031. phase 1 of the home buying process, the looking phase

In this video, i discuss the first phase of the home buying process, the looking phase. i also announce “the reside daily bite” is officially on itunes. click here!


Hello everybody and welcome to another episode of the Reside Daily Bite; I’m your host, David Doucette. Before I get into today’s episode, I want to announce that we are officially on iTunes. The Reside Daily Bite is officially a podcast on iTunes and I’m going to post the link in the show notes where you can click to subscribe to iTunes. So once you subscribe in, as the shows are released, they’ll be automatically downloaded and then you can put them on your iPod and you can take them with you. When you go on that big vacation, you can take the Reside Daily Bites with you and watch them on your iPod, on the plane, relaxing by the pool, where ever you are…in Jamaica…on vacation. So that exciting news out of the way, I will now talk about the 4 main stages or phases of the home buying process. We’re going to be talking about this all week, actually.

Number one is the looking phase; number two is the finding phase; number three is the buying phase and number four is the closing phase. And we’re going to be talking about each of those phases in separate videos or episodes this week.

Today, I want to talk about phase 1 -the looking phase. In the looking phase, what we’re really going to be doing here is just beginning our search. So we’re going to start narrowing down the neighborhoods. We’re going to start getting an idea of where the neighborhoods we want to start concentrating our focus on. We may not know exactly what those neighborhoods are but we can start getting an idea. For example, here on the Westside of Los Angeles, we might know we want to be on the Westside, somewhere that may be Santa Monica, that may be Palms/Mar Vista, that may be Venice…we just don’t know yet. We’re going to start to focus in this stage.

Very important! We’re also going to start talking to lenders and discussing our financial goals and our financial strategies with them because what we want to do at the end of phase 1 is to be pre-approved for our loan and its amount. So then we know exactly what we can afford as we move on to the second phase (the finding phase).

Also, in the looking phase, it is when we’re going to be selecting our agents. We’re going to be interviewing several agents, talking to several agents, figuring out who best can serve our needs. It’s always recommended to at least talk to 2 or 3 and really figure out and see who’s really listening to your wants and needs, and who you think you will work best with because this is a very intimate relationship -this home search process could last a couple of weeks, it could last a couple of months or more. So, it’s very important that you feel comfortable with the individuals or the agents or lenders that you’re working with. And that really is the completion of the looking phase.

So again, what we’re really focusing on is neighborhoods, our lenders and getting pre-approved (our very important goal here), and then our agent. We’re starting to get our team together; we’re starting to focus on the neighborhoods, we’re talking to lenders, and we’re talking to agents. And once we do all that then, we can move in to phase 2 -the finding phase- which we will talk about tomorrow.

One last thing I’ll mention is I did a podcast on the four stages/phases of buying your home and you can find that at ResideRealtor.com, episode no. 3. If you want to hear about all those phases, the episode is I think about 45-50 minutes or so, were I delve into each of the phases and give some commentary there as well.

My name is David Doucette, thanks again for checking out the Reside Daily Bite.

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