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Penny L. Ray
702-658-8153
pennyray@cox.net

CalBRE# 01297075
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Penny L. Ray
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702-658-8153
pennyray@cox.net

CalBRE# 01297075
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HOME BUYING GUIDE  - STEP BY STEP PROCESS

If you’re like most people, buying a home represents your single biggest investment. As such, the home buying process can be one of the most exciting, but sometimes also stressful, experiences you ever go through. Whether it is your first home or you have bought and sold many homes in the past, it is always a good idea to seek the help of a professional. That’s where I come in. My job in this journey is to help you find that special home at the best possible terms and to guide you through the entire home buying process from beginning to end, making the experience as pleasant and efficient as possible.

STEP 1)     SELECT A REALTOR / ESTABLISH A TRUSTING RELATIONSHIP

I’m an experienced full time professional Realtor, Certified Residential Specialist with extensive market knowledge. We will work together to find you the right home.  Buying real estate is a complex matter, there are many factors to consider, unique opportunities and potential pitfalls, no two transactions are alike. All the more reason to choose an experienced Realtor with an excellent track record to help you navigate through the process.

STEP 2)     INITIAL CONSULTATION WITH REALTOR TO DEFINE YOUR HOME BUYING GOALS

We will meet to discuss your needs, research your options and develop a home buying plan that is right for you. It is very important for you to educate and prepare yourself as much as possible in advance. This means clearly determining why you are buying, what kind of home you are looking for and projecting how much you can afford.

STEP 3)     GET PREAPPROVED FOR A LOAN

It is recommended that you get pre-qualified for a loan before you start viewing homes with the serious intention of buying. The preapproval process involves meeting with a lender and authorizing them to examine your current financial situation and credit history. On the basis of this examination the lender will provide you with a “Preapproval Letter” that details the maximum amount you can borrow to buy a home. You may qualify for a higher mortgage payment than you want to spend, so choose a payment amount that you are comfortable with, “You should own the house, the house shouldn’t own YOU”.

The benefits of pre-qualification include:

• You will know what you can afford and how much the closing costs will be and plan accordingly.

• As a qualified buyer you’ll be taken more seriously by a seller when you make an offer on a home.

• Lenders can tell you whether you qualify for any special programs, especially first time buyers.

STEP 4)     FINDING THE RIGHT HOME FOR YOU    

The key to the home search process is knowing what you are looking for, which means distinguishing between “must-haves” and “like-to-haves”. To help you to target your search and define your home preference priorities I've included a checklist for you, click on the link " Home Checklist". Now you are ready to search online  real estate websites like mine PENNYLRAY.COM which is a derivative of REALTOR.com®, the world’s most extensive source for accurate property information. You can view many homes and their details, view pictures, video tours and access neighborhood information. Online searching will help you to narrow down the results to only those homes you want to view in person. Next we set an appointment to preview the home to make sure the layout, design, workmanship and other aspects of the property are the same as portrayed on the internet and meet your expectations.

 STEP 5)     MAKE AN OFFER AND NEGOTIATE WITH THE SELLER

Now that you have found the home you would like to buy, it’s time to write an offer.  After we review recent comparable sales in the area and discuss pertinent terms of your offer such as:  price, earnest money deposit, closing date,  possession, inspections, various protective contingencies and clauses within the contract, I will draft a purchase agreement for you. Once you’ve signed the offer I will present it to the seller and/or seller’s agent.  The sellers have three options, they can accept your offer, reject it, or counter it to initiate the negotiations and successive counter offers with deadlines for responding will be exchanged between you and the seller until a mutually-satisfactory agreement is reached.

Basic principles of successful negotiation to consider if you’re committed to completing your purchase:

If this home really is THE ONE, then you should be willing to make some compromises to make the deal happen.  If that’s not the case, you should listen to your heart and consider looking for another home.

Remember your priorities and respect the seller’s, don’t let small things get in the way of your better judgment. In reality most negotiations proceed without much problem. Even if there are difficulties, if you are committed to buying the home, where there’s a will there’s a way.

STEP 6)     OPEN ESCROW

After the purchase agreement is accepted and signed by all parties, I will open escrow for you. At this time your earnest money must be deposited in escrow. The escrow company will hold and disburse all funds associated with your transaction.

STEP 7)     THE CONTINGENCY PERIOD

Once you have a pending agreement the contingency period begins. This is the time allowed per your purchase agreement terms to satisfy any contingencies to which your purchase is subject,  such as:

Obtain final loan approval, appraisal of property, perform home inspections, review and approve the seller’s real property disclosure, review and approve the preliminary title report, obtain home owners insurance and satisfy any other contingencies to which your purchase is subject.

STEP 8)     CLOSE OF ESCROW

After all the conditions of the purchase agreement have been met, you will have a chance to do a final walk through of property to make sure the condition is acceptable.

You will sign the lenders loan documents and escrow closing paperwork, deposit the balance of your down payment and closing costs into escrow and your lender will deposit the loan funds into escrow. The deed will be recorded at the county recorder’s office and you will take ownership of the property.

I hope the information I’ve provided has given you a better understanding of the basic home buying process. If and when you decide to purchase a home, please consider my real estate services. I would sincerely appreciate the opportunity to represent you and protect your best interest.     

PENNY RAY, Realtor, CRS-Certified Residential Specialist