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Buying a Home Tips
Before You Buy
Preparing to Buy
Home Buying Process
12 Things to Know
Real Estate Agency
Buyer Representation
Competitive Market Analysis
A Winning Offer
Home Warranties
Home Inspections
Title Insurance
What is an Escrow?
What happens at Closing
Closing Costs
Mortgage Tips
Selling a Home Tips
Relocating Tips
Real Estate Glossary
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1. Plan to Buy a Home in an Area You Intend to Stay
Make sure you can commit to remaining in one place for at least a few years. When looking at areas of interest take into consideration your job and commute time, school district, distance from loved ones and any other factors that are important to you. Most Long Beach home buyers stay in their home between 5 to 7 years before they move again.
2. Check Your Credit
Since you are likely to need a mortgage to buy a house or a condo, make sure your credit history is as clean as possible. Ask for a copy of your credit report and correct any inaccuracies before you begin house hunting. Your lender may be able to assist you in cleaning it up.
3. Calculate your Finances
Aim for a house you can afford....
Getting pre-approved by a lender will ensure that you are looking at houses in the right price range. Getting the best interest rate is based upon your credit score and other lender factors. Please avoid popular online lenders who say "when lenders compete, you win". Those offers are not based upon your credit scores...we call them teasers.
4. Hire a Professional
You can use the internet to find real estate agents in your area or call the Red Wagon Team toll-free at 1-800-300-6126.
Also, it is best to ask for recommendations from people who have used agents when buying their home. Ask them what their experience was like and if they would use the same agent again. Interview several agents before determining the one you want to work with.
5. Do your Homework
When making an offer on a house, your opening bid should be based on the sales trend of other homes in the neighborhood. Use a Comparable Market Analysis of homes sold in the last three months. Have your real estate professional prepare this analysis on the home you want to buy. If homes are selling three percent below the asking price, then make your offer three percent below the listing price.
If you are competing with other buyers for the home, you should offer above the listing price. Offering the listing price with other buyers competing will not make your offer stand out.
6. Hire a Home Inspector
In California, you have up to 17 days, depending on your contract, do conduct inspections of the property. Consult with your Realtor® for 3 references of home inspection companies. These are independent companies not associated with the city that you are moving to.
Call them as soon as your offer gets accepted to schedule an appointment. You, in most cases will be paying for this expense. The average cost is $250 to $350 depending upon the size of the property. This will establish if there are any problems that would require costly repairs.
If you discover major items that you want fixed, you can ask the seller to fix them in writing. They are under no obligation to respond to your request or fix those items. Keep that in mind. Your real estate professional will help you with the negotiations.
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