Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. I may be able to steer you away from certain homes or neighborhoods, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Omar Ruano went above and beyond to help us buy our house. We had a very tight window to submit an offer and needed to move quickly. Omar negotiated on our behalf and somehow made the stars align! We were first-time homebuyers in San Jose CA, new to the process, and Omar really helped us understand each step. He was super responsive, knowledgeable, and was able to work with our schedule. I can honestly s...
Omar Ruano knows the San Jose, CA area & real estate market, and is very savvy. He is very responsive, communicative, and pleasant. His honesty and transparency sets him apart from other realtors. We purchased our San Jose home with Omar and worked with him to sell it a few years later. Both experiences were smooth thanks to Omar's knowledge and great advice. Omar is always a step ahead and has great str...
If you're looking for an honest, reliable and responsive Realtor that will walk you through the buying or selling process from A to Z, I highly recommend Omar Ruano. By far one of the best Realtors in the SF Bay Area. Omar is incredibly professional, he is patient, knowledgeable and has a keen eye for staging homes. He helped us find our first condo in San Jose, CA, a diamond in the rough, that we called...
Omar Ruano recently helped us purchase our first house. He's extremely knowledgeable of the Bay Area market and was able to answer our many questions about the process and what to expect. And being first-time homebuyers we had LOTS of questions. But Omar was very patient with us and in the end we were able to get the right Silicon Valley house for us. Omar made us feel comfortable at every step of the wa...
We were extremely lucky to meet Omar and have him guide and represent us in the sell of our home. From beginning to end he was professional, honest, dependable, and kind. He not only made recommendations for vendors to use for a few home improvements that were necessary, but also instrumental in keeping the vendors on our established timeline. Omar's assessment of our home was right on track and he produ...
Both of us really enjoyed working with Omar and with his help we were able to purchase our first home. He made this complicated process smooth and problem free for us and we would strongly recommend him to anyone who is looking for a home! The first time we met Omar he spent time with us going through the entire home buying process and the various steps involved. Being first time home buyers this was imp...
We've a very high bar for quality of service. We hold ourselves and others who provide us service to that high standard. We have nothing but praise for the services Omar has provided pre and post close of escrow of the house we purchased. 5 Star Rating we give for his service. We believe Omar was instrumental in setting the correct offer price of the house we purchased. He is wise and has the deep unders...
The decision to sale my home was by far the hardest decision I had to make. It was the first home I ever purchased and lived for several years.I loved my neighborhood and my home was my pride and joy. I knew the Realtor® I chose to sale my home had to have two qualities above all others, he/she had to LISTEN and effectively negotiate. After multiple interviews with prospective Realtors®, I had been refer...
As first time home buyers coming off a Real Estate Agent that we felt didn't fit our needs, my fiancée and I were a bit hesitant starting over with a new agent for our home-buying experience. I had found Omar through my credit union's Homebuyers Advantage program and we decided to take a chance on him in the hopes that he would not only assist us in our endeavor to own a home but also to guide and advise...
Very patient, courteous, honest professional. I was referred to Omar thru another source along my journey for a sanctuary to call my own and when I met Omar I felt the connection right away, its just the way he is and how he presented himself to me that made me feel at ease and trusting. I am not one that is easy to gain trust from with my years of services in the military but he did just that and I was ...
My wife and I are so grateful to Omar for helping us to close on our first home purchase. During this whole process, Omar has been incredibly patient in handling our constant questions, diligent in checking in with us and letting us know of new leads, flexible in scheduling home viewings and dealing with our particular search criteria, and overall a huge help in all aspects throughout our home search. He...
When my wife and I were ready to sell our house, we knew exactly who we wanted as our Realtor®. That Realtor® is Omar Ruano. Once we requested his services, he had everything planned out from beginning to end. Since we were on a contingency deadline to make a purchase on our new house, it was very critical for us to sell the house within 2 weeks. With Omar's drive and willingness to fulfill our deadline ...
We came across Omar through a reference we got for him. Omar was very through in understanding our requirements. We were very satisfied with his approach and signed him up as our agent. He was ready to answer any questions we had, and as first time home buyers , we had a quite a lot of them. Omar helped us at open houses , and made sure we had all the information about the houses. He was very diligent in...
Omar was a God-send, and a source of calm and hope during a very stressful time in my life. I was one of the many many unfortunate homeowners who found herself "under water" and struggling to hold on to the home I had invested so much in over a ten year period. But when it finally became clear that the best way to get on with my life was to sell, a good friend recommended Omar and his knowledge of the sh...
With the selling of our prior home and the purchasing of our new home, Omar showed great salesmanship, professionalism, and most importantly, patience. With his background and patience, Omar was able to sell our prior home and find us the home of our Dreams that we were looking for. Omar placed a lot of time and effort and provided the salesmanship we were looking for. From our home preparation, the Open...
It has been our pleasure to be served by Omar as our selling agent. Our home was listed as a short sale. To have closed this property under these conditions during a down-turned market with an unusually large amount of properties similar or worse financial conditions competing for scarce buyers is telling of his skills and tenacity. Omar was very professional in his conduct, displaying a wealth of knowle...
My wife (Peri) and I met Omar and interviewed him as a candidate to represent us in purchasing our home. The night we met Omar we knew we found our man. He was polite, knowledgeable, courteous and professional. We had a long list of wants and needs. We had a limited budget were first time buyers and went with an FHA loan . Omar even thought we were asking for a lot. literally. He not only found us a home...
Omar is a wonderful Real Estate Agent recommended to us by our credit union as part of the HomeAdvantage program. He is very experienced with the South Bay and very attentive to our home search during our intensive month-long search. He provided a good perspective on the market and encouragement, especially in times when we were about to throw in the towel. We very much appreciated his proactive follow-u...
Omar helped us throughout the process of search, tour, inspect of disclosures, creation of a compelling offer, and ultimately, the purchase of the house in the neighborhood that we were looking for. Furthermore, he provided valuable assistance on the communications with other agents, sellers, escrow companies, and lenders. Another positive point was the usage of electronic signing during the process, whi...
Dear Omar, My wife, kids, and I would like to thank you for the fantastic efforts you put in to help us purchase our home. In this difficult market, we understand it was not easy to both sell a house in Mountain View and purchase another in Fremont with contingency conditions. However, you persevered and worked hard on our behalf to make this difficult process and transition feasible. On behalf of my ent...
Omar strongly believes in putting his clients' needs first and ensuring that their home buying/selling experience goes as smooth and stress-free as possible.
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