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Buying
a home is as easy as 1-2-3 ...
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Home Buying Steps
1)
"How much house can I afford?"
- Most buyers ask themselves this question
at one time or another.
2)
Locate your home - How do you go about
finding the right property? It is one of
the biggest decisions in your life. Once
you do, make a well calculated offer.
3)
Do the financing - Understand the issues
surrounding obtaining your mortgage - rates
terms, points, and variable versus fixed
rates.
The
process of obtaining financing should begin
before you start your property search.
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Your Buying Power and
Affordable Financing
The
process of buying a home or investment
generally starts with determining your
buying power; that is, your financial
reserves plus your borrowing capacity.
If you give a real estate agent some basic
information about your available savings,
income and current debt, they can refer
you to lenders best qualified to help
you. Most lenders -- banks and mortgage
companies -- offer limited choices.
Your
agent can help you in understanding different
financing options and in identifying qualified
lenders.
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Locating
the best property...
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Finding Your dream home
Once
you know how much you can and want to invest,
the next step is to find the properties
that most nearly fit your needs. This is
the time to choose a real estate licensee.
When picking a real estate agent look for
one who is also a REALTOR®.
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A REALTOR® is a member of the NATIONAL
ASSOCIATION OF REALTORS®, a real estate
trade association, and all members agree to
abide by a 17 article Code of Ethics. A REALTOR®
has many resources to assist you in that search.
Sometimes the property you are seeking is
available but not actively advertised in the
market, and it will take some investigation
by your agent to find all available properties. |
Once
you find it, now what? ...
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Negotiating the price and terms
There
are a myriad of negotiating factors, including,
but not limited to price, financing, terms,
date of possession, and often the inclusion
or exclusion of repairs and furnishings
or equipment. The purchase agreement should
also provide a period of time for you to
complete appropriate inspections and investigations
of the property before you are bound to
complete the purchase. Your agent can advise
you as to which investigations and inspections
are recommended or required.
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Use
a professional realtor to help you...
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Diligent research
With
a negotiated agreement in hand, it is time
to complete the evaluation of the property.
Depending on the area and property, this
could include inspections for termites,
dry rot, asbestos, faulty structure, roof
condition, septic tank and well tests, just
to name a few. Your agent can assist you
in finding qualified responsible professionals
to do most of these investigations and provide
you with written reports. You will also
want to see a preliminary report on the
title of the property. Title indicates ownership
of property and can be mired in confusing
status of past owners or rights of access
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. The title to most properties will have
some limitations; for example, easements
(access rights) for utilities. Your agent,
title company or attorney can help you resolve
issues that might cause problems at a later
date.
Finally,
there is the closing, or settlement, as
it is known in different parts of the country.
The title or escrow company will handle
this process. Your real estate agent can
guide you through this process and make
sure everything flows together smoothly.
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Point
Loma
Real Estate or any of its affiliates or principals
does not make any warranty or representation concerning
any of these properties including their availability.
Information at this site is deemed reliable but
not guaranteed. All information has been provided
by seller/other sources and has not been verified
by broker. All interested persons should independently
verify the accuracy of all information.
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