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Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

My Goal Is to Provide You with The Most Personalized Service that Is Designed to Help You Buy Your Dream Home

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.

What My Clients Say

Sue helped us buy our first house and we couldn't be happier. She was thorough, knows the Los Gatos market well and very helpful. We highly recommend her.

— Irene G.

What My Clients Say

If you are looking for incredibly knowledgeable local help in this crazy real estate market, I recommend working with agent Sue Nystrom Walsh. Sue helped me rent my house near downtown Los Gatos. She gave me advice on how to prepare and market the home, find and qualify high quality renters, and walked me through all of the legal requirements and paperwork. Sue made the whole process so stress-free for u...

— Elizabeth G.

What My Clients Say

Nextdoor recommended Sue Nystrom Walsh's real estate business! ~ What neighbors are saying: Sue is such a caring an knowledgeable person. I would happily recommend her to any of my friends or family knowing that she would but their needs and concerns first. A truly honest and reputable person! Additionally, she volunteers a lot of her time to the Art Docents of Los Gatos. She is an asset to our community...

— Theresa B.

What My Clients Say

Sue Nystrom-Walsh just helped me purchase my first home in the Bay Area and I cannot imagine a better realtor! As a first-time homebuyer, Sue was with me every step of the way. When others involved in the homebuying process were unresponsive or unhelpful, Sue would step in and get the job done. She is incredibly knowledgeable about the area and current market trends. She attended each open house prepared...

— Zack

What My Clients Say

Even during a pandemic, you made us feel confident about finding the right buyer. We are so pleased we trusted you with this unenviable task! We can't thank you enough for your excellent negotiating skills and follow through. Thank you again LG!

— R. & J.

What My Clients Say

Sue and her team are nothing short of amazing. My husband and I both agree that we have never worked with someone -realtor, contractor, vendor, attorney, or other professional - who is so responsive, patient, thoughtful, smart, and proactive as Sue. From the very first phone call through the purchase, she exhibited patience and professionalism. She worked with us as we made significant adjustments to our...

— Sean & Scott

What My Clients Say

Sue surpassed all my expectations as an agent. Everything went extremely smooth from the initial listing to the close of escrow. She was extremely professional and organized and knew how to handle a family trust transaction with 2 trusts and 6 beneficiaries. All the inspections , paperwork and negotiations were seedless. I would highly recommend Sue Nystrom- Walsh.

— Peggy

What My Clients Say

Our home sold for over the asking price with excellent pre- marketing. We are writing to express our pleasure of working with real estate agent Sue Nystrom Walsh, who represented us in both our purchase of a new property in Monte Sereno and the sale of our home in the Blossom Hill Manor neighborhood of Los Gatos, totaling over $5,250,000. Sue was able to guide us through the entire process, from the exte...

— The Miller's

What My Clients Say

Sue is a world-class exemplar of what a Real Estate Professional should be. From our very first meeting she has been so open, honest, friendly and helpful, it's almost hard to imagine in today's world. Her advice on upgrades, pricing, advertising, timing, communications, etc., etc., were totally spot-on making this very hectic time of buying and selling manageable for us. This was our first time moving i...

— Ken & Joann W.

What My Clients Say

We have been so happy that we chose Sue Nystrom-Walsh of Compass to sell our Los Gatos home of 30+ years. She made the selling process in an ever changing market much easier and helped us understand what was happening every step of the way. After our temporary 2020 relocation, Sue kept us apprised of the Los Gatos market; especially our neighborhood. When we finally decided to sell, she was ready. Within...

— Jenny

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About Sue

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Sue's success in the industry is driven by her strong negotiating skills, attention to detail, and customized marketing plans for each of her clients. She has a proven track record of closing deals year after year and has worked with clients from various backgrounds, including empty nesters, trustees, exectors, widows, and widowers. Sue's clients benefit from her deep understanding of the real estate market, which she has gained through her diverse roles in the industry.

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Contact Details

Sue Nystrom-Walsh | CA DRE# 00822944
Broker Associate
[email protected]
(408) 482-9343

Address

750 UNIVERSITY AVE STE 150
LOS GATOS CA 95032