Buying a home? Step by Step process in how to do it!

Home sold in Dededo in 2015!

So this is a question I get all the time! How do I buy a home? How do I start the process? Is it a buyer's market? Seller's market? Ok let me break it down. Guam is currently in a Seller's market in my opinion. We are just in a state of high demand and low inventory but there is still places out there to purchase and to put you and your family into a new home! The first step would be to go to the bank. I recommend banks that you currently bank with or banks with good interest rates. The banks will ask for documents so you might as well bring it with you when you see a loan officer. Here are the documents they usually ask for: "

Two recent pay stubs2014 & 2015 Taxes with W2's2016 W2'sList of all loans with balance and required monthly paymentList of all opened credit cards with limits and balances notedTotal number of people in household."

From there you will get a pre-qualification letter. Then we can start looking at homes. Once we find the perfect home for you and put in an offer go through a negotiation process, the banks start processing the loan. The next step will be the appraisal process. An appraisal is done by a third party who goes to the home and gives a value to the home. The appraisal determines the price the bank will give a loan for. There are times where the appraisal is lower and the buyer will pay out of pocket and get the home if they really want the home. After the appraisal, we wait for the banks underwriters to process the loan. Once its all done you go to the title company will call you to close the loan with the bank and the keys will be your within a few days!

Other options I didn't talk about but can happen are you have the option to get a home inspection to check the condition of the home. It's optional and not required. Also, survey for the property. You can get one but it is also optional. There are optional terms and conditions that can be added to the contract and can be discussed during the home buying process.

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Saran Sachdev

#signingacontract #buyingahome #home #sellyourhome #Guam #renovation #financingyourhome #banks

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