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Hot
Tips for Buyers ... stuff that most buyers don't
know
1. Terms... Did you know that it is to your advantage to pay $5,000,000 for a $500,000 home if you can name whatever terms you want? Be careful, "terms" are very important and can help you a whole lot, or they can hurt you! A low price can bring a smile to your face. But it can also be a rip-off. 2. Commissions to an agent for bringing in the buyer are built into the price of most real estate transactions. Whatever agent writes up a contract for you in California gets the commission, even if it is the sellers' agent. Did you know that in a national survey most buyers of homes thought the seller's agent was their agent? For the same price you can get your own Exclusive Buyer Agent and have someone representing you, instead of the seller. 3. Zero Down is now possible for non-vets, as well as vets, on most any home in California in most any price range. 4. Credit problems are not a big hindrance to buying a home if you qualify on all the other usual requirements. However, it is unlikely you will get the interest rate and/or points you want. 5. Quick Qualifiers are good for people with large cash down payments - these "easy paperwork" loans allow you to buy a home with only: Lenders are not worried about possible unemployed or under-employed people defaulting on a loan when 25% of the buyer's money is put into the transaction. 6. Lease-Option possibilities dry up in a hot sellers market. Sellers can get their homes sold right away at top price. A lease-option locks the sellers into selling downstream at last years low price. And most homes with lease-options are considerably over-priced. 7. Competing for the sharp home you want in a hot sellers market with other buyers who are usually willing to pay over the asking price? You are in a group representing 95% of all buyers in the area during a sellers' market. Go down the street to the ugly fixer-upper that needs paint, carpet, landscaping and some tender loving care (TLC). You won't have much competition there, and you will be in the other 5% of buyers. You will have a larger selection of homes with much less likelihood of participating in multiple offers. 8. Most fixer uppers can be made into a like-new home during the escrow period, often at the seller's expense with creative negotiating. When escrow closes, it's like moving into a newly refurbished home. And you won't likely have the competition of multiple offers during the negotiations! 9. When you "sign-in"at a new subdivision model home, you are giving up the commission that may have been reserved for your agent. If you come back later with your own agent, they will have your signature as the reason you were attracted to their property, and they will keep the commission for themselves. If you intend to use a buyer broker, and you should for your own protection (you have heard the horror stories, haven't you?), the fee will have to come out of your own pocket. Don't sign in at new home sales offices if you would like your own buyer's representative and the protection you deserve. Always have your agent with you when visiting model homes.
No Money Down is a possibility for anyone with good credit and an acceptable income when home prices are rising. The typical loan combination is an 80% LTV (Loan To Value) first loan and a 20% second loan. There are usually a few mortgage brokers doing the 100% LTV loans. Sometimes the same lender will do the 2nd, as well as the 1st. Their risk is low because of rising prices in this area. When prices stabilize, or start falling, these loans disappear. Call your lender for details. If you don't have a lender, ask for our client generated list of lenders.
Government Foreclosures can be purchased with little or no down payment if you plan to live in the home. If purchased for use as an investment rental property, these can be purchased with as little as 10% down. Unfortunately, there aren't many homes left in this price range in the larger cities of Northern California. And because we are in a hot market most of the time, foreclosures of any kind have been almost nonexistent since about 1995. People can simply call a listing agent and get their home sold quickly when faced with the possibility of foreclosure. |
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