Silicon Valley Home Buyer's Guide

A Step-by-Step First Time Buyer's Guide

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.

Step 1: Research

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.

Step 2: Decide on Your Budget

Notice we 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.

Step 3: Get Prequalified

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.

Step 4: Choose a Real Estate Agent

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 we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where our expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

Our Goal Is to Provide You with The Most Personalized Service that Is Designed to Help You Buy Your Dream Home.

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). We 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.

Step 6: Review all Reports & Disclosures

This is an essential step in the process before putting together an offer strategy. It involves examining various documents related to the property being sold, such as inspection reports, title documents and disclosures from the seller. The importance of reviewing these documents is to ensure that the buyer fully understands the condition of the property and any potential issues that may affect the value or safety of the property. It also allows the buyer to make an informed decision on whether to proceed with the transaction or to negotiate any necessary repairs or credits. Ultimately, reviewing reports helps to mitigate potential risks and ensures a smoother transaction for all parties involved.

Step 7: Make An Offer

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. We 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.

Step 8: Select Your Loan

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.

Step 9: Get a Home Appraisal

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.

Step 10: Finish Paperwork

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.

Congratulations!

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.

Testimonials

Paul S.

This is definitely 1000% a 10 out of 10 experience working with the Virgilio team Nicolette and Mr Q were outstanding. We were at least 3 years into the process of buying a house and took like 6-8 months off because of the mark...

Foreverhome Properties LC

We've worked with The Virgilio Real Estate Team on multiple deals, and each transaction has been handled with the utmost professionalism and quality service. They are with us every step of the way, always available, and attent...

Nancy Smith

From the very first time we spoke to Quincy and Nicolette, I felt supported. He helped me navigate through the sale of the house and finding another house in another city. I was apprehensive about it all but they both made it v...

Ted Papa & Kylie Ramirez

Quincy is great to work with! He is quick to communicate, very friendly to talk to, and makes things happen! We really appreciate the time and effort that he put into helping us find our perfect place. His support and genuine h...

John Butler

I had Quincy Virgilio as my realtor o sell my condo at The Villages in late February of 2023. During the initial consultation he provided us with an estimate of the amount of time it would take to sell our condo (45 days) and t...

Nihar Sheth

I cannot express my gratitude enough for Nicolette's exceptional assistance in helping us secure our first home in the highly competitive Bay Area market. She truly deserves six stars! ⭐️⭐️⭐️⭐️⭐️⭐️ From the moment we started wo...

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At our company, we believe that buying and selling real estate is more than just a transaction - it's an investment in your future, and we are committed to helping you make the most of it. Our team of experienced professionals bring a wealth of knowledge and expertise to every deal we work on, drawing on years of experience in the industry to provide unparalleled service and support. Whether you are buying your first home, looking to upgrade to a larger property, or seeking to sell your current residence, we are here to help. We understand that every client is unique, and we take the time to get to know you, your preferences, and your goals in order to tailor our services to meet your individual needs. From listing your property to negotiating offers, we have the skills and resources to help you achieve your real estate objectives. Contact us today to learn more about how we can help you get the most out of your property purchase or sale.

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