I have designed and executed first-time buyer seminars within the corporate environment for years. Like any new experience, we can feel overwhelmed with a complex process until we are educated. My goal is to educate my clients so they can capitalize on the right home when it comes along. Whether it is your first home, or you are an experienced buyer, purchasing a home is about being prepared. Together we can evaluate neighborhoods, understand how a home’s features and benefits align with your lifestyle and goals and work within your budget. Once we find the perfect home, the next steps are critical to a successful real estate transaction. Understanding the California Real Estate Contract is paramount. I will guide you through the process of understanding the contract, evaluating your financing options, making an offer, negotiating the terms of sale, preforming inspections, possible renovations or repairs, the appraisal process and finally, CLOSING THE SALE.
Pre-Approved vs Pre-Qualified
Getting pre-approved by a qualified lender or mortgage broker is one of the first step in the process. In the Silicon Valley, a pre-approval letter is a prerequisite for serious consideration of your offer. Pre-qualification use to be enough, however a mortgage company is only saying you have the potential to purchase at a certain value, but they will not necessarily approve you at that point.
Obtaining the pre-approval from a mortgage broker means that the institution will provide the loan. You are pre-approved. Often during the pre-approval process a buyer will decide to wait and reduce debt or work on their credit rating to position themselves better if the lender limits the amount of the loan. I encourage buyers to wait and improve their position if they cannot obtain the mortgage they want. Knowledge is power and during the period you wait, one can only further educate themselves on the market and neighborhoods where they might want to live.
Features and Benefits, Needs and Wants
Understanding today’s and possibly tomorrow’s needs are key in selecting a home. There are many reasons we buy a home and understanding your goals will set the stage. Buying an investment property is very different than buying your forever home so understanding your goals is critical, By asking you a series of questions, we will establish what you are really looking for and focus on those
features and benefits throughout the process. More times than not, the criteria changes over the course of the process and we realign to meet your modified goals.
Neighborhoods & Market
My clients generally have an initial idea of what cities and neighborhoods they want to live in unless they are new to the Silicon Valley. Again, a series of questions will validate the ideal neighborhood. Often clients will elect to move further from work to capitalize on a larger home or more desirable neighborhood once they understand the market and what price a neighborhood commands.
Understanding the state of the market, especially today, is particularly important. My expertise and understanding of market conditions will help guide you through cycles and economic nuances.
Searching for your New Home
With pre-approval in hand and a good idea of neighbors and the market, it is time to start your search! I believe we should look at home slightly lower than your range, at your desired price and slightly above your means to see what your purchasing power will buy. It is especially important to me that you understand the market and get a feel for pricing. You will be the one living in the home and I want to
make sure you are comfortable with the ultimate decision. Often buyers are hurried or scared into reacting quickly. There is a saying, if you cannot live without the house, then we do everything to get you that home. If you feel unsure that something better will come along, then it is time to wait and continue the search. Compass provides an excellent platform for collaborating through a “collection” of homes that meet your criteria. We can comment, highlight and remove properties as we move through the available homes.
Presenting and Offer & Winning the Deal
This is where you will rely on your agent the most. Understanding the timing, having every detail and document in order, knowledge of the competing parties and local relationships cannot be emphasized enough. This is also where having a real estate professional will make or break a deal. With a good offer, professional presentation, constant and clear communication and a great strategy
will increase your chances of securing the home you want.
Let’s get started!
Once you have been pre-approved you are ready to begin house shopping!