Although every home purchase has its unique twists and turns, you can expect to follow these basics steps as you seek to buy your home.
Step1 - Qualify for Your Loan
You need to begin by determining how much money you can borrow to purchase your home. Many, many factors influence these calculations. The best approach to this issue is to find a qualified lender to assist you through this process. (We have some of the Lenders we have worked with listed on our Vendor Page. Look for one there.)
Initially, the Lender will "Pre-Qualify" you by asking you some general questions about your financial situation. Your Lender will also need your Social Security Number to obtain a credit report. With the information you provide, the Lender will calculate the amount of money you are qualified to borrow. He can also answer your questions about monthly payments and the amount of money you will need to complete the purchase.
Later, your Lender will request more detailed information, which might include pay stubs, tax returns, and other financial records. Your Lender uses this information to verify your loan approval. This process can take several weeks and require additional documentation as your application moves through the underwriting and approval process.
Step 2- Find Your Home
Once you and your Lender determine the amount of money available for the purchase of your home (and you are comfortable with the financial arrangements), you can begin searching for properties that meet your requirements. You can use our Quick Search to do your own searching, use our Dream Home Finder to obtain some assistance, or you may want to choose your own Real Estate Professional to help you with your search. Your Real Estate Professional's training will help them locate properties that are appropriate for you based upon the criteria you provide for them. They will assist you in making showing appointments and gaining access to the homes in which you are interested. Their knowledge and expertise will guide you in quickly locating a property that can become your future home.
Step 3 - Make Your Offer
When you find your dream house, you will want to make your offer as soon as possible. Your Real Estate Professional will help you build a strong offer that appeals to the seller but also protects your interests. Your Agent understands the Purchase Contract. He knows how to incorporate your desires into the contract to accomplish your goals. He will also assist in any Counter Offers that may be necessary.
This is often a difficult process. In the current market, we frequently find several people making offers for the same property. Only one person can win an accepted offer - the others will have to continue looking. Don't get discouraged! Your Real Estate Professional will continue to guide you through this process.
Step 4 - Conduct Your Inspections
Eventually, you will get your offer accepted. Escrow opens. You will receive more papers to sign. Title policies will be ordered, and your Lender will be completing the details of your loan.
During this time, you will want to perform your property inspections. Several companies are listed on our Vendor Page who can provide a Pest Inspection or Home Inspection. Sometimes the property will require additional services or inspections - well or septic certifications are the most common. Your Real Estate Professional can assist you in with arrangements to accomplish these tasks.
Step 5 - Close Your Loan
Much like a pregnancy, when everything is ready, the transaction will close. The final step begins with your Lender gathering Loan Documents for signing after final approval of your loan is granted. Generally (although there are always variances), you will make an appointment with the Escrow Officer to sign your Loan Documents. The Escrow Officer then returns the documents to the Lender, who will "fund" the loan after the documents are reviewed. Upon funding the loan, your Escrow Officer will arrange to "record" the transaction with the County Clerk. Only after we receive "confirmation" of this recording is your purchase considered complete. We can give you your keys!
Barstow CA Real Estate – EXIT Strategy Realty for all your sales and listings
The EXIT Strategy Realty Team is one of Barstow’s fastest growing real estate offices, striving to provide excellent service to all our clients. Our dedicated team is trained to assist you in all aspects of Real Estate transactions from Land and Lots to Ranch Estates. We specialize in residential sales for buyers and sellers in the San Bernardino County High Desert communities of Barstow, Helendale, Yermo, Newberry Springs, Daggett, Hinkley, Victorville, Apple Valley, Hesperia, and the surrounding communities. Call us now and allow us to use our expertise to help you transition to your new home and reach your dreams.(760) 256-2299