In our five step approach to buying a home in San Diego, we outline a basic step by step process on how to successfully bid for a home in San Diego. The list is by no means exhaustive, but it does give you a really good idea on how to approach the home buying process in San Diego, California. If you need help beyond the steps outlined below, please feel free to give us a call for a personalized guide of your own. What I mean of course that one of our licensed real estate professionals will assist you in getting in touch with the right people to make buying a home in San Diego as smooth as possible.
Here Is The Five Step Approach To Buying A Home In San Diego:
- GET APPROVED FOR A LOAN.
Even before you start looking for a home you must have your financing in place. We can help you get qualified with with a lender of your choosing or someone we know and trust to help buyers qualify for financing. We will assist clients in applying for all types of loans, FHA, VA, Conventional, Home Path, or other loans that suit your needs. Many sellers, especially REO listings, require a pre-approval letter from a lender before they will accept or consider an offer. You should get completely pre-approved before you submit an offer to buy a property. There is a big difference between being pre-qualified and pre-approved for a loan.
- KNOW HOW MUCH YOU CAN AFFORD TO PAY.
You should have an understanding of how much you can afford for your monthly mortgage, principle, interest, taxes, insurance (PITI). Before you write an offer you should also know how much you are required to pay for costs such as a down payment, loan origination fees, escrow fees, insurance, taxes, etc. Typically you do not have to put down a lot of money down to buy a house. In many of our transactions we have been able to get the seller to pay for much of the closing costs.
- KNOW WHAT YOU ARE LOOKING FOR.
Location, location, location. The larger you expand your possible locations the higher the likelihood you will find a suitable property. Take the time to learn and identify as many possible locations as you can. Once you know your possible communities then we can focus on homes that fit your criteria and budget. Go ahead, get in your car or get on your bike and stroll the potential neighborhoods. Nothing gives you a better impression than boots on the grounds.
- START LOOKING AT HOUSES.
Looking at listings is a good start to finding a suitable home. We will send a listings in the area(s) that meet your criteria, however, you cannot find a house by just looking at listings, classifieds or by researching on the computer. You have to go out and start looking at houses. This is the best way to evaluate and understand the market. Our agents will pick you up and take you to available houses until we find the one for you.
It requires teamwork to get your deal to the finish line. As your Realtor, Palisade Realty will coordinate all aspects of your transaction including the preparation of an offer, reviewing disclosures, helping apply for a loan, dealing with escrow, recommending inspectors, insurance agents and other professionals typically involved in a real estate transaction. We will keep you informed about your transaction along the way. Our agents are available by cell phone and do take pride in returning calls within in a reasonable time.
Pre-qualifying determines how much a lender will lend you. It involves obtaining a letter from the loan officer who looks at your debt ratios, gross income, and work history to see if you’re qualified to make the monthly payments. The lender at this point has not actually reviewed all of your financial documents and taken all necessary steps to approve you for a loan.
Pre-approval, on the other hand, takes it a step further and usually involves non-refundable fees. This process takes into consideration your credit history report, income verification, confirmation of down payment, and ability to pay closing costs. Once approved, the pre-approval letter lets the real estate agent and seller know you’re qualified to start to negotiate terms.
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