Mortgage Updates

October 8th, 2009 8:40 PM
If you are thinking of buying a home, you'll want to be prepared. Real Estate Agents, Lenders, Attorneys and Accountants are there to guide you, but the ultimate responsibility is yours when you make a big commitment like buying a home.
 
1.   Get pre-approved. You do this for two important reasons. One, you will learn the highest price you will be able to finance and not waste time looking at “wish homes”. Secondly, you will be ready to move when you find a property.  An offer from an approved prospect becomes more valuable. In today’s market many properties are getting multiple offers and sellers can pick and choose.
 
2.   Interview two or three successful agents who are familiar with the areas in which you are interested. One thing you might consider – go to www.dre.ca.gov, click on the “Consumer” tab. On the left side of the page, click on “Real Estate License Lookup”. It will tell you the status of any agent including how long they’ve had their license and if they have ever had any disciplinary actions. 
 
Remember there are many different types of transactions today:
      A. Good old retail from an owner
      B. New home sales
      C. Short Sales
      D. REO Sales (Bank Properties)
      E. Trustee Sale Auctions
 
     I'd also suggest that if you are interested in a specific area, and want to purchase a Bank Owned Property, drive through the area and see who has the majority of the listings.  Contact that office, and perhaps work with the "buyers agent" for that listing team.  Your chance of getting one of those listings increases by working with their "in house" agent.
 
3.   Ask for references for a CPA, if you don't have one. You'll want help from a professional and since neither real estate agents nor lenders can provide tax advice, you should know someone that can direct you. Knowing how the tax deductability of you property taxes and mortgage interest will affect your income taxe liability, can help you bring home more $$ in your paycheck when your w-4 form is properly adjusted.  Agents advise you about real estate matters including disclosure, contracts, values, financing and regulations.
 
4.   Educate yourself. Here is where the Internet is invaluable. Just go on Google Advanced Search and put in pertinent phrases such as the topics mentioned in #2. Websites to visit include www.irs.gov, www.dre.ca.gov,  www.realtor.org, among hundreds of others. Also, there are many real estate blogs.
 
5.   Become familiar with California forms. When you select an agent, ask for copies of the C.A.R. Purchase Agreement, Agency Disclosure, Transfer Disclosure Statements, Escrow Instructions and any other Disclosures your agent would recommend. Studying beforehand is good and you can ask questions when there is no time is of the essence pressure.
 
6.   Good Luck. Real Estate might not be the ATM right now that it was in the recent past but it is still the best investment in this best of all possible worlds.  Sources provided by Duane Gomar Seminars
Posted by INGRID PIERSON on October 8th, 2009 8:40 PMPost a Comment (0)
Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:



VITEK Mortgage Group is licensed by the Department of Corporations under the California Residential Mortgage Lending Act.  

Ingrid Pierson: Licensed - NMLS # 233666

VITEK's Privacy Policy.

 


VITEK MORTGAGE GROUP-NMLS233666
Phone: Fax:

Contact Us | Placer County | First Time Buyers No Down Payment | Outreach | Children & Caregivers Information | Referrals & Recomendations | Sac County Assessors Information | Home Value Estimators | Home Affordable Program | one half % down payment | Tell a Friend | Real Estate Glossary | Loan App Checklist | Site Map | Loan Application | Getting Qualified | Rent vs Buy Calc | Refi Breakeven Calc | Mortgage Calculators | Customer Login | Our Service Area | 9 Steps to Ownership | Disputing Credit Reports | Ingrid's Blog | Sacramento Experts

Copyright © 2012 VITEK MORTGAGE GROUP-NMLS233666
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map