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Want to buy a home? What to Know

First time home buyer, want to buy a home, buyers, single family home, condo, apartment

Start Your Research Early

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. 

First time home buyer guide

Determine How Much You Can Afford?

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.

Get Pre-qualified

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.

Find The Right Real Estate Agent

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.

Lets Go Shopping! Make An Offer

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.

Congratulations your are Under Contract, What Now?

  1. Get a Home Inspection  Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Your real estate agent usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage.  Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made. 
  2.  Work with a Mortgage Banker to Select Your Loan  Lenders have a wide range of competitively priced loan programs and a reputation for exceptional customer service. You will have many questions when you are purchasing a home, and having one of our experienced, responsive mortgage bankers assist you can make the process much easier.  Every home buyer has their own priorities when choosing a mortgage. Some are interested in keeping their monthly payments as low as possible. Others are interested in making sure that their monthly payments never increase. And still others pick a loan based on the knowledge they will be moving again in just a few years.  
  3.  Appraisal Lenders will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The appraisal will let all the parties involved know that you are paying a fair price for the home.  
  4. Paperwork load As you can imagine, there is a lot of paperwork involved in buying a house. Your lender will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house you are buying.  
  5. Closing Day  At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the loan is funded or check is cleared to the seller, you are a NEW HOMEOWNER!

What we offer

Buyers

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    

•Managing deadlines    

•Closing attendance  

•No buyer fees

Why should you use a real estate agent, why should you use a realtor to sell your home

Why should you use a real estate agent, why should you use a realtor to sell your home