Simple steps to buying a home!

Stan Rector, Renee Rector
Stan Rector, Renee Rector
Published on November 2, 2018

The home buying process can seem like a daunting task if you are a first time home buyer.  There are so many homes for sale in Simi Valley, you should focus your time on your home search and let an experienced agent help you out with all the fine details.  However, if you are interested in those details, here is a quick overview of the home buying process.

1 – MEET WITH A REAL ESTATE PROFESSIONAL

The first step is the smartest step when it comes to buying a home in Simi Valley, or anywhere for that matter.  Meeting with a local realtor who knows the market can be very handy when it comes time to start looking at houses.  The best agents in Simi Valley will spend time with you upfront to understand your wants, needs, explain the process you will be going through and get a good overall picture of the style, price, and location of the home you are looking to buy.  Just so you know, as your buyer’s agent, my commission is paid by the seller of the home. 

2 – GET PRE-APPROVED

The second step in the home buying process is the most important step, and that is getting a pre-approval or pre-qualification letter from your lender.  Your lender will need a few bank statements and details from you in order the get things moving forward, and they can help explain the difference between a pre-approval and pre-qualification.  Both are good to have in your pocket when making an offer on a home, however, a pre-approval will have a much higher impact on your offer.  Once you are pre-approved for a home, you and your realtor now have a better understanding of the type of home you can afford to shop for, which leads us to the fun step.

3 – SEARCH FOR HOMES

Searching for homes is always my favorite part in the process as a home buyer.  Getting to view all of the best homes Simi Valley has to offer, and seeing some great decor and styles of homes as well.  While this part is fun, it can also be a bit overwhelming as a buyer with so many options and things to consider.  Again, I point back to step 1, meeting and hiring the best agent in Simi Valley can really help you when you start searching for homes.  We have access to multiple data sets and even see some homes before they hit the market.

4 – MAKE AN OFFER

Once you have narrowed down your search and found the home of your dreams, it is time to make an offer.  As your agent, our responsibility is to help navigate you through the process and come up with a reasonable offer and terms based on the market conditions.  This is also where your pre-approval comes in very handy.  When submitting an offer, the sellers are more likely to entertain competing offers for a buyer that is already pre-approved for the offer amount.

5 – NEGOTIATION AND CONTRACT

Home buying in Simi Valley is a fun and exciting experience, and both the buyer and the seller want to come out of the deal feeling as if they gained something great.  As is the case, negotiations will usually take place until an agreed upon contract and terms are finalized.  Negotiations can take a few times, so work with your realtor and let them do the back and forth while you plan on how to decorate your new home.

6 – UNDER CONTRACT

Once the price and terms are agreed upon, paperwork is signed and the house is under contract.  A house is usually under a 10 day option period where they buyer has the option to withdraw an offer and walk away from the deal.  

7 – FINAL DETAILS

After the house is under contract you will begin to get your inspections, appraisal, and review the terms with your lender on obtaining your loan.  Your agent will handle all of the scheduling and details of each of these tasks and keep you informed along the way. Once everything is completed, it is now time to close on your house.

8 – CLOSING

Congratulations, you are now the new owner of your dream house.  A title company will schedule the closing through your agent and conduct the closing to collect all required signatures, paperwork, and funds.

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