Before you purchase your new home in South Bay, you need to understand the steps necessary in this process. From the decision to the actual purchase, this can be a confusing process. Here are the steps a normal buyer will take before they make their home purchase.
1. Make the Decision to Buy
You have many decisions from renting a home to buying on contract or purchasing a condominium. The first thing you must do before purchasing a home is actually make the decision to buy. You need to make sure you understand the down payment necessary, your credit and how much home you can afford before you complete this decision.
2. Find an Agent
It's best if you find an agent to help you through the process of buying a home. A good agent will educate you about the market, provide the best homes for you to view and will help solve any problems that may arise.
3. Get Financed
Your agent will probably recommend a few specific mortgage companies and you need to follow their advice. Choose the one you like most, complete the application, receive preapproval, figure out the right loan program for you and move forward with the process.
4. Shop and Find the Right Home
Now that you have financing and a real estate agent, it's time to start shopping. Make sure you consider the needs you have and the wants. Ask many questions and let your agent help you find properties fitting your specific criteria and price range.
5. Submit an Offer
Once you find a property you like, it's time to submit the offer. Your agent will help you with this and will explain everything from the closing costs to earnest money, so that you understand what's going on throughout this process.
After you've submitted an offer and it's been accepted, you will close on the property. This process is the exciting part, but you need to make sure you do your due diligence first and protect your investment.