Home Buying Process
The process of buying a home is not one to enter lightly. You need to decide on key things like how long you plan on living in an area, school districts you prefer, what kind of commute works for you, and how much you can afford to spend but no worries at The Ortega Team we have you covered. We will guide you step by step until you have the keys of your new home.
Before we start looking for homes we are going to have a conversation with you, we want to know what your plans are, what your housing needs are, what payment you are looking for, etc., so that we can understand your needs and create a specific plan for you. Our consultations are free, confidential and without obligation.
At The Ortega Team Real Estate we take the safety and well-being of our customers, community and team members very seriously. When showing properties we will follow CDC guidelines with limit in-person showings, we provide hand sanitizer and face mask. We also offer Virtual Consultations, Virtual Open House and Showings and Electronic Document Signing to simplify the process.
Once we have our initial conversation, you will need to be prequalified by a lender. The lender will evaluate several factors connected to your financial track record, one of which is your credit history. They’ll want to see how well you’ve been able to minimize past debts, so make sure you’ve been paying your student loans, credit cards, and car loans on time.
Pre-approval will help you better understand how much you can afford so you can confidently make a strong offer and close the deal. In addition to knowing how much you can afford on a monthly mortgage payment, understanding how much you’ll need for a down payment and your closing costs is another critical step.
Make Your Wish List!
When it comes to buying houses it is not just about jumping to the internet and spending hours and hours watching houses, the ideal is to make a list of your needs, characteristics, what areas you like, if you need to be close to work, if you have children maybe you want to know about schools, etc. After working with many families, we have created a very effective method to help you find the home you want.
Do you already have the idea? Great! Now describe your house and when you finish making a list and mark the things that are negotiable and non negotiable. We are going to base the search on that list, remember that the more specific you are the easier it will be for me to find the right properties.
Finding Your Home
This is the fun part! We will create a personalized website that will show you properties based on your criteria, it will send you notifications of new homes on the market, status changes, you also will be able to mark your favorites, delete the ones you don’t like, plus all the benefits that technology offers, like virtual tours (when provided by listing agent), pictures and detailed information on each specific home.
Make An Offer & Negotiate
Once you’ve found the home you’d like to buy, it’s time to make an offer. Once you’ve written the offer, we will present it to the seller’s agent. Rest assured that we will negotiate for you the best terms and conditions. In this competitive market with multiple offers on a single property we work aggressively to put you in the first positions. We understand that this process could be a little stressful but once we have passed this stage we will work hard to meet all requirements, keep you informed every step of the way until we get your offer accepted.
Close The Deal !
If you’ve efficiently taken care of everything connected with purchasing your new home, taking ownership should be a positive joy with no surprises. Key steps to the closing, also referred to as the “escrow” include:
Performing a Home Inspection – A home inspection is a professional third-party opinion of the home’s condition. The inspector will point out the age of systems, and large and small repairs that are needed, so you’ll know what you’re facing as the next owner.
Appraisal – The bank appraisal determines market value. If the home doesn’t appraise for the purchase price, the bank will refuse to make the loan unless you renegotiate with the seller. If it appraises, the lender will move toward closing.
Getting a title search – you will need a historical review of all legal documents relating to ownership of the property – to ensure that there are no claims against the title of the property. It’s also necessary to purchase Title Insurance for protection in the event of errors in the records or mistakes in the review process.
The final walkthrough – you will be given the chance to look at the home one last time to make sure it’s in the same condition as when you signed the sale agreement.
Close of Escrow – typically, on the Closing Date you’ll meet with an escrow agent to verify and sign all the paperwork required to complete the transaction. The settlement will include paying your closing costs, professional fees, property adjustments and transfer taxes. At that point, you’ll receive copies of all documentation pertaining to the purchase.
Once we receive confirmation from the title company that your loan has funding we will hand you the keys!