Tips for Buyers   By being organized and following the key steps below, you'll increase your chances of finding the home that's right for you: Get preapproved for a mortgage loan In order to know what price you can afford to pay for a home, it's important to talk to a mortgage lender or broker. If you don't know where to begin, your real estate agent can give you a few referrals. Getting preapproved isn't as daunting as it sounds. Your mortgage broker or lender will request certain documentation from you (i.e., pay stubs, assets, etc.) and will tell you what amount of money for which you can qualify. However, it is important to work out how much you can actually afford per month. That amount will dictate how much you should spend on a home. Select your real estate agent Not every agent will be the best fit for your needs. Consider the following points when evaluating an agent: Does the agent take the time to have a meeting with you to assess your needs and discuss the market? Is he or she proactive in previewing property and guiding you to the best properties on Sunday open house days? Does he or she take the time to send you materials you request, such as market data or available property listings? Is he or she responsive to your phone calls or emails? Does he or she know the market and have a solid network that includes contractors, mortgage brokers, and title officers? Create a house-hunting strategy Estimate how many hours per week you can realistically dedicate to your search, as well as which days. If you have a flexible schedule, accompanying your agent on Tuesday broker tours in the city is an excellent way to see a variety of neighborhoods and properties. A carefully planned tour by your agent can bring you significantly closer to zeroing in on the property that's right for you. You should also try to set a buying timeframe; leaving things open ended tends to be demotivating. And of course, the more consistent you are with your search, the more chance there will be that you'll find the property you want within your timeframe. Make an offer After you find a property you like, it's time to make an offer. Deciding upon the offer price is the key factor. Generally, the main things your agent should help you evaluate are: What have comparable homes sold for in the past 2-3 months? How long has the property been on the market? Are there any items in the disclosure package that are relevant to the property's value? Are there any seller needs or desires that will factor into your offer? How much money will it take to resolve structural or pest issues? What's the word among other realtors about the particular property? What is your agent's instinct about the property, based on comparable properties he or she has viewed? After you make your offer (and also include an earnest money deposit), a seller can accept/reject it, or make a counteroffer. You can work with your agent to decide whether to further negotiate the contract. However, after your offer is accepted, you have a ratified deal. Complete escrow After your offer is accepted, you and the seller will be performing all the contractual agreements. On the buyer end, it's critical to apply for your loan and homeowners' insurance immediately. Due to recent refinancing demand, it may take a bit longer to process your loan. And in order to get that loan, you need insurance. In recent times, home insurance has become a bit challenging-ensure that you can qualify for it within 2-3 days after you ratify your contract. Other key responsibilities are removing inspection contingencies and approving disclosure documents. Keep in mind that time is of the essence; failing to meet deadlines can result in your purchase falling through. Your agent should guid you during the process so everything gets done in a timely manner. Escrow ends when all terms specified in the contract are met. You will meet with the escrow officer to sign all the documents required to get your loan and close the transaction within a few days of your escrow closing date. The final step is when money is successfully transferred from buyer to seller and the title officer records your purchase in county records.