How to Buy a home in Orange County
This is going over steps 2 and 3 of purchasing a home.
2. Find a Home to Buy
Buying a home can be an overwhelming process and emotionally draining. Finding the right home is not always an easy task.
- I advise buyers to look at a maximum of 7 homes at a time because any more than that will make a buyer’s head spin.
- Most buyers conduct a lot of research online before ever stepping foot in a home.
- Buyers spend an average of 6 to 8 weeks, according to the National Association of REALTORS, trying to figure out where they want to live.
- But once the neighborhood is selected, most buyers end up buying a home after 2 or 3 home tours.
3. Get a Loan
It’s not always necessary to have a mortgage broker or bank in your back pocket before buying a home, but it’s smarter to get loan preapproval in advance. This way you know for certain how much home to buy. In the orange county market consider this a must. There is far too much competition for buyers in this market. This is a sellers’ market do not let anyone tell you otherwise.
- Many sellers won’t look at an offer if the seller doesn’t have assurance that the buyer can get a loan.
- Popular first-time buyer loans are FHA loans because the minimum down payment requirement is much less than a conventional loan
- Buying foreclosuresIn Orange county cash will get priority, followed by conventional followed by FHA
Steps 4 and 5 will be discussed in later post.