Before you get too far into the process, when you’re ready to buy a new home, it’s natural to want to rush ahead to the fun part—house shopping. It’s impossible to resist the thrill of attending open houses, checking neighborhoods on the internet, or dreaming of a life with a three-car garage and an ocean view, but it's important to know what's involved and what it will mean for you.
Buying a home is a huge investment, which means some risk as well. Find your dream home within your (realistic) budget.That doesn't mean you should settle for anything less than the home you've been dreaming about. But you must have an honest picture of what you can afford so you can feel confident and excited when making your offer.
To get prequalified, you will need to provide the lender with some financial information such as your income and the amount of savings and investments you have. The lender will use this information to estimate how much money they may be able to lend you and therefore the price range of homes you can start looking into.
To get prequalified the lender will request a formal credit check. The estimate of the loan amount provided to you does not guarantee you will ultimately be approved for that amount. To get preapproved, however, you will need to provide the lender with financial documents including W-2 statements, paycheck stubs and bank account statements.
The lender will use these documents to verify your financial status and request a formal credit check. A preapproval will help you when shopping for homes because sellers will have more confidence that you will be able to obtain a loan to purchase their house. For both prequalification and preapproval, final approval will also depend on the property purchased.
Real estate agents are important partners when you’re buying or selling a home. Real estate agents can provide you with helpful information on homes and neighborhoods that isn’t easily accessible to the public. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent – they’re compensated from the commission paid by the seller of the house. Remember to consult with your attorney for any legal advice your real esate agent is there to guide you through the real estate process.
Finding your dream home takes time. Work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.
The real estate buying process is a big investment. At Bravo International Real Estate, we understand. By working with Bravo International Real Estate, you will benefit from our experience and educated sales agents in the area and the industry, as well as our commitment to assist you with making smarter choices, better planning, faster timing and seamless transaction. This allows you to enjoy more of your time and rest assured your transaction is our top priority.
•Market Watch - automated e-mail set-up linked to MLS to receive latest properties listed on the market in your preffered areas
•Prepare and negotiate offers
•Recommendations for mortgage prequalification
•Work around your work schedule and availability
•Handling volumes of paperwork
•No buyer fees