Buyer's Guide

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Buyer's Guide

Buying a home is one of the most significant purchases you can make in your life, which is why it is essential to work with an experienced agent like Jessie Lin. She knows the local neighborhoods and provides her clients with insight, guidance, advocacy, and support. 

Before starting your search, you should schedule an initial consultation with Jessie to discuss your needs and financial situation. Jessie will also introduce you to the neighborhood and acquaint you with the current housing market.

Step 1: Pre-approval

The pre-approval process is the first step in buying a property. Most sellers appreciate seeing a pre-approval letter to know that a buyer is serious about making an offer. This stage involves turning over financial documentation such as your credit report, employment history (self-employed buyers might need additional documentation), debt-to-income ratio, etc., to a lender so they can approve you for a loan. From there, you can shop for mortgage rates that work best within your budget. 

You might also need a bridge loan to "bridge" the gap between a transitional period where you're moving from one house to another. Bridge loans supply you with money on hand to purchase a home. They do not replace mortgage rates. In short, the pre-approval process allows you to establish your overall budget for buying a house.

 

Step 2: Find the right home and review disclosures

Once you find a house you love, Jessie will review the disclosures with you. Disclosures are critical in buying a house because they contain important information, like pest inspections, the title, home inspection documents, Natural Hazard Disclosure, and guidelines from the homeowner association. 

Home inspection results will disclose issues with the house's foundation, electrical wiring, plumbing, and overall condition. The pest report checks for potential damage in the wood, most likely caused by termites. Disclosures are vital to protecting your assets as a prospective buyer.

Step 3: Make an offer

Once you've settled on a house, Jessie will confer with the listing agent to discern additional details, such as whether this is a multi-offer situation. From there, Jessie will analyze the local market and recent comparable sales to houses in the same neighborhood or surrounding communities. 

By using this data, she can assist you in deciding on the right offer to make. After making a bid, you'll need to wait for the seller to respond. The seller's response will decide the next course of action, like making a counter-bid or what to do in the case of being outbid.

Step 4: Escrow

When your offer has been accepted by the seller, the house will go into escrow. During this period, a neutral third-party escrow company typically functions as an intermediary between the buyer and seller to ensure everything goes smoothly during the transition from the old owner to the new one. 

This stage is where inspections occur. Most offers have contingencies based on inspection findings so that if they discover a significant problem, like a bad foundation, you can back out and not lose any money in the process. 

Step 5: Close

Congratulations on closing! Closing day is a special day indeed, as it means everything has gone according to plan and you are now the proud owner of a new home. 

During this step, the escrow company will transfer funds to the seller and file to change the deed so it is transferred to your name, a process that can take a few days to officially register with the local county. With everything settled, Jessie will grant you the keys and any other items that might be necessary to a smooth transition, such as an electronic garage opener or mailbox key.

Work With Jessie

Jessie has strong negotiation skills. She always demonstrates core negotiation strategies based on clients' needs. She is determined to negotiate the best deal for her client.
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