New Home Buyers; How the Process Works

    If you are new to the home buying scene, it may seem difficult and confusing at times. Here are some basic guidelines on how the home buying process works.

    Get Pre-Approved; the first step in the home buying process is to get a pre-approval from a lender. This is very important as it determines how expensive of a house you can purchase. This can help you save time as you will know what you can afford, opposed to looking at homes that are outside your reach. TruLine recommends using Bob Trinkkeller. He has been in finance for 26 years. His phone number is 310-650-6506. A preapproval is required for an offer, as it shows you can actually afford the house.
    Find out What Your Monthly Costs Are; determining your taxes and homeowners insurance is a very vital part of the process. In some areas, what you will pay for taxes and insurance escrow can almost double your mortgage payment.
    Find a Real-Estate Agent; finding the right real-estate agent is very important when looking for your first home. They will be your guides on the process and will be able to assist with any questions or concerns you may have. Contact TruLine Realty to find an agent.

    Setting Up Your Home Search; Setting up a home search through a realty website can be very beneficial when looking for a home. TruLine’s website gives you the opportunity to make very customizable searches that send timed emails with property that match your requirements. TruLine.com is tied to the MLS, and contains no advertisements, unlike Zillow and Trulia. Listings are also updated 48 hours before they appear on Zillow or Trulia.

    Make an Offer; your real-estate agent will help you decide how much money you want to offer on a home by creating a comparative analysis. Your offer will include your preapproval letter, proof of funds, a letter from you the buyer to the seller, and a letter from your agent to the listing agent. Your agent will then present your offer to the listing agent. Once an agreement is met, you make a deposit and the house goes into escrow. Escrow is a short period of time where the seller takes the home off the market with the understanding that you are going to purchase it, provided you don’t find anything wrong with the home inspection as well as the time where your contingences are removed. During escrow you are entitled to insuring that you are both willing and able to go through with the purchase.

    Get a home inspection; Getting a home inspection done by a professional is very important as even if the house appears flawless, there may be underlying issues that you, or even the home sellers, might not know about. A home inspection enables you to ensure the property is in the condition you expected it to be.
    Close and enjoy your new home; once you are able to come to an agreement with the seller, and all contingences have been removed, your next step is to close. Closing involves signing paper work to transfer the house to you, completing a title search, and completing the mortgage paperwork.

    This is a basic guideline for a first time homebuyer. TruLine Realty recommends working with an agent from the start to best help you through the process.

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