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How to Become a Homeonwer in 2019

Steven Torres

Steven specializes in North County San Diego working with buyers and sellers...

Steven specializes in North County San Diego working with buyers and sellers...

Oct 30 6 minutes read

How to Become a Homeowner in 2019

Once you've made the decision to purchase a home, you will undoubtedly have several questions about the home buying process.  We will spend time with you to explain the buying process in detail.  Here is a preliminary outline to help you get started.

Mortgage Pre-Approval

Before you start looking for a home, you need to know how much of a mortgage you can comfortably pay each month.  Getting your mortgage pre-approval is the very first step in the process! It will strengthen your position when you're ready to submit an offer and help you focus on amazing opportunities in your price range. 

Consult with your bank and a mortgage specialist, we encourage you to get a second opinion!  They will look at your current financial situation and pre-approve you for a mortgage. If you dont have someone to help you with this process, wed be happy to introduce you to one of our partners. Be sure to get your pre-approval in writing. It will typically be valid for 120 days.

Costs to be Aware Of

Its imperative that you know the costs to be aware of when buying a home because they can add up quickly (on top of your purchase price.) But dont worry! Our job is to make sure you are informed and prepared.  Some of the additional costs will be appraisal fees, typically between $400 - $500, the bank requires an appraisal to ensure you are paying fair market value for your home.   The home Inspection fee is based on square footage,  if it has a crawl space, a pool, etc.  a rough estimate for a single family home under 2,000 square feet would run about $450.  This is not a mandatory requirement, but we highly recommend getting a home inspection so you know the condition of the home you are purchasing.  If you are purchasing a property that is in a  HOA (Home Owner's Association), you may be required to purchase a homeowners certification.  And finally, if you are not putting 20% down, you will be required to pay mortgage insurance (this can be explained in further detail by your lender).  You do not have to pay a fee to work with a Buyer's Agent, our fee is paid by the seller.  

Create Your Home Wishlist

When you sit down with The Torres Team, we ask you all the right questions that will help you create your home wish list. There are a lot of factors to consider but start with the main ones first:

The Search Process

Now you can begin searching for homes online, visit and view hundreds of active listings.  We will also do extensive searches on our end and send you listings we think would make a great fit. 

Previewing Properties

We know how busy life can get and that your time is valuable. We’ll help streamline which properties you see to ensure they meet your criteria and price range so you aren’t wasting your time.  We will set up a list of houses to show you and give you a house hunting checklist, that will help you rate each property and make notes on what features you liked, etc. This will prove to be a valuable checklist that will help you remember what you liked about each home after a full day of showings.  


Making an Offer

 Once you've found the house you like, you're ready to write an offer.  In today’s hot real estate market, if you find a property you love, you’ll have to decide quickly if you want to put in an offer. Most properties are selling in multiple offers (bidding wars where there is more than one offer on the same property).  

When you submit an offer (Purchase Agreement), the main components for you to be aware of include:

  • Purchase Price
  • Deposit
    • This is typically 1%-2% of the purchase price and goes to the escrow company, or within three business days after acceptance of the offer.
  • Down Payment - VA $0 no money down, FHA it is 3.5% down, Conventional minimum 5% down (we can discuss in further detail during our consultation).
  • Closing Date - This is the date that you pay for and take title (ownership) of the property. Typically a 30 day escrow. 
  • Inclusions and Exclusions - When submitting an offer, we will list items you wish to include or exclude from your purchase
  • Terms and Conditions
    • We will discuss any credits, any warranties, etc., which party if paying for certain items, etc. 
    • Closing on Your Home

Once your offer has been successfully negotiated and accepted by all parties, you are in escrow. Once all conditions have been fulfilled according to the agreement, your sale remains pending until Closing/Recording Date of the agreement.  Once the home has been recorded at the County Recorder's Office, you are officially the new homeowner!

The Torres Team will walk you through the home buying process every step of the way.  Once you are in escrow, we will provide you with a Home Buyer's Guide which explains every process in further detail.  Please give us a call so we can set up a no obligation consultation with you to help you with your home buying goals. 

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6005 Hidden Valley Road #200 |  Carlsbad, CA 92011 |   (760) 586-0854  |  [email protected]

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