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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.

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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.

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Step 2: Decide on Your Budget

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.

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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.

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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 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. Finding the perfect home can be a daunting task, this is where my 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.

My 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!). 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.

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Step 6: 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. 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.

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Step 7: Have the Home Inspected

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.

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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.

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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.

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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

Kim B

Kim B

Kristi is an amazing real estate agent! Not only is she knowledgeable, but she truly cares about her clients. I am very grateful to her for working with me on not only selling a home but also securing a new home for my family.
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Lourdes C.

Lourdes C.

Kristi is an incredible professional. She has an impeccable work ethic! She took us by the hand during the whole process and did not let go until our house was sold for top dollar. She makes it all easier and even enjoyable. I ...
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Damon S.

Damon S.

Working with Kristi Smith was a profitable pleasure. I chose Kristi because of her very personable and professional manner during her market assessment of my home. At the time of my home sale, she had close to 20 years of exper...
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David & Joan G.

David & Joan G.

When we decided to sell our home, Kristi was recommended to us by our daughter. Kristi had very current information about the value of our home, and we had two offers on our home within four days. We began the search for our ne...
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Ryan D.

Ryan D.

I would highly recommend Kristi Smith. Kristi helped me with a home purchase in Carmel Valley, CA. She was hard-working and professional during the entire escrow process.
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Kono & Whatt B.

Kono & Whatt B.

Kristi is beyond qualified and extremely knowledgeable about real estate. We knew we could trust her with the biggest purchase of our lives! Her patience with us was incredible. Throughout a five-year search, she was always wil...
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Al M.

Al M.

Dear Kristi, Please accept my sincere thanks for the fabulous job you did in the sale of my beautiful condo in Solana Beach. I couldn't be more impressed with your professionalism and your hard work. You were always there when ...
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Buyer

Buyer

Kristi was a fantastic real estate agent. She represented us in the sale of our house and the purchase of our current house. We never felt pressured to buy into a competitive seller's market during the Spring and Summer of 2013...
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Buyer | Seller

Buyer | Seller

Kristi is very professional and personable. She is proficient, competent, and thorough and makes every part of the home selling/buying process comfortable and manageable! I highly recommend Kristi if you are looking to sell you...
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Buyer

Buyer

Working with Kristi Smith was a profitable pleasure! I chose Kristi because of her very personable and professional manner during her market assessment of my home. At the time of my home sale, she had close to 20 years of exper...
Read More
Julia E.

Julia E.

I highly recommend Kristi Smith to help you with any real estate transaction! Kristi did a wonderful job selling our family home of 37 years. Kristi did the research and priced it just right! It sold in less than 30 days. Krist...
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She expertly guides buyers and sellers through every step of the process, ensuring a seamless experience. Who you hire to facilitate and transact one of your largest financial assets matters!

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