There is never a wrong time to buy the right home. The key is finding a good buy and taking the time to carefully evaluate your finances.

A home purchase is an important step in the path to long-term wealth. Purchasing your own home is a great investment that provides specific financial advantages, including equity buildup, value appreciation potential and tax benefits. It’s also an automatic savings plan that you cannot get from renting!

Here’s the most important rule for keeping your stress to a minimum: you don’t have to know everything. Your local Real Estatelocal Real Estate agent Michael Marchena is ready to help you through every step of the process.

Educate you about the current conditions of the market.

Analyze what you want and what you need in your next home.

Guide you to homes that fit your criteria.

Coordinate the work of other needed professionals throughout the process.

Negotiate with the seller on your behalf.

Check and double-check paperwork and deadlines.

Solve any problems that may arise.

Either you can take the recommendations provided my your Real Estate Agent or you can Choose your own loan officer.

Make a loan application and get preapproved.

Determine what you want to pay and select a loan option.

Submit to the lender an accepted purchase offer contract.

Get an appraisal and title commitment.

Obtain funding at closing.

What do I want my home to be close to?

How much space do I need and why?

Which is more critical: location or size?

Would I be interested in a fixer-upper?

How important is home value appreciation?

Is neighborhood stability a priority?

Would I be interested in a condo?

What features and amenities do I want? Which do I really need?

The three basic components of your purchase offer are price, terms and contingencies.

Price is the dollar amount you are approved for, willing and able to pay.

Terms cover the other financial and timing factors that will be included in the offer.

Contingencies are clauses that let you out of the deal if the house has a problem that didn’t exist or which you weren’t aware of when you went under contract. They specify any event that will need to take place in order for you to fulfill the contract.

Your main concern is the possibility of structural damage. This can come from water damage, shifting ground, or poor construction when the house was built.

Don’t sweat the small stuff. It’s the inspector’s job to mark everything discovered no matter how large or small. The inspectors report may be long, but, things that are easily fixed can be overlooked for the time being.

If you have a big problem show up in your inspection report, you should bring in a specialist and if the worst-case scenario turns out to be true, you might want to walk away from the purchase.

Even if your home passes inspection, you’ll still need to buy a home owner’s insurance policy that protects you against loss or damage to the property itself and against liability in case someone sustains an injury while on your property.

Staying in control of your credit and finances. If you are tempted to make any large purchases during this time, it’s best to talk to your lender first.

Keeping in touch with your Real Estate Agent Michael Marchena and your lender, returning all phone calls and completing paperwork promptly.

Communicating with your Real Estate Agent Michael Marchena at least once or twice a week, and verifying with your lender that all mortgage funding steps are completed.

Conducting a final walk-through of the home with your Real Estate Agent Michael Marchena.

Confirming with your Real Estate Agent Michael Marchena, home insurance professional, and lender that you have the settlement statement, certified funds, and evidence of insurance lined up prior to closing.