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Advice for Buyers

» Appraisal and Market Value
» Escrow and Closing Costs
» Home Inspections
» Making an Offer
» Check your Credit Report
» Choosing the right Lender
» Choosing the right Real Estate Agent
» What every first time buyer should know

Appraisal and Market Value

Appraisal and Market Value - Escondido CA real estate agents - RSF Team Realty Your real estate agent is qualified to perform a comparative market analysis to determine your home's value. This analysis looks at similar homes in your neighborhood and considers homes that are currently for sale, homes that are in escrow, and homes that sold recently.

An appraisal, which depending on the home size may cost $300 to $1,000 to perform, is a certified appraiser's opinion of the value of a home at any given time. Appraisers generally review numerous factors including recent comparable sales, location, square footage, construction quality, views and other special features.

Escrow and Closing Costs

Escrow and Closing Costs - Escondido CA real estate agents - RSF Team Realty Escrow is a term that only applies to those who own property. Escrow is often used in the buying or selling of property, or in the refinance of that property. Most real estate transactions utilize the services of an escrow company.

Buyers and sellers often place their faith in the real estate broker or lender to recommend an escrow company. The escrow company being chosen is entrusted to safeguard funds and to execute all necessary instructions in the real estate agreement. In order to protect the interest of both buyer and seller, it is therefore very important to ensure that the escrow company is both reputable and impartial. The escrow fees are usually split evenly between the buyers and sellers.

Closing costs are the fees for services, taxes and other special interest charges that are associated with the purchase of a home. They include such items as loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes. These costs are usually prepared by the lending institution and the escrow company. The buyer generally pays one half the escrow fee; document preparation fee; notary fees; recording charges for buyer documents; interest on new loan from date of funding; the lender's title insurance premium (the seller pays the buyer's title insurance premium); inspection fees; appraisal fees and fire insurance premium.

Home Inspections

Home Inspections - Escondido CA real estate agents - RSF Team Realty The purchase of a home is one of the biggest investments people will make in their lifetimes. But it is also among the greatest sources of anxiety. A home inspection helps ensure homebuyers of the quality of their investment by making them aware of its condition and alerting them to any concerns. This can serve to relieve stress, increase confidence and even reduce the threat of legal action in the future.

Your real estate agent can provide you with a list of licensed home inspectors. Depending on what the inspection report itemizes as defects, your Realtor would prepare a "Request for Repairs" that is formally submitted to the seller's agent.

Making an Offer

Making an Offer - Escondido CA real estate agents - RSF Team Realty Your real estate agent is best qualified as to how much to offer on a property. This is primarily based on the comparative market analysis and market conditions. The offer generally includes two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. The buyer has a due diligence period to check that everything is in order with the property he is purchasing. These contingencies have to be lifted when the standard due diligence period has expired.

Check your Credit Report

Before applying for a loan to purchase a home, you should make sure the information in your credit report is accurate. Lenders review this information in making credit decisions. It is good practice to review your credit score and report from each of the three bureaus at least once per year. If you find an error, the credit reporting agency must investigate and respond to you within 30 days.

Choosing the right Lender

Choosing the right Lender - Escondido CA real estate agents - RSF Team Realty It is important to select a reliable and professional lender either directly or through a good broker. A lending professional will pre-qualify you or pre-approve you for the loan. This is extremely important in making a strong offer that would be considered seriously by the seller. Also with a good lender, you get the best loan at the best terms. Once you are in escrow, the lender works to make sure that the loan is approved and funded in a timely manner. A good lender will provide you service as well as complete confidentiality.

Choosing the right Real Estate Agent

In making such a big financial decision as purchasing a home, make sure you have a professional, ethical and qualified agent. The entry point in real estate is low and there are numerous agents who lack the professional knowhow, business acumen, legal experience and knowledge of the market place. Get an exclusive buyer's agent who will assist you in all aspects of planning your purchase, locating and evaluating property that is right for your needs, negotiating price and terms, financing, inspections and more.

What every first time buyer should know

First time buyer should know - Escondido CA real estate agents - RSF Team Realty Buying a home is one of the largest financial commitments a person can make in his or her lifetime. It's especially critical for first-time buyers to make informed decisions about the investment that they are about to make.

Define your wants versus your needs. Making a list of wants and needs before beginning the search for a home can make the entire process less overwhelming.

Check your credit rating. Being pre-approved for a mortgage by a lender makes your offer stronger than an offer without an approval letter from a lender.

Investigate the neighborhood. Where are the schools and places of worship? How far is the nearest hospital or grocery store? Is commercial garbage collection available or do homeowners dispose of their own trash? These are basic, yet important, questions that some first timers may not think of until after closing on a property.

Insist on a home inspection. Attend property inspections, be aware of environmental concerns and ask questions. Make sure you ask the seller to pay for a home warranty for the first year.

Get help with the details. Coordinating these and the many details of a move can be overwhelming for even the most experienced homebuyer. A good Realtor should be able to guide you with getting all the information you need.

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