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How to buy a home in 7 pleasant steps

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The housing market, getting hitched to a Realtor that does not pack the gear to serve in the trenches can cause big implications for a home buyer.

Make sure your Realtor packs the gear by interviewing a few real estate agents. Don't just hire a realtor because someone said they happen to be the BEST Real Estate agent in the world. You have to see for your self if they are.

It could be they are not from the area in which you want to buy a home. Today, that causes more flack than you can imagine, because those all important "relationships" with the True Local Realtors don't exist.

It is also important to know they are a 100% buyers agent or have a team that consists of 100% buyers agents. This is a very hard and constrictive real estate market. Lacking inventory means that homes don't stay on the market too long. Meaning that your real estate professional should be hunting for you on a full time basis. If they are also responsible for running a full office, dealing with their sellers real estate listings, marketing, advertising and negotiating short sales and dealing with Foreclosure Inventory, they may not have time for you. food for thought.

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How to buy a home in 7 pleasant steps

  2. 2. 1. Is owning a home a good fit? Maybe renting is a better option – consider these items: Realize that homeownership has perks like positive tax consequences With homeownership, maintenance is typically the responsibility of the owner Maybe you are not settled(maybe needing to move) in life and don’t want to be a landlord Maybe you want to dig in and grow in a specific community, not wanting to potentially move every year -If you believe that homeownership is good fit, please read on…
  3. 3. 2. Condo, Town-home or House? Choose your poison: Condo – Typically a single level – like an apartment, parking not attached usually. People above and below and on sides too! Town-home – Typically more than one level, attached garages in most cases, small yard or nook typical. Single Family Residence (house) – Separated dwelling from others, typically with it’s own front and rear yards. Garages usually have direct access. Usual property boundaries expand on all four sides of dwelling.
  4. 4. 3. City, Area or Neighborhood? Are you going to stay a while? Then consider where you will be buying: Are schools a factor? How about shopping – do you need it close? Entertainment and Movies – would you like to walk there? Crime and Safety – Is this important to you and yours? Pride of homeownership – Are the neighbors homeowners or a bunch of renters and do you care? Do you desire space or don’t mind being close to your neighbors? Friends and Family – Too close, too far or just right?
  5. 5. 4. Can you “afford” to buy real estate? Difference between “afford” and “qualify for”. Have your Realtor® introduce you to their BEST Mortgage Lender or Broker Ask your Realtor® why the person / lender they referred to you is the BEST Ask the lender what they need to “qualify” you to borrow money typical: running of your credit – tax filings – w2’s – bank statement – paycheck stubs Ask the lender to explain the “different” types of loans and which would be best FHA vs. Conventional – 20% conventional – 5 and 10% - VA Loans(if you were/are a veteran) Ask the lender to produce a GFE(good faith estimate) – aka the lender’s poker hand  this will show you how they structure their fee’s and what your payment will be at a specific amount – have them prepare one at your maximum and at a more comfortable level (which may be different)…
  6. 6. 5. Is your Realtor® the best fit? This question should be asked during your interview stage, before step 2 Look on-line for a qualified real estate agent -(look at the first page, not paid ads) Ask Friends and Family if they know a good one Interview at least three “local” real estate agents Make sure they are about helping not closing! If they have committed *buyers agents or buyers representatives working for them, that can be a Super Bonus!!! *Buyers agents only work with Buyers and devote their time 100% to the task of getting a Real Estate buyer what they want!
  7. 7. 6. Let the hunting begin… Your Buyers Representative should be doing the searching Your Buyers rep should give you a “secure website” to use to do searching on your own The data you are viewing on their website should be the exact same data Realtors get If your agent is saying to use a website, other than their own, be weary Search within your means and ensure your Realtor® of choice does the same Don’t look at homes outside of your comfortable price range – this causes “overspending” View properties quickly with your realtor® - First in has the largest advantage in any market
  8. 8. 7. Choose Wisely The offer you write should be explained, chapter and verse Your Realtor should explain the “what happens next” for everything Your Realtor should cover the Escrow Process and “time frames” Offer preparation and presentation by your Realtor® is very important Removal of contingencies is very important to discuss Complete offers should be submitted only! Loan approval letter for the exact amount of offer – Bank Statements verifying down payment amounts – Credit Scores (ssn marked out) – Copy of the Deposit Check – and a Well Written Offer
  9. 9. Das Finished Thanks for reading the Paris911 at REMAX of Valencia CA presentation of: “7 Pleasant Steps to Approaching Home ownership” By: The Paris911 Team RE/MAX of Valencia CA 25101 The Old Road – Santa Clarita CA – 91381 661-400-1720