The Buying Process

Step 1. Find an Agent

Connect with Justin Ratowsky, a licensed California Compass real estate agent who is knowledgeable about the neighborhoods you’re considering and can help guide your search.

Step 2: Get Pre-Qualified

Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying the full price of your home in cash). Ratowsky Group can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much a bank will lend you, which will help you determine the price range for your search. Decide on your budget— 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.

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 the Ratowsky Group will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 3: Visit Properties

Now is the time to consider your ideal home’s location and amenities. You will attend viewings and open houses spanning a range of areas and property types. Additionally, your Compass agent will activate notifications for exclusive Coming Soon and Off-Market properties as they hit the market.

Step 4: Packaging and Submitting Offers

Once you identify a home you like, you can put in an offer, which is an agreement to pay a certain price for the home. This offer is packaged with a Proof of Funds (POF) and Pre-Approval Letter. Note: if your offer is lower than the list price or with terms not acceptable to the seller, the seller will likely return with a counter-offer price or acceptable terms, which you can accept, reject, or make another counter-offer. Your Compass agent will provide advice throughout.

Our 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: Escrow Process

Life of an Escrow: (30 day escrow period)

Day 1 Once offer is accepted, escrow is officially open and the clock begins on contingencies

Day 2 Contact your insurance agent for homeowners coverage

Day 3 Initial deposit is due per terms of agreement

Day 1–17 Seller delivers disclosures to buyer. Buyer performs inspections

Day 1–17 Loan is in underwriting and appraisal occurs

Day 7–30 Seller signs grant deed and staging is removed, if any

End of Escrow Within final week of escrow period, buyer signs loan and closing documents and wires in closing funds (Step 10) Day 30 Loan funds and escrow closes (recordation).

Step 6: Home Inspections: Review Disclosures, Reports & Repairs

It is the buyer’s duty to schedule all desired home inspections and determine the overall condition of the property within the agreed timeline and contractual contingencies. Buyer will also review the disclosures and preliminary title report. You may approve or negotiate credits/repairs. Prior to closing, remember to schedule a final walk-thru of the property to verify property is still in acceptable condition and any negotiated repairs were done.

Testimonials

When it came to buy our dream home in Huntington Beach there was only choice and one team. Craig Ratowsky and his son Justin Ratowsky. Buying a house when you are ou...

Debbie & Josiah H.

Over the years we have bought and sold three homes through Craig Ratowsky. He is very experienced and has been so helpful and responsive to all our needs.

William L.

I purchased my first home with Craig in 1988 and from the inception, Craig has been the consummate professional. Since then, I have been fortunate to of worked with ...

William R.

I’m writing this review from my comfy couch in my amazing new home thinking about how I wouldn’t even be here without Craig and Justin Ratowsky. Sounds like an exagg...

Aaron P.

Craig Ratowsky was wonderful to work with in both the sale of our previous home, and the purchase of our current home. He was skilled in knowing what to expect on th...

Lisa B.

We owned a home in Oregon so we decided to move to Oregon to be closer to our family. My neighbor next to me had used Craig Ratowsky several times when buying houses...

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Step 7: Loan, Appraisal, & Closing

Organize an appraisal with your bank. Your completed mortgage application with all supporting documentation should be submitted to your chosen lender upon receipt of the fully signed Purchase Agreement. The bank then issues loan approval. Consequently, the buyer wires the closing funds with the homeowner’s insurance in place, and then the loan will be funded with clearance to close.

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.

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