What is the Home Buying Process in Sacramento?
Thinking about buying a home in Sacramento but don’t know how? You’ve come to the right place. Click on the picture and find out how
Hi I’m Mike with the Rigley Realty Group. Whether buying or selling, for the best real estate information subscribe to our channel and hit the bell to be notified when we post a new video every Wednesday
Thinking about buying a home in Sacramento? Let Jennifer and me take you through the process now.
Buying a home can be a daunting task for the novice and even seasoned home buyer. Buying a home is usually the largest financial investment a person will ever make. Plus buying a home is way more than a place to live. It’s your home. It’s the place where family and friends gather. It’s where you build memories. Let’s just make sure those memories of buying your home are all good.
So let’s start. The first step in buying a home is to get pre-approved with a lender. Without the loan in place you don’t even know if you can buy the home of your dreams. Speak with a reputable lender. They will be able to tell you how much you can borrow and if there are credit issues, what you need to do to clean them up. See our video on the difference between pre-approved and pre-qualified for a better understanding of the process. A good lender will also talk to you about how much down payment you will need, what you closing costs are and most importantly what your payment will be. Most people will qualify for a larger house payment than they are comfortable with.
Next Step- Find a good Realtor. Statistically buyers work with the first Realtor they meet. How crazy is that? The right Realtor is going to do way more than unlock doors and send you listings to review. The right Realtor will play a very important part in guiding you through the process. Take time to interview several agents before committing to one. Watch our video on what questions to ask your Realtor to find out more.
OK – You’ve gotten pre-approved, you have a great Realtor. Now what? Now’s the time to sit down with your Realtor and discuss your wants and needs. In over 15 years I’ve never seen the perfect house so there is always some give and take. Armed with this information your Realtor will be able to start the search for the home that will best fit your needs and cover as many of your wants as possible. While you can look at the public websites like Zillow and Realtor.com, a good agent will cut through all the noise for you and, as in our case, set you up on a back-stage pass to the MLS, allowing you to get all the latest properties frequently before they hit the public sites. Ask us how…
Now it’s time to start looking at homes. Your Realtor will make the appointments and schedule a tour of the homes that best fit your criteria. Be sure to take notes as you go and eliminate those homes that are just not going to work. You may have to kiss a lot of frogs before you find “the one”. What we know from our experience is that when you find the right house you will know it the minute you step inside. It’s crazy but 9 times out of 10 this is the case.
You’ve now found the right house for you. What’s next? Next is to actually write the offer. Again, this is where a great Realtor is going to be worth their weight in gold. Your offer will vastly depend on what kind of market you are in – buyers, sellers or neutral. It will depend on the price of the property and the comparable sales in the area. It will depend on if you need assistance with your closing costs or not.
Based on the offer you write one of three things will happen. The seller will accept it, reject it or counter it. If accepted awesome you are now in contract. If rejected your Realtor will find out why and use it as a learning tool for the next offer. If countered you and your Realtor will sit down and decide how you want to respond. See our video on writing winning offers for more information.
Once your offer is accepted you are now officially in contract or escrow as it is frequently called. In the California contract, unless you agreed to something else you have three contingencies or ways to cancel the agreement without jeopardizing your deposit. These are the inspection, appraisal and loan contingency. We talk more in depth on these three items in our video The Escrow Process.
With your contingencies removed, loan approved and any agreed upon repairs completed you are ready to sign your loan documents. Either your lender, Realtor or both will meet you at the escrow company offices to assist in your signing the loan documents. With the loan docs signed they are processed, the loan is funded and the deed is sent to the county for recording you as the new owner. Its what we mean when you get the call that we are on record. Depending on your lender, this can take as little as the same day and as much as a day or two and the recording never happens on a weekend or holiday in California.
Once on record the home is official yours and, depending on what was negotiated, you can move right in. Your Realtor will meet you at the property and deliver the keys to you. Congratulations you are now a home owner!
Well, there you have the Readers Digest version. Still not sure what to do or need more information? Click on the contact us link below or call today and we’d be more than happy to schedule a Strategic Marketing Consultation with you
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About the authors:
Mike and Jennifer Rigley are one of Sacramento’s top ranked Real Estate Teams and 5 Star Ranked Real Estate Professionals. Selling Real Estate Full time since 2004 with well over 1,500 successful closings Mike and Jennifer Rigley are here to help your dreams of Home Ownership come true.
Mike and Jennifer Rigley of the Rigley Realty Group come with over 15 + years experience helping buyers, sellers and investors realize their Real Estate dreams. Including:
- 35+ Year Sacramento Residents
- Over 1,500 homes sold since 2003 – 10x the average agent
- Team Approach for Maximum Client Satisfaction
- Ranked in the Top 25 of all agents & companies county wide in both the number of listings & sales since 2004
- Top 500 Teams All Companies in California for Production
- Sacramento Magazine 5 STAR Agent
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