look the home over carefully—including the yards—and ask any questions that come to mind. A competent agent may give some suggestions as well as point out the pros and cons of the various properties you view. Any questions you have should be answered—if the agent doesn’t know the answers she should be willing to help you find them.
When you have found the home you want to buy, it is time to write a purchase agreement. This negotiating tool is important because it puts on paper all the terms you are willing to accept. Sometimes a seller will counter a purchase agreement to change some terms. Once you and the seller agree on all the terms, and both buyer and seller have signed the purchase agreement and any addendums or counteroffers, the purchase agreement becomes a binding contract. Your agent should then give you a timeline with dates showing you what to expect and when. Be sure to ask any questions you may have along the way.
Escrow is opened after both parties have signed the purchase agreement. The earnest money deposit is deposited into the escrow account. In the Sacramento region, escrow is usually opened with a Title Company who also provides the title insurance. The escrow company compiles all of the paperwork and information necessary to close the escrow. During the escrow period, desired inspections or investigations are completed, the seller completes several disclosures and they are delivered to you for approval. At this time, a preliminary title report is produced and the lender completes the loan process ensuring loan funds are available for closing. Escrow will not close until all parties have met the terms of the agreement. After confirmation of the change of title is recorded in the County Courthouse, you will receive your keys, and you can move in!
The process of purchasing a home is always an exciting time. By doing your homework in advance, and finding a team of competent professionals to help, the process can be fun! Happy house hunting!
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