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For the past couple of weeks, I’ve been trying to make the Inland Empire home-buying process a little easier for first-timers by providing you with a guide of sorts to help ease the stress this so often creates. First, we talked about what to do before you start looking at homes. Then, we talked about the actual search itself. Now, in this final post for my First-Time Homebuyer Guide series, let’s discuss what happens when you find a home you love.
First-Time Homebuyer Guide: When You Find “The One”
Time to Make an Offer
While we rarely see bidding wars anymore, you still need to create a solid offer to present to a seller. Talk to your real estate agent. Find out what they believe would be considered a strong offer. While it is easy to get excited when you find a home you absolutely love, never offer more than you are comfortable with. Make sure to include your pre-approval or pre-underwriting letter (if not paying cash). Highlight the fact that you do not have to sell a home before you can purchase a new one. Sellers like to hear that. Plus, it provides some flexibility on timing that puts you ahead of many other buyers.
Schedule Your Home Inspection
Technically, a home inspection is not required in the State of California. However, even with a newly constructed home, problems may lurk below the surface. Therefore, real estate professionals strongly encourage you to hire a professional to perform your home inspection. They may find something you never noticed during your initial walk-through of the home. Keep in mind that the inspection rarely comes up with absolutely no issues…even on a new build. Fortunately, most problems are very fixable.
Time for Your Home Appraisal
When you borrow money to pay for your home, your lender requires that a home appraisal be conducted. If the appraised value comes in under the agreed-upon sale price, it may hold up your sale (or cancel it altogether). At that point, you (the first-time homebuyer) must make a decision. Either come up with more money out of pocket to make up the difference, try to talk the seller down in price, or walk away from the deal.
Closing Time
Finally, the last step in my First-Time Homebuyer Guide: closing time. Your agent will schedule a time to meet to sign the paperwork (usually at the title company). Bring your photo ID, a cashier’s check or certified check for money due at closing (closing costs, down payment, etc), and any other paperwork required. Your real estate agent should let you know ahead of time what you need to bring. Once you sign all the closing paperwork, you officially receive the keys to your new home. Just remember that the home does not officially become yours until the paperwork gets filed at the recorder’s office. This may take an extra business day to complete. Congratulations! You are now a homeowner!
Muna Dionne, your Inland Empire specialist with Coldwell Banker Realty
