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Welcome to EstateMind Realty. We are the California based real estate organization and our experience has helped make the dream of homeownership a reality for hundreds of families. Estatemind Real Estate professionals are the reason clients continue to work with us, transaction after transaction. Their knowledge and experience can guide you through the real estate process from log in to move in and help you with all of the details before, during and after the sale.

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10 Steps to Do When Buying A Home    
 

A Step By Step Look at Home Buying

You'll feel more confident about your home buying journey when you understand what is required of you and every other person who is involved in the transaction. This guide takes you through it, and shows you that you're only 10 steps away from buying a home.

When you're ready, you can turn to a knowledgeable EstateMind Sales Associate for the helpful service you need to make your dream home a reality.


Step 1. Get Your Finances in Order

Your credit reports are an ongoing look at how you manage your finances. You must know exactly what your credit reports say about your financial history before you apply for a mortgage, because the reports play an important role in the mortgage approval process and in determining the interest rate and other loan terms that a lender offers you.

If you haven't looked at your credit reports, you might be surprised at their contents, because errors are common.
You can contact our expert Loan Officers at Lending Century to order your credit report and get help to understand your report and to improve or clean it up before looking for homes.


Step 2. Get Familiar with the Mortgage Industry

Finding the right loan and lender is crucial to your home buying success.

It's up to you to determine which lender is best for your needs, and it's always a good idea to have at least a bit of background about the loan process before you talk to a lender.


You can learn more about our mortgage lending at  LendingCentury  and have our mortgage specialists answer all your questions about your home finance.


Step 3. Get Pre-Approved for a Mortgage

Do you know how much you can afford? Probably not, unless you've talked with a lender.

It's important to get pre-approved for a mortgage before you shop for a home. You need to understand the differences between the terms pre-qualified, pre-approval and loan commitment. The differences can affect your home buying transaction. Although they are related, the three terms each signify a different level of approval from a lender.


Loan pre-qualification does not typically include an analysis of your credit report or an in-depth look at your true ability to buy a home. You can be pre-qualified by a lender, by a real estate agent or you can do it yourself. The term means that someone has taken a general look at your income and expenses and plugged them in to a debt-to-income ratio formula.


When you are pre-approved for a mortgage, it means a lender has looked closely at both your credit report and your income and determined that you qualify for a loan. The lender will tell you the maximum amount of loan it will make, which loan programs you qualify for, and will discuss the interest rates it will offer for different types of loans.


A lender issues a loan commitment after it has approved both the house and you. A home appraisal must meet the lender's guidelines, which usually includes a stipulation that the home must appraise at or higher than the sales price.
 

Again, our Loan Officers at Lending Century are ready to help you review and analyze your finance status and pre-qualify or pre-approve you with our direct lenders in the price range, and loan program you can afford.

Step 4. Determine Your Wants and Needs

Buying a home isn't as difficult as you might think, even if you're short on funds, but the process will go a lot smoother if you get familiar with your real estate market and narrow down your wants and needs before you start looking at houses.


You need to list out the features you MUST have, the features you would LIKE to have, and the features you DON'T want to have.


Review your list. If your co-owner made a list, compare them to see if your priorities match. If they don't, you'll need to compromise, revising your lists so that both of you are happy.

Step 5. Learn to Work with Real Estate Agents
Look for the Real Estate Agents who really care, honest, experience and fiduciarily represent you. The best agent for you doesn't necessarily work at the largest brokerage, close the most transactions or make the most money. The best agent for you is an experienced professional who will listen to you, conduct herself in an ethical manner and knows your market. It's essential to understand agent duties and loyalties before you make that first phone call.

You can get started by avoiding these common myths about real estate agents.


At EstateMind Realty, our Real Estate Agents are trained and licensed to be REALTOR® to plesge, uphold and adhere to REALTOR®  Code of Ethics. Our agent's commitment resides in Our Agent's Statements.

Step 6. Start Searching for a Home
Your agent will give you multiple listing sheets to study. You may have picked up House For Sale magazines and read classified ads in your local newspapers. You'll probably spend time surfing the Internet for homes. You might even plan afternoon drives to preview neighborhoods. Those are all excellent ways to see what's available.


Your EstateMind's Real Estate Agents are your best Buyer's Consultant to help you identify and clarify your requirements for your new home and then give you a good idea what to expect when you proceed with your home search. Our Internet Web HotProperty Search can give you an instant access to property information anytime you want.


Your EstateMind's Agents will stay with you every step of the way, diligently searching the current inventory of available homes and network with any specific neighborhood to meet your interest. The agents will provide you the CMA (Comparable Market Analysis) and its analysis of the current listing, sold and pending homes; listen any concerns you have; make research and resolve them; and give you advices before any offer decisions you make.

Step 7. Handle Pre-Offer Tasks

Deciding whether or not you want to buy a house involves a look at its structure and its features, but there are many other topics that are every bit as important to your purchase.

Here are a few topics you should explore before you make an offer.


1. How's the Resale Potential?

2. Any Contract Contingencies you need? For example, contingency on selling your current home before purchasing the new one, contingencies on finance, inspections, surveys, appraisals, deeds, easements.etc...

3. What is the Seller's finance status? Any offer presented?

Your EstateMind's Real Estate Agents will help you to identify and prepare the contingencies you need for the offer.


Step 8. Make an Offer

When you have found the house that meets most of your needs and dreams, you'll probably find yourself getting emotionally involved. You need to think clearly and objectively at this point so that the offer you make is a realistic one.
 

You need to determine what you should offer. There are a number of factors that affect the offer you make. Supply and demand, the condition of the home, how soon the sellers want to sell, how soon you need to close on a home as well as your personal situation all coming into play when putting your offer. The Buyer's Market and the Seller's Market make a very strong influence in your offer price.


Whether it is the Buyer's or Seller's market, your EstateMind's Real Estate Agents, who are well trained in the techniques and complex psychology of negotiation, will assure you the best advices on issues you need to think through before making the best offer (with contingencies and terms for your protection) and carry the negotiation on your behalf to its end with your best interests in mind.


Step 9. Home Inspections & Disclosures

With the accepted offer, the Home inspections are the main part of the due diligence that Buyer should carefully inspect with expert assistance and advice. While certain inspections are required by mortgage lenders or government mandate, a comprehensive home inspection is considered a wise thing to do when purchasing a home. It does not only protect buyer's interest but also gives buyer details of home conditions and issues  need maintenance and repairs. Mortgage lenders typically require inspections for wood-destroying insects. Inspections mandated by the state or municipality could include: smoke alarm inspection, testing of well water, septic system test, and a certificate of occupancy. The agents and advisors will let you know when the inspections should be handled and if additional types of testing are important for your specific area.


EstateMind's Real Estate Agents will work with you and inspectors to identify  the serious issues and work with Sellers to renegotiate or even revise conditions or terms to protect your interests.

Step 10. You're on the Way to Closing

If the appraisal meets the purchase price and the lender finally commits to your loan most of your home buying problems are behind you now and you're on your way to closing, also called settlement, the event that transfers ownership of the property to you. Just a few more things to learn, a few more things to do, and you're there!

1. Order the Hazard Insurance and/or Home Insurance to protect your home and appliances

2. Learn to read the HUD-1 Settlement Statement

3. Take your Final Walk-Through

4. Close Escrow Day


Relax! Your EstateMind's Real Estate Agents will guide you through these steps smoothly. They will refer you to the experienced Insurance Agents if you don't know one. They will also work with you and the Title/Escrow company to explain to you the escrow process and the HUD-1 statement before signing lender's loan documents. The agents will make the final "walk-through"  inspection of the home with you before closing. The final "walk-through" is typically scheduled within 24 hours of the closing/settlement. It gives you one last opportunity to make sure that the home you are purchasing is in the condition that you and the seller mutually agreed to in the sales contract.

With all due diligence taken care by our Agents, you can trust on an easy walk-through day. However, should a problem arise during the walk-through, our Agents will contact the seller's agents to let him or her know the deficiency and resolve it immediately with repairs/deposits in the escrow. Otherwise, the Closing day should be just in time.


Now it's time to celebrate - you're ready to move into your new dream home!


Closing Thoughts
The steps outlined in this article are a general home buying guide. You will encounter issues specific to your location and your transaction, issues that can best be explained and handled by your real estate agent, your lender, your attorney, your closing agent, or others who are helping you complete the home buying transaction.

Throughout the process, together with Lending Century, EstateMind Realty is designed to provide the one-stop shop of real estate professional service to serve your real estate needs with our agents' dedication, honest, ethic, profession, and yet with personal touch. All your issues, problems, and mind are ours to solve. We commit to serve you in the way we say "Rest Your Real Estate Mind in Our Hands".

 

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