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What are the
steps to buying a home in Today's Market?
1) As soon as you
find your dream home, you'll need proof that a lender will grant you
the appropriate loan to include with your offer. For most
of the homes for sale today, it will be a bank/investor who makes
the decision on whether to approve your offer. Many will require
that you also submit your information to their lender to ensure that
your lender is correct in stating you can qualify for a loan.
You are hearing that
prices are going down and logically assume that you can acquire a
"deal' well below the asking price. This depends...there are deals
to be had. Some are had below the asking price. Others are bid well
over. As when entering an auction, the way to proceed is to get a
good idea of the market value of the home you want and offer
accordingly, regardless of how it is priced.
Today's market is
different from other markets because although prices are declining
there are multiple offers on the best properties. We have a
frenzy of demand because there are indications that we could be near
the "bottom". We are also experiencing record low interest rates.
In light of this, be
prepared to "outbid" other buyers. Banks aren't interested in
counter offers. They often just look at all the offers and take the
one that nets them the most money. This pretty much eliminates
the 2nd chance afforded by a counter offer.
I would be happy to recommend a
reputable lender. There is no obligation for your consultation and
it can take as little as 5 minutes on
the phone to get started and
find out how much you may qualify for as well as get any questions
answered. If you have some challenges and wonder how they may affect
your qualifying, that's ok. The lenders I work with have over 20
years experience and would be happy to give you advice and direction
on how to overcome your challenges and clear the path to
homeownership.
2)
Click Here to get all the tools you need to get familiar with
the market. Not only can you search for homes for sale, but you can
also see what homes have recently sold for.
3)When
you find homes you're interested in seeing, give me a call or shoot me
a message on the special website I provide for you & I'll show
them to you. 951-500-8969
4)
When we see a home you're interested in purchasing, I'll do a
"market analysis" . This will show us how the price
compares to the home's market value (price of similar homes that sold
and are on the market).
5)We'll
take care of the paperwork & I'll negotiate with the
seller & seller's agent to secure the home for you Once you have
an accepted offer, we "go into escrow" and the home is
placed in the
"Pending Sale" status.
6)Once
in escrow, we'll be choosing and arranging for a home inspection.
You'll have 17days(depending on the contract) to inspect your potential new home and make sure there
are no unforeseen major defects before your commitment is finalized. I
can help you find inspectors and interpret the inspection reports.
7) After the inspection period the escrow company, your lender & I
will be
handling loan details & paperwork. Then, about a week before
"closing", we'll
be doing a "walk through" inspection to verify the condition of your
new
home. Escrow will be calling you to "sign loan documents".
8)
Once "docs are signed". It's just a few days until you'll get a call
saying that you
are now a new homeowner and be handed your keys!
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PMI is only for less than 20% downpayment
Adjust the interest rate according to the
current rate
THE dance we were going to was formal. Elegantly dressed, I headed
downstairs, picking up in passing a wastebasket that needed to be
emptied and a mop that had to be put away. The door bell rang. I
answered it, still clutching mop and wastebasket
The young man gave me a startled look.
"My wife and I were interested in
buying a
home in this neighborhood," he began, "but if this is the way everyone
dresses to clean house, I'm not sure we want to live here."
Why are some Agents so Rude
when
I call to see the home
in their ad?
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