Trulia published a very helpful blog post about the process of buying your first home. I devote a lot of blog-time to first time home buyers in San Francisco because helping you is a particular passion of mine. My impression is that the more information and insight you get up-front, the more you understand what to expect and when, the more enjoyable and successful your home purchase will be.
Here are the highlights but please read the entire post on The Suprising Insider Secrets for the 5 Stages of Buying Your First Home.
Stage One: Deciding Whether It's The Right Time to Buy.
Insider Secret: (Whether you are in Bernal Heights, Noe Valley, or Pacific Heights,) the market is the least important factor you should consider when deciding whether and when to buy a home.
Stage Two: Getting Pre-Approved (at the beginning of your house hunt).
Insider Secret: Working with a mortgage broker referred by your real estate broker or agent may save you money.
Stage Three: House Hunting
Insider Secret: "Distressed" doesn't always equal "discounted" - in some cases, a "regular" sale can be a deeper deal. (And to this that the majority of so-called short sales will never close escrow. We work in the distressed home market & have negotiated plenty of short sales, foreclosures and bank-owned REO properties. We can spot the situations with the best and worst chance of working out for the buyer.)
Stage Four: Negotiations
Insider Secret: Your family and friends can cause you to lose your dream home.
Stage Five: Escrow, Inspections and Underwriting
Insider Secret: It's critical that you attend your home inspections. (And have them! With very few exceptions, we recommend that a buyer have their own professional home inspection.)
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