15 Steps in the Transaction Process that a Buyer needs to be Aware of.
Do you want to buy a new home in Downtown San Diego? Do you have questions and feel a little uncertain about how to start the process? Dont know what neighborhood you would enjoy the most? Maybe, the Little Italy District (An intimate local feel with access to Big Downtown) with an Italian/European inspired atmosphere, or the vibrant Gaslamp District with a variety of restaurants, bars, and shopping? The complexes provide an even greater challenge: Would you enjoy a high-rise such as The Grande at Santa Fe in the Columbia District, or the midrise Loft complex M2i in the East Village/Ballpark District? Are you concerned with how you will afford your new home?
The task seems daunting, but 92101 Urban Living is here to help with a step-by-step guide that will making purchasing your dream home in Downtown San Diego a reality.
1. Organize and Understand Your Finances – Get organized.understand where you are financially. Most will argue that your monthly payments are the real price of the home.
2. Familiarize yourself with the Mortgage Industry – Finding a proper loan product and lender is of the utmost importance to your home-buying success. A lender that specializes in Downtown San Diego High-rise condo lending is preferable.
3. Getting Pre-Approved for a Mortgage – What kind of property do you want to buy and how much can afford to pay in monthly installments?
4. Determine What You Want, Need, and Must Have – Buying a home does not have to be as difficult as you may think. No matter what your budget.everyone has to prioritize their personal criteria.
5. Find the Right Real Estate Broker or Realtor- Narrow the field. If you are interested in a certain area of your city, find out who are the real estate experts that specialize in that area. Do some in person interviews, and determine who knows their stuff. More importantly.who you connect with personally. After all.you will spend considerable time together during a home search and transaction.
6. Begin the Search for Your Downtown Home – Your broker will go over all listings that meet your needs. It is so important to experience all of the options in person.
7. Considerations, Pre-Offer Issues – Deciding whether or not you want to buy a particular home involve an evaluation of its structure, features and more. Make sure that a proper value analysis supports the urban home that meets all your preferences.
8. Make an Offer – When you find the home you want, your agent will write a purchase contract commonly known as an offer.
9. Putting Down Earnest Money – When you make your initial offer, you should also include an earnest money check to secure the deal in escrow. This money is refundable during the Due Diligence time period negotiated in the offer.
10. Counter Offers – The first offer you make, most likely, will not be accepted as is (especially a low offer), and the seller will submit a counter offer.
11. Home Inspections and Other Tests – Home Inspections are generally completed within 17 days of the acceptance in a normal purchase contract.
12. Final Contract – As soon as the seller agrees to the final contract, you should immediately follow through on obtaining your purchase funding.
13. Home Appraisal by Your Lender – The lender arranges to have the home appraised, which can affect whether a loan is granted.
14. Avoid Last Minute Problems – As you are nearing close of escrow, it is important your broker is overseeing everyone involved in your real estate transaction, and making sure everyone is working together for a successful close of escrow.
15. Closing and Taking Possession of Your Home – You are on your way to closing, the event that transfers ownership of the property to you. This is the best call and meeting that you will have with your Broker. You are now a resident and proud owner of a Downtown San Diego Condo.
Take advantage of Buyer Real Estate representation. Your broker will be free to you, as the buyers representation is compensated by the seller. 99% of all Downtown San Diego Condo and Loft sales are closed with the aid of a Real Estate Broker. Do your research..make sure that the Broker you choose is qualified to deliver the service and information you both need and deserve.
Check out this blog at SDNN, click on Take Advantage of Good Buyer Real Estate Representation when Buying in Downtown San Diego.