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Buying a Home

Whether you are buying your first home or your third, I can help you find the perfect home to suit your needs.

Steps to Buying a Home

With so many different neighborhoods to choose from in San Diego, it can be a difficult decision to pick the perfect neighborhood to live in. Whether you like the quiet suburbs, or a walkable neighborhood close to restaurants and shopping, or would prefer to be close to the coast, there’s a perfect neighborhood to suit all of your needs. Buying a home in a neighborhood that fits your personality will keep you feeling happy in your home for years to come. A house can be renovated, while a neighborhood can’t. Let me help you find the perfect neighborhood to move to.

Step 1: Give Steve Beaupre a Call

Think of Steve as your copilot on this journey, advocating for you as your trusted advisor, and guiding you through every step of the process. The first of these steps is connecting with Steve and defining your priorities and timeframe. 

Step 2: Get Pre-Approved

Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying the accepted offer with all cash). A pre-approval letter shows sellers that you are a serious buyer, and more importantly, that a bank will lend you the necessary funds to pay for the home. I can connect you to a mortgage advisor that will discuss your loan options. Based on your income and credit history, the mortgage advisor will determine how much a bank will lend you, which will help you determine the price range of your search as well as what to expect in closing costs.

Step 3: Browse & Visit Properties

Start going to open houses and showings to find a home you like. Make sure to ask Steve about Compass Coming Soon and off-market opportunities so that you can explore all your options. This is the time to refine your search and consider which neighborhoods you’re most interested in and what amenities are important to you.

Step 4: Negotiate & Write an Offer

Once you find a property that you like, it’s time to write an offer! An offer is a non-binding agreement that outlines the price, terms, and timing of the purchase. Steve will advise you on pricing and terms throughout the negotiation process.

Step 5: Opening Escrow and Submitting Earnest Money Deposit

Once the terms have been agreed upon and the purchase agreement has been signed, escrow opens, and as a buyer, you will submit your earnest money deposit to the designated escrow company. The typical earnest money deposit is 3% of the purchase price, and paid within three days of the offer acceptance. 

Step 6: Contingency Periods and Due Diligence

During escrow you will have the opportunity to do your due diligence. There are specific contingency periods for the property appraisal, your loan approval, reviewing homeowners association documents (if applicable) and for your investigations and inspections of the property. The specific timelines of these contingency periods vary, however, they typically range from from 7-25 days, depending on the terms outlined in the purchase agreement. During this timeframe you will also select your homeowners insurance coverage and submit to escrow, before removing all contingencies.

Step 7: Contact Utility Companies

You don’t want to live in your home without water or electricity. Prior to closing escrow it is important to contact the local utility companies to set up service and ensure that the utilities are set up in your name, effective upon the close of escrow. 

Step 8: Final Walkthrough

A final walk-through is typically done within 5 days of closing to ensure that the condition of the property hasn’t changed and that the terms of the purchase agreement will be meet. 

Step 9: Close of Escrow

Closing and recording is the final step in the home buying process. After signing all of the necessary loan and title documents, and your mortgage loan has funded, the property legally changes hands the moment that the county clear has date stamped the property deed at the recorders office. This marks the end of escrow, and you are officially a new homeowner! 

Homeownership is more than just hype; it’s the gateway to long-term and short-term financial success. Long-term, you’ll build an equity nest egg and short-term, you’ll be able to take advantage of potential tax breaks and pay yourself instead of a landlord. The house that you buy is an asset that can go up in value over time. 

San Diego has long been an attractive real estate market because of geographical advantages like good weather, scenic beaches and its status as a port city. Couple that with a bevy of fun and eclectic neighborhoods with wonderful restaurant and activity options, and it’s easy to see why San Diego is so popular with homebuyers. With the second largest millennial population per capita in the United States’ major cities, and large, thriving industries, including a strong biotech presence, a booming hospitality industry and several large universities, San Diego is poised for continued growth in the years ahead. San Diego’s strong business presence, young population and desirable location have strongly factored into San Diego’s home values, which continue to be on the rise.

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