Buyer's Guide
A Step-by-Step First Time Buyer's Guide
Buying a home is an exciting life milestone. To ensure a smooth experience, proper preparation is key. This step-by-step guide, provided by your dedicated agent, is designed to minimize stress and maximize your enjoyment throughout the home-buying journey.
Step 1: Initial Exploration
Begin by researching the type of property you desire (e.g., condo, single-family home), the features you need, and the neighborhoods you find appealing, noting any current market trends.
Step 2: Define Your Spending Limit
Establish a firm, comfortable monthly budget for your housing payment. This must account for all new costs, including potential HOA fees, water, and garbage services, which are often overlooked.
Step 3: Obtain Prequalification
Consult a mortgage professional to formally determine the maximum loan amount you qualify for. Having this pre-approval strengthens your position when submitting offers.
Step 4: Engage a Real Estate Professional
Select an agent to guide you. Their services include identifying suitable properties, arranging viewings, and expertly managing the negotiation and offer submission process.
My goal is to provide you with the most personalized service that is designed to help you buy your dream home
Step 5: Identify the Perfect Home
Enjoy viewing properties within your price range. During tours, closely inspect the home (e.g., testing fixtures and switches) and thoroughly evaluate the surrounding neighborhood, including parking and traffic.
Step 6: Formulate and Submit an Offer
Work with your agent to draft a fair purchase price based on comparable sales. Be prepared to negotiate terms if the seller presents a counteroffer to reach a mutual agreement, which leads to escrow.
Step 7: Conduct a Home Inspection
As a contingency of your offer, schedule a professional inspection to uncover any major structural or repair issues. Findings from this inspection may necessitate a renegotiation of the price or allow for the withdrawal of your offer.
Step 8: Finalize Your Loan Selection
Return to your lender to choose the specific mortgage product that best suits your financial needs, such as a fixed-rate or adjustable-rate loan over 15 or 30 years.
Step 9: Secure an Appraisal
The lender will order an independent appraisal of the property to ensure the agreed-upon sale price accurately reflects the home’s fair market value.
Step 10: Execute Closing Documents
Complete all the required legal and financial paperwork, which is coordinated by your lender and the title company, formally transferring ownership to you.
Congratulations!
With the final signatures complete, you have officially purchased your new house. The loan funding process and delivery of the check to the seller might require a few days, but after that critical step, you’ll receive your keys and can begin moving into your dream home.
Your Goals, James’ Mission
When you’re ready to buy or sell, partner with a dedicated advisor who puts your success first—every step of the way.
James Choi is here to provide the focused, expert service you deserve.