Buyer Real Estate Information Resource

Buyer Real Estate Information Resource

Home Buyer Guide

 

Real Estate Issues

 

Rent or Buy the First Big Question-- List the pros and cons of each then assessing the value to you and your family. The difficult part is placing a personal value on the information to decide what is right for you to buy a house or rent.

Find the Dream Home-- How to begin looking for a home creates a problem. Each person has their own priority of what is important. For some it is location. Others, it is the must haves of the house.

Finding the Right Neighborhood-- The work to find the right neighborhood has narrowed down the geographic area. Property searches can take a long time to find the right home.

Dream Home Checklist - Creating a home buyer’s checklist benefits the buyer by setting priorities and makes the home searching process less time consuming.

Look, See, Feel the Neighborhood-- Experience the neighborhood before owning the neighborhood. Driving through a neighborhood can give a person some idea about the community but getting out and walking the neighborhood experiences it firsthand.  It is essential to visit the neighborhood different times of the day.

Check out School, Shopping, Crime-- Three very important aspects of a neighborhood are schools, shopping and crime. Know what they are before owning will prevent any surprises.

Real Estate Problems-- The real estate transaction is complicated. It is difficult because of all the moving parts. There are the legal issues. Many real estate problems can be monetarized. When making a real estate problem into a dollar amount, the solution can be understood by most of the parties involved.

Real Estate Escrow -- The key parts of real estate escrow are done by a neutral third party.  They are agents for the buyer and the seller.  The escrow officer assumes the responsibility of handling all the paperwork and disbursement of funds to close out a real estate transaction.

Comparative Market Analysis CMA--A Comparative Market Analysis or CMA can determine the value of a house.

BPO - Broker Price Opinion --The estimated market price of a property as determined by a real estate broker or other qualified individual or firm. A broker price opinion is based on the characteristics of the property being considered.

Real Estate Escrow -- The key parts of real estate escrow are done by a neutral third party.  They are agents for the buyer and the seller.  The escrow officer assumes the responsibility of handling all the paperwork and disbursement of funds to close out a real estate transaction.

Eight Common Ways to Hold Title California -- How you take title has advantages and limitations. Title to real property in California may be held by individuals, either in Sole Ownership or in Co-Ownership.

MLS - Multiple Listing Service -- The MLS is the most important tool for people looking to buy a home. The Multiple Listing Service has the most up to date list of properties for sale in the area.

Finance Issues

 

Mortgage Pre-Qualification--Mortgage pre-qualification is the first step in getting a home loan. Basically, you just give us your name, phone number, and some basic information and lender will give you a general idea of how much you can borrow.

Mortgage Pre-Approval-- mortgage pre-approval denotes that a lender has taken a detailed examination into the borrower's credit information and has issued a preliminary credit review, pending documentation and the property information.

Loan To Value-- Loan to value (LTV) is one of the key issues a lender needs to resolve before they make the loan. If the mortgage has a high loan to value it may not meet the guidelines of the mortgage. The loan to value ratio must meet the requirements of the lender for a particular loan.

Mortgage Application Checklist--The mortgage application requires a good deal of information.  The information as well as the documents proving the data can feel very personal. The lender is required by some laws to ask for some data. Other data is the lender’s policies and lending guidelines.

Apply for a Mortgage--The mortgage application is one of the more straightforward parts of the real estate loan process. Basically everyone completes the Uniform Residential Loan Application also know as the 1003.

Earnest Money Deposit (EMD) and Down Payment-- Having the money positioned to fund the real estate transaction is very important. The Down payment money should be ready to deposit into the escrow account within 17 days of an accepted offer.

Improve and Fix Credit Problems-- Find out if there are any Repair Credit Issues. Then take action to fix the problems.

Qualify for Pre-Approval Letter-- Make sure lender is able to give a pre-approval letter. The pre-approval letter is different than the pre- qualification letter because the lender or their agent examines some of the documents and checks the credit report. Don’t let the mortgage personnel short circuit the process and just write the letter without checking. The danger is that there may be issues in the credit report or with the documentation on the loan process that needs to be fixed.

Mortgage Application Problems-- Problems with the mortgage application process with in the current regulation climate are normative.  The system creates problems. It is up to the mortgage professional to work through the issues, find the best solution and satisfy the lender’s needs. There are time constraints in most real estate contracts on how long the loan process can take.

VA Loans-- VA loans are loans are designed specifically for veterans. VA loans can be issued by any VA-approved lender and are guaranteed by the federal government.

Closing Costs-- Closing costs refer to the expenses paid by the buyer and the seller as negotiated at the close of the sale of property.  The payment of the closing costs is a negotiable subject between the buyer and seller.

 

Home Buyer Service