Paul Muhlberger, Silvergate Realty’s Broker/Owner, has worked with an array of buyers since becoming a Realtor in 2005. Most of his buyer clientele has consisted of first time home buyers, or buyers who want to move up to a higher price point. Paul enjoys taking new and existing home owners through the process below and helping people realize their dream of home ownership.
First: Why do you need a Realtor when buying a home??
Click the VA-agency link to download the full .pdf VA Agency brochure pictured below, and to find out more about what you can expect from a licensed REALTOR® and when you enter into a buyer-broker agreement .
“When you engage a REALTOR® as your standard agent, you have a professional advocate working on your behalf. Your REALTOR® can offer you the benefit of solid business experience and training. REALTORS® have access to timely market information, can negotiate solely on your behalf, reduce your stress and save you money.”
Next: Silvergate Realty will walk you through the following steps in the home-buying process:
What’s Your Purchasing Power?
Prior to seeing homes that are offered for sale, buyers must understand their purchasing power. Home buyers usually pursue a mortgage (loan) when purchasing a loan. Silvergate can recommend several lending options. Once the buyer understands their purchase level after speaking with and getting a pre-qualification letter from a lender, then Silvergate will facilitate the home viewing process. This can take several weeks given the current level of inventory available on the market. Rest assured, Silvergate stays up to date on the most recent and existing homes that are on the market and we are able to convey this data to you via email.
Fair Market Value
Once a home is targeted, Silvergate will counsel the Client on what is considered fair market value of the home, and suggest a good offering price range. If the Seller and Buyer agree on the terms of the offer, then the Client becomes “Under Contract” on the home. The period from contract ratification to “settlement”, when the buyer officially becomes a home-owner, is typically 6 weeks.
Items Lenders Need When You Apply for a Loan:
- 2 most recent pay stubs (one full month)
- past 2 years W-2’s
- past 2 years federal tax returns
- Most recent 401k, stocks, or IRA statements
- 2 months of bank statements
- Letter of explanation for all deposits that are not income-related, and copies of the checks
- Letter of explanation of all credit report inquiries
- Name and phone number of person to verify employment
- Name and phone number of management company if you are currently renting from a company
- Name and phone number, as well as 12 months of documentation proving you have paid rent for the past 12 months, if you are currently rending from an individual
- If divorced, a copy of the divorce decree
- Copy of drivers license
Once you are under contract, Silvergate will facilitate all of the following steps needed to get you to closing.
- Schedule and be present at a home inspection by a professional home inspector. This typically occurs within 10 days of being under contract. If the Buyer and Seller cannot resolve any of the request for home repairs that may arise from the inspection, then the Buyer can safely remove himself from the contract and start searching for another home.
- If both parties agree and continue toward settlement, Silvergate will ensure the Lenders request for the Buyer’s financial information is being conveyed. The Buyer must diligently pursue approval from a Lending institution by supplying a wide array of information, such as, but not limited to the items listed above. Silvergate will monitor this process closely to make sure the Buyer Client is in full compliance with the Lender’s needs and the contract to purchase the property.
- Several weeks before the “settlement”, Silvergate will recommend a Settlement Agent who will assist the Buyer in processing a myriad of documents, including ensuring the Title (proof of ownership) is clear of any defects.
- On the day of settlement, the Agent will be present with the Buyer Client, to ensure any last minute details are resolved and the Buyer can take possession of their new home! We will remind you prior to this date to transfer all utilities into your name.
- Silvergate is always available to their Clients, even after the above process is completed. We are happy to make an assessment and make recommendations for local professionals should any issues arise with your new home.