Steps to Buying Your First Home

Although there are many good reasons for you to buy your first home, wealth building ranks among the top of the list. We call home ownership the best “accidental investment” most people ever make. But, we believe when it is done right, home ownership becomes an “intentional investment” that lays the foundation for a life of financial security and personal choice. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out.

If you are paying rent, you very likely can afford to buy
There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run
The lack of a substantial down payment doesn't prevent you from making your first home purchase
A less-than-perfect credit score won't necessarily stop you from buying a home
The best way to get closer to buying your ultimate dream home is to buy your first home now
Buying a home doesn't have to be complicated - there are many professionals who will help you along the way

Buyer's Representation By PJ Shirzadi

The typical real estate transaction involves at least two dozen separate individuals-insurance assessors, mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer's agents, seller's agents, bankers, title researchers, and a number of other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. PJ will expertly coordinate all the professionals involved in your home purchase and act as the advocate for you and your interests throughout.

Seven main roles of PJ Shirzadi - Buyer's Real Estate Agent:

Educates you about your market.
Analyzes your wants and needs.
Guides you to homes that fit your criteria.
Coordinates the work of other needed professionals.
Negotiates on your behalf.
Checks and double-checks paperwork and deadlines.
Solves any problems that may arise.

Secure Financing.

Many first-time buyers start out confused about the process or nervous about making such a large financial commitment. From start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home.

Six steps to Financing a Home

Choose a loan officer (or mortgage specialist). PJ can help by recommending lenders.
Make a loan application and get preapproved.
Determine what you want to pay and select a loan option.
Submit to the lender an accepted purchase offer contract.
Get an appraisal and title commitment.
Obtain funding at closing.

Time To Find Your Home.

You may think that shopping for homes starts with jumping in the car and driving all over town. And it's true that hopping in the car to go look is probably the most exciting part of the home-buying process. However, driving around is fun for only so long-if weeks go by without finding what you're looking for, the fun can fade pretty fast. Looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms. PJ will go over all your housing criteria and make sure the homes you are looking at are exactly the ones you want.

Questions to ask yourself

What do I want my home to be close to?
How much space do I need and why?
Which is more critical: location or size?
Would I be interested in a fixer-upper?
How important is home value appreciation?
Is neighborhood stability and priority?
Would I be interested in a condo?
Would I be interested in new home construction?
What features and amenities do I want? Which do I really need?

Make An Offer.

The three basic components of an offer are price, terms, and contingencies. The right price to offer must fairly reflect the true market value of the home you want to buy. PJ provides market research that will guide this decision.

Perform Due Diligence.

Unlike most major purchases, once you buy a home, you can't return it if something breaks or doesn't quite work like it's supposed to. That's why home owner's insurance and property inspections are so important.

A home owner's insurance policy protects you in two ways:

Against loss or damage to the property itself
liability in case someone sustains an injury while on your property

The property inspection should expose the secret issues a home might hide so you know exactly what you're getting into before you sign your closing papers.

Your major concern is structural damage.
Don't sweat the small stuff. Things that are easily fixed can be overlooked.
If you have a big problem show up in your inspection report, you should bring in a specialist. If the worst-case scenario turns out to be true, you might want to walk away from the purchase.

Close.

The final stage of the home buying process is the lender's confirmation of the home's value and legal statue, and your continued credit-worthiness. This entails a survey, appraisal, title search, and a final check of your credit and finance. PJ Shirzadi will keep you posted on how each is progressing, but your work is pretty much done.

You just have a few pre-closing responsibilities:

Stay in control of your finances.
Return all phone calls and paperwork promptly.
Several days before closing, confirm all your documentation is in place and in order.
Obtain certified funds for closing.
Conduct a final walk-through.

On closing day, with the guidance of a seller's agent and PJ, you'll sign documents that do the following:

Finalize your mortgage.
Pay the seller.
Pay your closing costs.
Transfer the title from the seller to you.
Make arrangements to legally record the transaction as a public record.

As long as you have clear expectations, closing should be a momentous conclusion to your home-searching process and commencement of your home-owning experience.