Surviving Escrow

You’ve Opened Escrow, Now What?  Panic? Well, maybe a little. Besides doing that, follow these suggestions (and your realtor’s advice) and you’ll soon be the proud owner of a new home. After you’ve signed on the dotted line, you’ll be asked to provide a check for the “earnest money”, showing that you are a serious buyer. In Southern California, the standard of practice is that a deposit in the amount of 3% of the purchase price is deposited into escrow. This deposit check may also be held by an attorney …

Types of Mortgages

Fortunately for buyers, there are a variety of mortgages to choose from. It is in your best interest to investigate each of them to determine which is the best for your situation. You probably won’t qualify for all of them. In fact, you may only qualify for one. But if you do qualify for more than one, you may save yourself money (and worry) in the long run if you do your homework before signing on the dotted line. Fixed-Rate Mortgages Adjustable-Rate Mortgages The Convertible ARM FHA and VA Loan  …

How to Negotiate with Sellers

Buying a home is one of the most important purchases most people will make. In order to make the right decisions the first time, potential buyers need to be prepared. Consider the following before starting negotiations: Be prepared  Research the housing market in the target area. Once you have information about the general area, focus on the particular property and seller. Look for answers to questions such as: 1. Why is the homeowner selling? (If they’re moving because they find the area undesirable, you might as well.)2. How long has …

Advice for First Time Home Buyers

  Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to pay for a home. Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the …