Buyers
Visualize your future home and I will help you find it.
Visualize your future home and I will help you find it.
Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully
Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.
Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.
Before you start shopping for your property, it is a good idea to make some preparations.
A green file contains all your important financial documents. You will need it to secure financing for your property. The typical green file should contain:
Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.
Buying a property requires making many important financial decisions, understanding complex issues and completing a lot of paperwork. It helps to have an expert in your corner when undertaking such a large purchase. We can guide you through this process, and also provide you with access to property listings before they hit the general market.
Here are some factors to consider when choosing your real estate professional:
Once those preparations are out of the way, it is time to find the right property for you.
Get to know the neighborhoods, complexes, or subdivisions, which interest you. Drive around and get a feel for what it would be like to own a property in the area. Start getting a sense of the properties available in those areas.
Select a few properties that interest you the most and have your real estate agent make appointments to visit them. Ask your real estate agent about the potential long term resale value of the properties you are considering.
Once you have picked out the property you want to purchase, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs and expenses associated with the new property. An agent can also help you draft your offer in a way that gives you the advantage over another offer.
A purchase (also known as the California Residential Purchase agreement) agreement is a legal arrangement between a potential purchaser and the property’s seller.
Some important tips to keep in mind to streamline the process:
A title company will be selected as the closing agent. The closing agent will hold the deposit in escrow and will research the complete recorded history of the property to ensure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are properly added to the title. Some properties are subject to restrictions which limit various activities such as building or parking restrictions. There may be recorded easements and encroachments, which limit the rights to use your property.
You may wish to consult an attorney or tax advisor on the best way to hold title. Different methods of holding title have different legal, estate and tax implications, especially when selling or upon death of the title holder.
Once your offer is accepted by the seller, and if the seller has not already done inspections, it is recommended that we have a licensed property inspector inspect the property within the time frame that was agreed upon in the effective contract to purchase. You may elect to have different inspectors inspect the property, if you wish to obtain professional opinions from inspectors who specialize in a specific area (eg, termite/wood destroying pest, roof, HVAC, fireplace). I can recommend and assist in scheduling inspections.
Depending on the outcome of these inspections, one of two things may happen:
1. Either each milestone is successfully met and the contingencies will be removed, bringing you one step closer to the close, or
2. Your buyer, after reviewing the property and the inspection reports, requests a renegotiation of the terms of contract which might be in the price or possibly a credit to you, etc.
It is imperative that you keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. If the purchase agreement is conditional upon financing, then the property will be appraised by a licensed appraiser (via a third party appraisal company) to determine the value for the lending institution. This is done so that the lending institution can confirm their investment in your property is accurate. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc. You should communicate with your lender frequently to be sure the loan will go through smoothly and on time.
If the property that you are purchasing is conditional upon a home where association (HOA) approval, requesting the rules, regulations, and other important documents from the seller as soon as you have an effective ratified agreement to purchase. We will make sure that the application documents and processing fees are submitted to the appropriate person at the association by the required time. If an approval is requested by the association, your closing agent will request that the original copy of this approval letter be sent to them prior to and/or brought to the closing, so that it can be recorded with the deed in the county public records.
If you are obtaining a loan, you will be required by your lender to purchase a certain amount of insurance on the property. The value will depend on the lending institution and the purchase price of the property in addition to the size of the home, location, etc. You may be able to save hundreds of dollars a year on homeowners insurance by shopping around for insurance. You can also save money with these tips.
We will be happy to recommend experienced knowledgeable insurance agents for every property type.
If you have come this far, then this means that it is almost time for a congratulations, but not yet. We will work together to tie up final details.
More of a formality than anything else, the final inspection takes place a day or two before the closing. We will visit the property to verify that all is in working order, everything is the same as when you last viewed the property, that there are no extra items left behind, and that everything included in your purchase is still at the property.
We will provide a list of useful contact information - and phone numbers for the activation of home services and utilities shortly before closing.
We are ready to assist you should an unforeseen glitch pop up, even at this last stage. Something at the property breaks down, or some other minor detail – no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manor.
The closing agent, also known as the title and/or escrow company (especially in Northern California), will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the closing agent, certifying its accuracy. If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agent’s escrow account, or bring a certified bank check to the title/escrow company in the amount specified on the settlement statement. The seller will have all the property keys delivered to your realtor and any other important information including appliance warranties, garage door openers, etc. will be there for you at the home.
My extensive knowledge about schools, recreation, transportation, cultural activities, restaurants, and shopping helps my clients tremendously while purchasing or selling a home. All this, combined with my years of experience in real estate, means that I know property values intimately.