Buyers

Whether you’re a first-time buyer or a seasoned homeowner, shopping for a new home can feel daunting. In fact, 56% of buyers said that “finding the right property” was the most difficult step in the home buying process.1 Buying a home is a significant commitment of both time and money. And a home purchase has the power to improve both your current quality of life and your future financial security, so the stakes are high. Follow these five steps—and complete the corresponding worksheet offered below—to assess your priorities, streamline your […]

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When 1 person owns the property individually, then the property is owned in severalty. But when more than 1 person own the property, then the owners have to choose how they hold title from multiple options. It’s very important to decided how to hold title when multiple owners are involved because how the owners hold title will affect the control and the use of the property. In California, there are 3 options to hold title for co-owners: Tenancy in common is usually chosen when the owners are not married and […]

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A Contingency is a provision in the contract that makes one party’s obligation to perform dependent upon to occurrence of specific events. Most purchase agreements are conditional, or contingent. In a Residential Purchase Agreement, the buyers are protected from not losing the earnest money deposit by certain contingencies: disclosures, home inspection, appraisal, loan, and sale or purchase of other property contingencies. For example, if the buyers are not able to obtain a loan, they can withdraw from the contract without forfeiting the deposit. All of the contingencies are clearly stated […]

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What does a buyer need to know about buying a property at an auction sale? Buying a property at an auction is not a complicated thing. If the buyer follows the guidelines, it’s an easy process. Here’s what you need to know about the auction process. Buying a property at an auction is not a complicated thing. If the buyer follows the guidelines, it’s an easy process. Here’s what you need to know about the auction process. Date of the auction – Be there 1h before the time of the […]

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5 tips for making an offer It’s a seller’s market due to scarce inventory, low unemployment rate and very good interest rates. Buyers these days have a hard time getting their offer accepted. It may seem impossible, but following these 5 tips for  making an offer will make this stressful process much easier. Follow these tips when making an offer and you’ll increase your chances to get your dream house faster. 1. Offer a little more than the asking price to show good intention and that you are a serious […]

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The interest rates are still low and there are so many programs available for buyers.  If you are looking for a more realistic program than the zero down mortgage option, you may want to consider the FannieMae HomeReady first time buyer program. The HomeReady mortgage enables you to diversify your financing options. HomeReady – Low down-payment mortgage Info provided by Michelle Wieking Loan Officer  805-340-1530  

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What is Probate Sale? When somebody dies intestate (no will) or without bequeathing their property, the state takes over and administers the sale of the property in probate court. Probate is the court administered process of gathering and distributing the deceased person’s estate to the heirs. The sale will be supervised by a probate attorney or the estate representative who will hire a real estate agent. The probate process appears in 2 situations: If the deceased person had a will and the property is subject to probate, the probate process […]

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When searching for a house, you will see this term “foreclosure” a lot and you might be wondering what does is mean. Here are 5 things you should know about foreclosure. Foreclosure is a legal process that a lender starts when the owner of a house stops paying the mortgage. The lender is forcing the sale of the property used as the collateral for the loan to collect the debt from the proceeds of a forced sale. The lender may have other reasons to declare a default and foreclose: illegal use of the […]

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Escrow is an arrangement in which a buyer and the seller have a third party, the escrow agent holds money and the documents on their behalf until the transaction is ready to close. The escrow agent is often called a neutral depository. Escrow has some benefits because parties are protected against change of minds and they don’t have to attend the closing in person. Usually, the listing agent will open escrow after an offer was accepted. During escrow, it’s common for the buyer to order title insurance to make sure […]

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An appraisal is an estimate or opinion of the property’s value. A distinction needs to be made between value and price. Price is the amount that someone paid for a property in a transaction. Market value is the price that a property should bring in a competitive and open market. To establish the value of a property an appraiser uses some principles, such as anticipation, conformity, substitution, progression, and contribution. 6 Steps of the appraisal process: 1. Identify the subject property 2. Collect data – Neighborhood analysis – a property’s […]

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