Are you BUYING A home?
BUYING BENEFITS
As South Bay real estate agents and locals with thorough knowledge of each specific neighborhood’s unique characteristics, we can guide you on realistic expectations based on the purchase price most comfortable for you.
Although finding your home is a priority, the #1 reason to work with us is our expertise, experience, and powerful negotiation skills.
What to expect when buying a home
Our scheduled showing is canceled at the last minute for some reason.
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The pictures on the MLS far surpass the reality of the property.
A home appears on Zillow, Redfin or non-MLS websites as active but it is already sold.
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An estimated value appears on Zillow and we do not agree with the “zestimate.”
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You will negotiate 2-5 times on the transaction.
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You will become annoyed with the frequent and last-minute paperwork with seemingly impossible deadlines.
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The dates on the contract will change, possibly multiple times.
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You will become anxious and nervous.
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You will think you paid too much.
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You will think you paid too much.
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You will think you paid too much.
THINGS YOU ABSOLUTELY SHOULD NOT DO
Don’t quit your job.
Don’t change your job.
Don’t hide anything from your lender.
Don’t buy large ticket items.
Don’t open a credit card.
Don’t talk to sellers directly.
Don’t delay doing requested paperwork.
Don’t wait to find the absolute PERFECT HOUSE.
THINGS THAT ARE IMPORTANT TO DO
Tell us what is MOST important to you.
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Be prepared to act fast if you find a home you like.
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Make ALL deposits traceable. If you need to transfer money, consult with your lender to determine the best way.
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Be COMPLETELY HONEST with your lender and include any information about child support, alimony, wage garnishments or payroll deductions.
80/10/10 Rule
If you find a house that has 80% of what you are looking for, 10% of things you can change and 10% of things you can live with, IT’S A KEEPER!
STEPS TO BUYING
Consultation with Steve and Kendra Day
Speak with a lender to become: a. Pre-Qualified or b. Pre- Approved
Once you have received Lender Qualification, it is time to start looking
Customized search is created
Call or text us when you see a property you are interested in viewing
View desired properties
Make an offer, negotiate, and both parties accept the terms of the contract
Offer accepted
Wire or take earnest money deposit to escrow within 3 days of accepted contract. The amount is typically 3% of purchase price
Schedule necessary inspections and/or reports
Appraisal Scheduled: Buyer pays the appraisal fee
Submit request for credit or repairs (negotiable
Remove Physical Inspection Contingency (standard is 17 days from accepted offer but can be negotiated in original contract)
Remove Appraisal Contingency (standard is 21 days from accepted offer but can be negotiated in original contract)
Remove Loan Contingency (standard is 21 days from accepted offer but can be negotiated in original contract)
Obtain lender-required paperwork for closing
Receive and sign final closing documents from Lender
THIS MUST BE RECEIVED 72 HOURS PRIOR TO CLOSING
Final walk-through inspections
(scheduled within 5 days before close of escrow)
Call utility companies to have utilities transferred on the date of closing
Record the loan and close one day following funding
You are a homeowner
Considerations and Costs associated with buying
PRIce
The most important factor is being comfortable with your monthly mortgage, including taxes and insurance.
Number of Days to remove Physical Inspection Contingencies.
PHYSICAL INSPECTION CONTINGENCIES
Is there anything in the home you would like included in the sale (i.e., Washer and Dryer, Refrigerator, TVs, Furniture, the Dog)?
EXTRA ITEMS
This is negotiable in the original contract. If the seller does not agree to pay for the inspection, the average cost for a Wood/Pest Destroying Inspection is $150.
TERMITE & WOOD INSPECTION
Typical offers include a 20% down payment
DOWN PAYMENT
Number of Days to remove Appraisal and Loan Contingency.
APPRAISAL & LOAN CONTINGENCY
Contact your lender to get a better picture of the fees associated with your loan.
LENDERS FEES
Based on any recommendations from Physical Inspection and/or personal desires for work on the property.
ADDITIONAL INSPECTIONS
Number of Days in Escrow.
Escrow
Wood/Pest Destroying Inspection and Section 1 repairs.
INSPECTIONS
The cost for an inspection can range from $300-$800 depending on the square footage and number of bedrooms and bathrooms.
PHYSICAL INSPECTION
Specific things to your particular situation.