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BROKERAGE AFFILIATE: CA Investor Realty Corp.; LICENSE #01445155
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Enter the property
Doing it alone. Buying
a house is a complex transaction. Even if you don’t use an agent,
you’ll need a complete, dependable team: lender, lawyer, inspector,
insurer, as well as referrals and advice from friends and family.
Enlist the help of these individuals early in the buying process.
Buying at first
sight.You may be in love with the place, but does it fit your
family’s needs and budget? Make a list of your needs and wants and
make sure the house fits your requirements. Check out the
neighborhood and the community before you buy by visiting at
different times of the day and week to learn about noise and
traffic patterns. Even if you don’t have kids, check out the local
schools to make sure your resale value will be good.
pre-qualified and pre-approved. Being pre-qualified gives you a
general idea of how much you can afford to borrow. Being
pre-approved means a lender has verified your information and
credit rating and agreed to provide you with a specific amount of
money. You are in a better position to go house hunting knowing
exactly how much you can afford and that you have financing.
Not determining if
you are getting a fair deal. The best way to determine if you’re
getting a fair deal is by comparing the cost of the home you’re
interested in with similar homes in the area. You can do this
easily by having your Realtor provide you with a CMA (that’s short
for Comparable Market Analysis). A CMA lists such things as
addresses of recently sold homes; prices date sol, the number of
bedrooms and bathrooms and –ideally—such things as the home’s
condition, its size and extra features.
trust. No matter how much you like the agent, sellers, inspector,
or the guy down the block who vouches for them, remember this is a
business transaction. Your decision is binding. Do your own
research and know your support team’s roles and responsibilities.
Relying on oral
agreements. Get it right and get it in writing. Written agreements
almost always trump oral ones when it comes to contracts. If the
offer says the lawnmower is negotiable, but the agent says it’s
included, get it in writing.
Skipping the fine
print. You need to understand what you’re signing before you pick
up a pen. Ask for documents in advance, make time to read them and
ask questions. Get copies of your mortgage papers a few days ahead
betting on resale. Avoid buying a home that costs 50 percent more
than neighboring homes and think before buying the most expensive
home on the block. Your neighbors’ lower home values will weaken
yours. Remember, markets change. If you buy intending to flip your
investment and the market falls and you have to sell, your selling
price may not be enough to even cover your mortgage.
unconditional offer. Protect yourself with at least two of these
contingencies in your offer:
Mortgage financing — You’re pre-approved, but is the
house? Before a bank will lend you money, it will want a formal
appraisal of the property to confirm that there is sufficient
equity in it to warrant the loan. If the house appraises lower
than the sales price, the loan may be declined.
Inspection — never buy an existing or new home without a
thorough home inspection. Walk through the home with the
inspector to learn more about the house and any concerns he or
she may have.
Insurance — confirm you can get adequate coverage. In
some areas, it’s difficult to get hazard insurance.
remorse. No place is perfect. There will always be surprises.
Don’t let a few initial blips spoil the whole ride. And don’t miss
a great house waiting for the perfect one!
agents are ready to assist you in finding your dream home