Real Estate Buying Info

As the foremost realtor Carlsbad (92009 area real estate) offers, we’re here to help. If you’re looking for your new home, or want to list with us, feel free to give us a call at (760) 444-0778 or email us at vincent@vincentmorristeam.com and one of our local real estate agents will be in touch shortly.


Buying a house requires a lot of time and effort, but these 14 steps can help make the home buying process manageable and help you make the best decisions possible.

Step 1: Start Your Research Early
As soon as you can, start reading Web sites, newspapers, and magazines that have real estate listings. Make a note of particular homes you are interested in and see how long they stay on the market. Also, note any changes in asking prices. This will give you a sense of the housing trends in specific areas.

Step 2: Find the Right Realtor
Realtors are important partners when you’re buying or selling a home. Realtors can provide you with helpful information on homes and neighborhoods that isn’t easily accessible to the public. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent – they’re compensated from the commission paid by the seller of the house.

Step 3: Determine How Much House You Can Afford
Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt.

Step 4: Get Prequalified and Preapproved for credit for Your Mortgage
Before you start looking for a home, you will need to know how much you can actually spend. The best way to do that is to get prequalified for a mortgage. To get prequalified, you just need to provide some financial information to your mortgage banker, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much we can lend you. This will tell you the price range of the homes you should be looking at. Later, you can get preapproved for credit, which involves providing your financial documents (W-2 statements, paycheck stubs, bank account statements, etc.) so your lender can verify your financial status and credit.

Step 5: Shop for Your Home
Start touring homes in your price range. It might be helpful to take notes; you will see a lot of houses! It can be hard to remember everything about them, so you might want to take pictures or video to help you remember each home. Make sure to check out the little details of each house.

Step 6: Writing an Offer
Consider writing offers on homes you’d like to purchase. Select an offer price based on the amount you can comfortably afford. Market conditions may call for more or less aggressive offers.

Step 7: Negotiate Counter Offers
It’s possible the seller will refuse your initial offer, be prepared for a counter offer. Keep in mind, a seller is not always obligated to respond to an offer. The negotiation will continue until a mutually acceptable price is determined.

Step 8: Open Escrow / Order Title
Our team will open escrow and title through a Transaction Coordinator, but typically, this is completed by the listing agent.

Step 9: Have the Home Appraised
Lenders will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The appraisal will let all the parties involved know that you are paying a fair price for the home.

Step 10: Get a Home Inspection
Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Your realtor usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage.

Step 11: Issue Request for Repair
Should there be issues with the home inspection, such as code violations, safety issues etc. You can ask the seller to address the issues prior to the close of escrow, whether it’s through a credit, or repairing the specific issues.

Step 12: Remove Contingencies
A standard default in the California Residential Purchase agreement gives you 17 days to remove contingencies. After this 17 day period, the seller has the right to issue a notice to perform, meaning they can cancel the contract if you do not adhere to the terms. Only when contingencies