Buying your first home can be like a ride on an emotional roller coaster filled with exhillarating rushes mixed with a little fear. This site will help make the journey less confusing and prevent you from feeling a little overwhelmed. As you negotiate your way through the offer process, financing, inspections, insurance and closing, keep in mind, the SV Home Team will be with you every step of the way, offering guidance and ensuring that you every detail of your transaction will go as smoothly as possible. We are here to help you navigate the uncharted waters of buying your first home.

1. Meet With a Lending Consultant

While it's so tempting to search for homes for sale, it is important you meet with a mortgage lender to be pre-approved. Securing a pre-approval from your lending consultant actually places you in a stronger negotiating position especially when it comes time to make an offer. We have several trusted lending consultants we can recommend who will review your financial records, and recommend which type of mortgage best fits your financial situation. He or she will then write a letter stating the loan amount for which you are pre-approved. Often clients are pre-approved for a larger amount than you originally planned to spend. If so, we recommend you make sure the higher payment is both comfortable and realistic for you. Remember, you are not obligated to spend the entire amount for which you have been approved.

2. Tell us about what you want in your new home

Once we have your pre-approval, we will review what specifics you want in your first home. During this consultation this is your opportunity to tell us:

• how many bedrooms and bathrooms you want
• if you wish to near schools or work
• what size yard you prefer
• any architectural style preferences
• any other details you have in mind

Using your feedback, we will filter it through our vast database of available homes for sale that meet your search parameters. We’ll send you only the results of the search and provide property examples and pictures that meet your specifications for your review. This is your opportunity to review the properties and decide which, if any, you want to preview in person. If none of them appeal to you, let us know as we don’t wish to waste your valuable time. Based on your feedback, we’ll then go back to our database and refine the search.

3. Make a Smart Offer

After visiting several homes, and you find the right home for you, that’s when you’ll make an offer based on the data we provide you about comparable values in the neighborhood. Your offer will be presented to the listing (seller’s) broker. At the time we present the offer, you will also be asked to put down “earnest money” to demonstrate your "earnest" desire to purchase the property. This will usually be 3% of the sale price. When the offer is accepted, the earnest money will be deposited into the escrow account and credited back to you as part of your down payment. If the contract does not close, the earnest money, in most cases, will be refunded to you, unless you decided to default on the contract terms.

4. See your Mortgage lender and secure your home loan

Once both parties agree to the terms and price of the offer the offer then becomes a contract. The lender will most likely require you to disclose specific financial information in order to get final loan approval. You will also have to arrange for a homeowner's insurance policy prior to closing. If the seller has not already done so, it is recommended you have the property inspected by a qualified home inspector. Should the home inspector find major faults with the property, you may have the right to renegotiate your offer or request the sellers to make the repairs.

5. The Final Walk Through and Closing

Upon completion of the home inspection and final loan approval, the next step is the closing. Prior to closing, we will arrange a final walk-through of the property to insure it is in the same condition as it was at the time of acceptance of your offer. About a week prior to closing you will be asked to sign your closing paperwork and provide your down payment money. A member of the SV Home Team will be present to answer any questions you may have.

Congratulations, You Have Realized the American Dream - Home Ownership!

This overview of the home buying process should help you better understand how the real estate transaction is completed. If you have any questions, call us now at (408) 861-4813 or contact us now and the SV Home Team will help make your home buying experience rewarding.