Q.Should I talk with a bank before looking at homes?
The answer to the question is YES! There are tons of reasons why you should talk with a bank and get pre-approved before looking at homes. First and foremost, talking with a bank before looking at homes can help you understand exactly how much you can afford. If you’re a first time home buyer, talking with a bank before looking at homes is strongly suggested, as there are many first time home buyer programs available. These programs can vary from state to state and county to county, so knowing exactly what’s available to you, is critical. Another important reason to talk with a bank before looking at homes is so you understand exactly what costs are associated with buying a home. There are many home buyers who don’t understand the difference between a down payment, pre-paid items, and escrows, which can be thoroughly explained by a mortgage professional. A mortgage professional can give you advice on the type of financing you should be looking to obtain and also whether or not you should request the seller to contribute towards your closing costs, also known as a seller’s concession.
Q.Should I buy or continue to rent?
Buying a home can be a very solid investment. This being said, renting can also be a better option for some, depending on the circumstances. The current interest rates are incredible. A 30-year FHA mortgage can be locked in at a rate of around 3.5%. Since the interest rates are so low, it actually can be cheaper to pay a mortgage right now than paying rent.
There are questions that you should ask yourself before deciding to buy a home. One of the most important things to consider is the length you plan on staying in a home, if you were to purchase.
Q.Do I really need a Realtor when buying a home?
When buying a home, it’s strongly recommended you have a Realtor. There are many reasons why you should have a Realtor represent your best interests when buying a home. Keep in mind, all Realtors are not the same! When choosing a buyers agent, make sure you know how to properly interview prospective Realtors when buying a home.
Attempting to buy a home without a Realtor can really make the home buying process more difficult. Having a Realtor is always recommended when buying a home. One thing not to do when buying a home is calling the listing agent because you don’t want to “bother” your Realtor. This is one thing that real estate agents hate.
Q.Who pays the Realtor fees when buying a home?
One reasons why buyers ask the question about the need of having a Realtor when buying a home is because they don’t understand who pays the Realtor fees when buying a home. There are no guarantees, however, in most cases the seller pays the Realtor fees.
Q.How long does the seller have to respond to my offer?
There is not a standard answer to this question. A purchase offer will have a “life.” The “life of the offer” can vary from 12 hours to 3 or 4 days. There are many circumstances that can effect the length of the “life of the offer.” Your Realtor should know how long of a “life” to give to your offer. If you’re looking to purchase a home that is newly listed and the possibility of multiple offers exists, a shorter life is recommended. If the home you’re looking to purchase has been on the market for 3 months and the seller is located out of town, a 2 day “life” maybe necessary and/or recommended.
Q.What should I know before buying a condo?
Determine Whether a Condo is the “Right Fit”
It’s very important to ask yourself before buying your first condo, “Should I Buy a Condo?” As mentioned above, owning a condo is much different than owning a single family residence. Weighing the pro’s and con’s is a must!
One major difference between a condo and a single family residence is the proximity to your neighbors. It’s very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence. Can you envision yourself living that close to your neighbors?
Another important consideration in determining whether a condo is the “right fit” or not, relates to the maintenance that is usually included in the association fees. If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit. Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance.
We at Dk Realty Grp. are experienced with Buying and Selling Condos. We have long standing relationships in the community working with notable High Rises and Condo Communities in Long Beach and throughout the Orange County area. We are happy to share and help you in finding your new home.
Selling a condo is much different than selling a single family, multi family, or vacant land! The purchase contract for a condo is not the same as it is for other types of residences. There are different contingencies than the common contingencies that are in a residential purchase and sale contract.
One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing. The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations.
Due to these differences, it’s important you work with a real estate agent who has experience selling condos! A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked..