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Home Buyers Guide
Getting Started Buying a home is the biggest financial decision most people make in their life. It's no wonder then that roughly 90% of those involved in a real estate transaction choose the services of a qualified real estate agent. After all, if you were making any other investment decision that involved hundreds of thousands of dollars, wouldn't you seek the help of a knowledgeable representative? The focused expertise of an Exclusive Buyer Agent can save you time, hassle, and, potentially, thousands of dollars. In the end, working with an Exclusive Buyer Agent will open new connections and approaches to finding the right home, making the buying experience more pleasant and providing you the most options. Jump Ahead To: Why Own a Home? | Selecting a Real Estate Professional | Working with a Lender | Needs and Wants | Surveying the Neighborhood | Home Inspection | The Closing Process | Temporary Housing Home-ownership can be a great investment; more importantly, the pride and satisfaction associated with owning your home represents the ultimate accomplishment in most people's lives. If you already own a home, buying up or down can either move you toward greater financial potential and sense of accomplishment, or represent a needed life adjustment in living space and/or accommodations. For many, building equity is reason enough to pursue the purchase of a home. While renting certainly has its advantages, owning a home offers prestige and the peace of mind that one's finances are being invested toward the future. But aside from the equity in owning a home, there are many other benefits to owning a home: Community Stability: When you own a home, you put down deeper roots into the neighborhood and community. There is a sense of stability and belonging that comes with owning a home. Security Against Inflation: As prices rise, so does the value of your home, giving you a hedge against inflation. Freedom: Independence comes with owning a home. You have the freedom to decorate your home, make unique home improvements, and landscape the yard to your liking. This allows you to create an interior and exterior environment that represents the essence of who you are. Selecting a Real Estate Professional It goes without saying that there are many real estate professionals from which to choose. The question is, how do you know whom to choose? When buying a home, you can save time, effort, and money by working with an Exclusive Buyer Agent, like the professionals at Buyer Team. For more information, see "Why Choose an Exclusive Buyer Agent?" or "Why Choose Buyer Team Realty?" Here are a few factors you should keep in mind when selecting a real estate professional with whom to work: Market and Community Knowledge: Market knowledge and experience are both important traits of a real estate professional. You should choose an agent that knows not only the local real estate market, but also has a broad understanding of employment opportunities and recreational possibilities within the community as well. Recommendations: Ask those you know and trust if they can recommend a real estate broker. Someone you know, in fact, may have informed you of this Web site. To see what Buyer Team Realty's clients say about them, see our Testimonials. Connections with Sellers: When you work with a real estate agent, you are working with someone with connections; connections typically amount to a better deal for you. Buyer Team Realty has established an extensive network of the most active and knowledgeable listing agents throughout the Greater South Bay/Long Beach Area. Established Professional: Select a real estate broker that is dedicated to his or her work. A professional buyer's agent knows the current market trends and latest approaches to serving clients. Choose a real estate professional that approaches his or her work as the primary focus and passion of their business life. If you are like the majority of people buying a home, you will need the help of a lender. Your lender will assess the financial viability of your purchase, and provide the financing needed. The professionals at Buyer Team Realty require their clients to have their financing pre-approved prior to viewing properties or preparing offers to purchase. You don't want to view or enter a contract on a home that would result in monthly payment and/or an up-front investment that is not within your comfort range. Buyer Team Realty's services include an optional in-house lending service. Many clients enjoy the convenience and ease of working with one professional in the home buying and financing process. We have access to the largest and most competitive lenders across the United States. When buying a home, it is important to assess both your needs and wants. Make clear distinctions between the two, as you will inevitably have to trade off one characteristic for another.
Needs
Wants There are no right or wrong answers here. One person's wants may be another person's needs, and vice versa. Simply be aware of which requirements are non-negotiable versus those that you can live without if necessary. Be observant when considering a new neighborhood. What pace of life characterizes the neighborhood? Is this where you want your kids growing up and playing? What about the noise level? Now is your chance to be a detective; consider all factors about the neighborhood in which you may be living. As you gather notes, approach the home from different directions, and at different times of the day. This will help expose you to what goes on around the neighborhood, which you would experience daily if you were living there. Check distances to:
You should have your home inspected to assure that the home is safe and sound for your family and that there are no defects that could result in a costly expense. A home inspection will also provide you with helpful information on how to maintain systems so that they remain in good working condition. The best time to schedule a home inspection is after you already have an accepted offer on a home. We always include a conditional clause in the contract, which makes the sale contingent on the home inspection. A home inspection will assess whether or not there are any structural problems with the foundation or structure, detail the condition of the major systems, locate where necessary features are (water shut-off valves, electrical panels, etc.), and provide suggestions on how to keep the home's systems running smoothly. The closing process is the final step in the purchase of your new home. The closing is coordinated between your lender, escrow company, and title company, along with other providers such as termite, home warranty, and insurance companies. An earnest money deposit will represent your sincere intention to the seller of your commitment to purchase the property. Your deposit is credited towards the purchase price of the home at closing. The purchase and sales agreement will be reviewed by the escrow officer; at the same time, a title search is conducted to determine the accuracy of the title, if there are any unexpected liens against the home, and whether or not the title is sound and insurable. After your loan is approved, the lender prepares loan documents and forwards them to the escrow company. You then sign the loan and closing documents, which are prepared by the escrow officer. The balance of your down payment is received and the signed closing documents are forwarded to the lender. The lender then releases your funds to the title company, who records the deed and mortgage with the County Recorder.The transaction is now closed, and the title changes hands. Congratulations, you're now the owner of a new home! If you are searching for a home or property from outside the city, you may need to find temporary housing in the Greater South Bay/Long Beach Area during your search. To do so, try perusing these Web sites that feature temporary housing opportunities. For rental properties, try: |