Experience You Can Trust

Buyer Process

Decide to buy

Although there are many good reasons for you to buy a home, wealth-building ranks among the top of the list.

 

Home ownership the best “accidental investment” most people ever make and when it is done right, home ownership becomes an “intentional investment” that lays the foundation for a life of financial security and personal choice. There are solid financial reasons to support your decision to buy a home including equity buildup, value appreciation, and tax benefits

 

Base your decision to buy on facts, not fears

  • If you are paying rent, you very likely can afford to buy
  • There is never a wrong time to buy the right home.
  • All you need to do in the short term is find a good buy and make sure you have the financial ability to hold it for the long term
  • The lack of a substantial down payment doesn’t prevent you from making your first home purchase
  • A less-than-perfect credit score won’t necessarily stop you from buying a home
  • The best way to get closer to buying your ultimate dream home is to buy your first home now
  • Buying a home doesn’t have to be complicated – there are many professionals who will help you along the way

Hire your real estate agent

The typical real estate transaction involves at least two dozen separate individuals including

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  •  Insurance assessors & Escrow officers
  • Mortgage brokers & Underwriters
  • Inspectors & appraisers
  • Buyer’s & Seller’s real estate agents
  • Bankers & Title researchers
     

All performing in harmony completing the sale of a home.  It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and act as the advocate for you and your interests.  Ron Buck, with 17 years experience, has worked with many professionals assisting homeowners in the purchase of a home.
Seven main roles of your real estate agent

A Buyer’s Real Estate Agent

  • Educates you about your market
  • Analyzes your wants and needs
  • Guides you to homes that fit your criteria
  • Coordinates the work of other needed professionals
  • Negotiates on your behalf
  • Checks and double-checks paperwork and deadlines
  • Solves any problems that may arise

Important questions to ask your real estate agent 
Use the following questions as your starting point in hiring your licensed, professional real estate agent:

  • Why did you become a real estate agent?iStock_000009107454Small
  • Why should I work with you?
  • What do you do better than other real estate agents?
  • What process will you use to help me find the right home for my particular wants and needs?
  • What are the most common things that go wrong in a transaction and how would you handle them?
  • What are some mistakes that you think people make when buying their first home?
  • What other professionals do you suggest we work with and what are their credentials?
  • Can you provide me with references or testimonials from past clients?

Qualifications are important. However, finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective.
Secure financing

While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling.   Many first-time buyers start out confused about the process or nervous about making such a large financial commitment.

 Steps to Financing a Home

mortgage-application-and-keysFrom start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home.  

 

  1.  Choose a loan officer (or mortgage specialist) 
  2. Make a loan application and get preapproved 
  3. Determine what you want to pay and select a loan option 
  4. Submit to the lender an accepted purchase offer contract 
  5. Get an appraisal and title commitment 
  6. Obtain funding at closing 

 

couple_in_carFind your home

You may think that shopping for homes starts with jumping in the car and driving all over town and it’s true that hopping in the car to go look is probably the most exciting part of the home-buying process.

However, driving around is fun for only so long – if weeks go by without finding what you’re looking for, the fun can fade pretty fast.   That’s why we say that looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms.

Questions to ask yourself 

  • What do I want my home to be close to?
  • How much space do I need and why?
  • Which is more critical: location or size?
  • Would I be interested in a fixer-upper?
  • How important is home value appreciation?
  • Is neighborhood stability and priority?
  • Would I be interested in a condo?
  • Would I be interested in new home construction?
  • What features and amenities do I want? Which do I really need?

Make an offer

When searching for your dream home, you were just that – a dreamer.  Now that you’re writing an offer, you need to be a business person and approach this process with a cool head and a realistic perspective of your market.
The basic components of an offer are price, terms, and contingencies. Your agent’s market research will guide you in deididng the price.  The right price to offer must fairly reflect the true market value of the home you want to buy.

 

Terms fall under six basic categories in a real estate offer contract_magnifying_glass__Alamy___Focus_on

  • Schedule – a plan of events that has to happen before closing
  • Conveyances – the items that stay with the house when the sellers leave
  • Commission – the real estate commission or fee, for both the real estate agent working with the seller and the agents working with the buyer
  • Closing costs – standard for buyers to pay their closing costs, but if you want to roll the costs into the loan, you need to write that into the contract
  • Home warranty – this covers repairs or replacement of appliances and major systems.   You may ask the seller to pay for this
  • Earnest money – this protects the sellers from the possibility of your unexpectedly pulling of the deal and makes a statement about the seriousness of your offer

Perform due diligence

insuranceUnlike most major purchases, once you buy a home, you can’t return it if something breaks or doesn’t quite work.  That’s why home owner’s insurance and property inspections are so important.  A home owner’s insurance policy protects you in two ways: Against loss or damage to the property itself and liability in case someone sustains an injury while on your property

The property inspection exposes the secret issues a home might hide and you know exactly what you’re buying before you sign your closing papers. Your major concern for the property inspection is structural damage; so don’t sweat the small stuff as these things  are usually easily fixed.   If you have a big problem show up in your inspection report, you should bring in a specialist and ff the worst-case scenario turns out to be true, you might want to walk away from the purchase.

 

 

 

 

Close

The final stage of the home buying process is the lender’s confirmation of the home’s value and legal statue, and your continued credit-worthiness.  This entails a survey, appraisal, title search, and a final check of your credit and finance.
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Your agent will keep you posted on how each if progressing, but your work is pretty much done.  Ron Buck, Realtor, keeps in active communication with his clients informing the new homeowner how the final stage of the closing is progressing.  

You just have a few pre-closing responsibilities 

  • Stay in control of your finances
  • Return all phone calls and paperwork promptly
  • Communicate with your agent at least once a week
  • Several days before closing, confirm with your agent that all your documentation is in place and in order
  • Obtain certified funds for closing
  • Conduct a final walk-through
  • On closing day, with the guidance of a settlement agent and your agent, you’ll sign documents that do the following
    • Finalize your mortgage
    • Pay the seller
    • Pay your closing costs
    • Transfer the title from the seller to you
    • Make arrangements to legally record the transaction as a public record
    • As long as you have clear expectations and follow directions, closing should be a momentous conclusion to your home-searching process and commencement of your home-owning experience.

Protect your investment

  • Throughout the course of your home-buying experience, you’ve probably spent a lot of time with your real estate agent and you’ve gotten to know each other fairly well.
  • There’s no reason to throw all that trust and rapport out the window just because the deal has closed.
  • In fact, your real estate agent wants you to keep in touch.
  • Even after you close on your house, you agent can still help you
    • Handle your first tax return as a home owner
    • Find contractors to help with home maintenance or remodeling
    • Help your friends find homes
    • Keep track of your home’s current market value
    • Attention to your home’s maintenance needs is essential to protecting the long-term value of your investment. 

Home maintenance falls into two categories 

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Keeping it clean: Perform routine maintenance on your home’s systems, depending on their age and style.

Keeping an eye on it: Watch for signs of leaks, damage, and wear. Fixing small problems early can save you big money later

If you are thinking of buying real estate in Laguna Niguel, Aliso Viejo, Laguna Hills, Mission Viejo, Laguna Beach or anywhere in South Orange County, Ron Buck, Realtor, with 17 years experience can help you buy your next piece of real estate, that new special home. The Ron Buck Real Estate Group has the product knowledge and real estate transaction experience to assist you in buying in Laguna Niguel, Dana Point, Aliso Viejo, Laguna Beach, Monarch Beach and Laguna Hills. BRE 01364665.

Keller Williams Realty #01375978

 
Ron Buck’s commitment to you when you buy real estate “I promise to listen to your needs & help you safely achieve your goals.”
 

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