For Buyers

When it comes to buying a home, I think "You", the buyer, will appreciate what California has done in Regulating the Purchase Transaction. The laws will help the buyer in an effort to try and provide a complete understanding of the property being purchased.

Unless you are paying All Cash (Purchase Price + Approximately 5% for Closing Costs) you will need a loan. To Start the Loan Process:

Create a folder with COPIES of following Financial Documents.

  • Loan Accounts: Credit Cards, Auto, Student, Home Equity, 2nd Mortgage, etc.
  • Liquid Assets: Savings, Checking, CD’s reaching maturity, etc.
  • Investments: Stocks, Bonds, 401K, Roth IRA, Mutual Funds, Life Insurance, etc.
  • Income: Pay Stubs 2-3 Months, Alimony/Child Support, Dividends, Rental Leases, etc.
  • Tax Returns for 2 years.

Now you’re ready to meet or phone conference with a Lender.

  • Try not to Run Your Credit to many times with a Lender, as this will lower your score. They will need all 3 credit monitoring scores: Experian, TransUnion, and Equifax. If there’s more than one borrower, usually the lowest score will be used by the borrower with the most income
  • Continue to make all your bill payments on time or no more than 30 days past due.
  • Note: Credit Card Balances, less than 30% of the credit limit will increase your score.
  • I’ll need the contact information for your Loan Agent. Our interaction is crucial in meeting the closing date deadline.

Now you’re ready to make a Stronger Offer.

  • Have your Loan Agent draft a Pre-Qualification Letter (Pre-Qual). Even better is to get Pre-Approval. Both will demonstrate you’re serious about buying and have done a lot of leg work to prepare for a loan.
  • I’ll submit the Deposit and Pre-Qual Letter or Pre-Approval or Proof of Funds (for All Cash Buyers) with Your Offer!!!

Here's how we start our search for Your Home!

  • I'll need to speak with your Loan Agent to see how much can you afford. We need a price range for most accurate search results.
  • What do you want? How many Beds, Baths, Cars, Yard, Stories, etc.?
  • Where do you want to live? Close to School, Highway, or Park. Maybe a particular City or a Quite Secluded Place.
  • Our Initial List will produce the most results. After we see what's on the market, we choose and make an offer or see if something more desirable comes up.
  • If looking takes time, rest assured I'll be updating you daily.
  • There are down payment assistant programs avialable with income limits.

After we find Your Home and Your Offer is accepted, here are some key details that need attention in Escrow!!

  • The California Residential Purchase Agreement, (which can only be used by Licensed Agents that are Members of the Ca, Association of Realtors) has 3 pages of “Terms of Purchase and Allocation of Costs”.
  • Paragraph Title or Contract Terms.

1. Close of Escrow.
2. Expiration of Offer.
3. Deposit Amount.
4. Loan Type and Terms of Loan.
5. Type of Occupancy.
6. Seller Credit, if any.
7. Verification of: All Cash Offer or Down Payment Amount and Closing Funds.
8. Verification of Loan Application.
9. Final Inspection.

  • Contingencies.

1. Loan & Appraisal.
2. Investigation of Property (Property Inspection)
3. Review Seller Documentation.
4. Preliminary Title Report.
5. Buyers Sale, if you're Selling and Buyer.

  • Possession.

1. Time of Possession.
2. Tenant Occupied Unit.

  • Items Included in Sale.

1. Stove, Refrigerator, Washer & Dryer, Security System, Electric Car Charging System, etc

  • Allocation of Costs.

1. Natural Hazard Zone Disclosure Report.
2. Government Required Point of Sale Inspections Report.
3. County and or City Transfer Tax Fee.
4. HOA Certification.
5. Escrow Fees.
6. Lenders Title Insurance.
7. Homeowner Warranty Plan.

As mentioned, this isn't every detail of the transaction. Rest assured I will guide you through all of it!!

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