Tools and Resources: Buying a Home

The Decision
The Location
The Homes
The Money
The Sale
The Closing

The Decision
Buying a home can be one of life's most exciting experiences and we, at napahomes.com know it can also be one of the most challenging.

If you are planning to buy a home, you probably have good reasons in mind, ranging from the purely personal to the very practical.

A home is a place you can call your own. Perhaps you are ready to settle down in your community and want the feeling of permanence and involvement that comes with owning your own home. Perhaps you need more space in which to raise a family. Or maybe you want more freedom than you have in a rental unit to adapt your living spaces to suit your individual taste and needs.

We at napahomes.com are here to help you make the decision and help you take this big step to own a place of your own.

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The Location
As a buyer in a new city you will need to become familiar with your new community. Matthew Miersch will provide you with information regarding school districts and their ratings, and crime statistics, and will guide you to the best neighborhoods. It's a good idea to subscribe to the local newspaper and read up on the local news and drive through different neighborhoods to get a feel for the areas and the people who live there. If you are buying locally you have the advantage of being familiar with the area and you just need to decide what neighborhood you like the best.

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The Homes
Unless you want to price your home below the market and sell it as-is, you will want to do certain things to prepare your home for sale. Matthew can do a walkthrough on your home with you and point out the things from an expert's point of view that you may want to do before listing your home and before showing your home.

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The Money
Once you have decided that you are ready to start looking for a home it is time to look at the money. Matthew or your lender can help you with the calculation for your new home.

The payment: it is important to come up with an amount that you are comfortable with when making a monthly house payment (generally most lenders do not want your payment to be much over 1/3 of your income).

The down payment: there are many programs out there for buyers and they are changing everyday. There are programs that will allow as little as no money down.

Pre-qualification and pre-approval on a mortgage: Matthew will be able to "pre-qualify" you for a mortgage before you start your search to estimate what you may be able to afford on a house purchase, however, we recommend that you contact a mortgage broker for a "pre-approval" letter. This is a written commitment from your lender to put together a loan for you. Pre-approval makes you a strong buyer and will speed up the mortgage procedure once you have found the house you want. Matthew will be able to refer you to experienced, professional lenders in your desired area.

Your credit rating: your mortgage broker/lender will obtain a current copy of your credit report for you. It is best to check it for accuracy and straighten out any errors right away to avoid delays down the road when you are waiting for mortgage approval.

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The Offer/Sale
When you have found the perfect home, Matthew will prepare an offer to purchase agreement and explain each detail of the written contract. He will provide you with copies of all documents involved in the purchase and sale agreement. Matthew will assist you in determining the appropriate financing and help you select a lender to best handle your mortgage (see loans). Once your offer is accepted your napahomes.com agent will open escrow with a local title company to do a title search and coordinate the sale and then Matthew will schedule all necessary inspections of the property to evaluate the major elements and determine if there are many problems that need to be addressed.

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The Closing
Matthew will accompany you to the mortgage loan closing (or settlement). This is the meeting with you and the other parties relating to the sale, when you take official ownership of the property. Actual possession of the property varies according to local practice and the terms of the contract.

At the time of the closing you will require that the seller provide the title complete and free of liens. Along with a number of other activities, you will be required to review and sign various documents relating to the mortgage loan and pay closing costs.

When everyone agrees that all the papers are in order, you will submit a certified or cashier's check to cover the closing costs and the balance of funds due.

When the loan is funded the closing agent or escrow officer records the mortgage and deed at the local government clerk's office or registry of deeds. It is at the point of deed recordation that you become the official owner of your new home and you receive the keys.

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