YOUR BUYER
survival GUIDE!
SO YOU DECIDED
you want to buy a house?
Well... Congratulations! You are about to embark on one of the most exciting roller coasters of your life. One that costs a lot of money and has a lot of ups and downs and is literally one of the most stressful things you will do in life (behind  divorce and death). But don't worry, we do this every day and have encountered 100s of things that could go wrong so we have created a path that will guide you through this process. 
 
Buying a home is a rewarding achievement, but there are many considerations and decisions that need to be made before you move in. It's also important to take note that this is a big commitment and knowing what you're facing can prepare you. 
Get the complete guide to the HOMEBUYING PROCESS here

Get Ready for

Home Ownership

  • Find out what type of mortgage you qualify for - FHA? CONV? 

  • Get mortgage pre-approval

  • Build good credit history

  • Save up for a down payment (typically 10-20% of property’s value; if VA or FHA-qualified, then possibly as low as 3.5% or ZERO)

  • Consider closing costs which include escrow, lender, and title fees + inspection fees

  • Consider utilities and monthly bills, such as homeowner's assessments

Find a Real Estate

Professional

  • Don't be afraid to interview a successful real estate agent in the area

  • Get a referral from friends, family, and work colleagues, or search online

  • Ask the real estate professionals you interview about buyer's representation contracts and agreements; make sure you understand the terms

  • Explain your needs and expectations to the real estate professional you choose to work with

 Find the 

Right Property 

  • Determine what is important to you, such as particular schools, neighborhood amenities, monthly mortgage payment, public transportation, walkability, etc.

  • Make sure you include home owner’s assessments, utilities, and taxes when calculating the monthly mortgage payment

Once You're

In Escrow

 

  • Ensure the property is inspected by a licensed home inspector

  • Make sure the title is clear, or make your offer contingent upon title clearance

  • Carefully review all Seller's Disclosures 

  • Get the appraisal and finalize any financing conditions

  • Negotiate any repairs or credits with the Seller

  • Perform a final walk-thru before escrow closes

 Finance the

Property 

  • Contact your mortgage broker or lender

  • The lender or attorney will run a title search to ensure there are no clouds on the title

  • Make sure you understand the financing terms—ask the lender for clarification, if needed

 Make a

Winning Offer 

  • Read all contracts before signing—make sure you understand all of the terms, ask questions

  • Place a competitive bid and be prepared to make a counter-offer

  • Keep your credit score stable and in-check by waiting to purchase any big-ticket items until long after the closing

  • Only ONE offer will result in a sale, so be prepared to move on if your offer is not accepted

Closing and Life After

the Big Purchase

 

  • Protect your new asset by obtaining insurance such as homeowner’s, flood, disaster, and fire

  • Weatherproof your new home

  • Maintain files—digital or print—for all warranties, insurance documents, contracts, etc.

  • Keep original closing documents in a safe place, preferably outside the home (such as a safety deposit box)

  • Set up utilities bills in your name, maintain files

  • Implement desired aesthetic changes such as painting, minor construction, and re-flooring

  • Set a move date and hire movers or plan a move party with your friends

  • Get to know your neighbors and explore your new neighborhood

  • If you're happy with the work of your real estate professional, be sure to recommend her/him to friends and family

Red House Realty, Inc. 2020 | DRE 01911515
5004 York Blvd, Suite 207, Highland Park, CA 90042 | Office: (323) 800-4445
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