Here are the 15 steps that need to be taken to purchase a home: 1 The Initial Interview Determine what you need and want in your new home Discuss the parameters of your search Discuss financing 2

The Bay Area market is one of the highest priced markets in the country, so naturally it's more difficult for first time buyers to afford to buy here Luckily, there are several programs that are being offered by various lenders that allow the borrower get a much better interest rate than they normally would

Considering what is happening in the mortgage industry, it's important for us real estate agents to make sure our buyers are going to be able to get financing once they get into escrow Today, because of the fallout of the sub-prime mortgage industry, lenders have tightened up standards and are examining borrowers much more closely

Basically a short sale is when a property is sold for a price which is less than the remaining balance owed on the property For instance: A buyer purchased a property in 2005 using and adjustable rate or interest only mortgage that was due to reset in two years