If you’ve found the perfect California home for you, what you need to do now is to complete the deal. The home-purchasing process is not short by any means, and you are sure to face a couple of snags in one way or another. So that there are no obstacles or barriers in the way of you and your next home, we have compiled a list of things you need in order to make an offer to your seller that they can’t refuse.
1.Get yourself prequalified
If you do not have a prequalification letter, you should contact your loan officer to get prequalified as soon as possible. A prequalification letter makes you stand out from other homebuyers, lets the seller know how serious you are, and makes it easier for the seller to complete the deal sooner.
2. Talk with your lawyer or real estate agent
You will also need to be sure that the purchase agreement for Newport Coast homes for sale will meet regulations by state and local law offices. These rules may change over time, so a simple internet search to determine what is and isn’t acceptable may not suffice. In order to keep things simple and safe, your real estate agent should keep a template of your updated purchase agreement.
3. Find out a reasonable price for the home
You should heavily consider how much money other homes in the area have gone for. Your agent should be the best resource to determine how much you should offer for the home. Alternatively, you can use pricing tools online to determine the value of the home depending on the location, age, size, and other important factors. Sure, it can be understandable if a home seller accepts the highest offer for the home, but that is not always the case as explained in our next step.
4. Have the money ready
To confirm the down payment, you need for your loan, refer to your prequalification letter. If your down payment calls for sell-offs of investment or funds sent by family, you will need time for that money to get in your account.
Next, you will have to get an estimate on the closing costs with your real estate agent, title agency, or loan office. Closing costs are usually around 3 percent of the purchase price of the home. You can also talk with the seller to negotiate on these closing costs.
Finally, be transparent with how much money you will give to the seller right away in the offer. The seller needs to know how much money they will receive right away and how much they will receive on loans. If sellers receive two similar offers, they will lean more towards an offer that gives them more money right away.
5. Put together a list of contingencies you need
You will need to compile a list of contingencies necessary to get the deal done. Some contingencies include a report from an inspector, history of damage and renovation on the home, confirmation of value from an official appraisal, and your loan approval respectively.
6. Have a timeline for all who are part of the deal
The process of buying your home can often get hit with delays due to miscommunication between two or more parties. With that said, establish a definite timeline for tasks to be completed so that you know that everyone involved will know what they need to do and when it should be done. Such notable dates in this process include reviewing disclosures, a timetable for when to negotiate, and even when you will secure your loans.