Buying a Home...

Buying a home is the most significant and sizable investment most people will ever make in their lives. You want the process to go as smoothly as possible, you want the transaction handled by someone you can trust, and you want the most house you can get for your dollar. Whether you're buying for a quick turnaround in today's market, or planning to find and hold onto your American Dream, Jim Alvino -- backed up by Prudential California Realty's reputation of excellenct service and professionalism -- will help guide you through your purchasing decision with ease.

MAJOR STEPS IN THE HOME BUYING PROCESS SIMPLIFIED The Decision to Purchase -- Maybe you've been renting for some time and are finally in a position to make a down payment on a home. (Did you know VA loans do not require a down payment?) Maybe you're a two-income family and each year, despite tax shelters and pension plans, you feel you're giving away too much of your hard earned money to Uncle Sam. (Home mortgage interest, property taxes and other itemizations are deductible. See Financing for a mortgage calculator.) Or maybe it's just time to move to that perfect neighborhood to raise your family. Whatever the reasons, there are considerable advantages to owning your own home.

Agency and Listing -- Typically, sellers list their homes with a real estate broker, who has a fiduciary responsibility to the owner of maintaining utmost care, integrity, loyalty, honesty, and confidentiality. As a buyer, when you enter into an agency relationship with a broker, you will receive the same fiduciary obligations from your broker. Buyers and sellers must sign a simple Agency Disclosure Form as required by California's civil code.

The Residential Listing Agreement -- Click on Selling.

Finding That Perfect Neighborhood -- It is often said of retail establishments that the most important factors in their success are location, location, location! The same can be said for buying a home. Even more critical than the actual house is the neighborhood where it is situated as surrounding socioeconomic conditions can affect current and future property values. That said, in assessing the neighborhood that's right for you, consider such factors as quality and proximity of schools, access to freeways and public transportation, shopping, employment opportunities, available health services and medical facilities, the kinds of activities your family is interested in, etc. Click here to explore specific neighborhoods.

Negotiating for Your Home -- Lots of factors figure into negotiations including supply and demand of housing inventory (right now the number of homes on the market has grown a little and prices are declining slightly); the condition of the property (is it good to go or a fixer-upper?); whether credit terms are favorable or money is tight (mortgage rates are beginning to creep up although 100% financing is often available); and other considerations that influence a purchase... like desirability of the neighborhood and the surrounding environment.

Making an Offer -- Your agent will communicate your written offer, with a deposit or some other consideration, to the seller's agent (see next paragraph). The seller may accept it as is, reject it outright, or make a counter offer based on one or more of the terms or conditions: price, closing date, etc. One or more Counter Offer Forms may be used by the buyer and seller in this phase of the process. An offer is considered "accepted" when acceptance is communicated back to the buyer by the buyer's agent.

The Residential Purchase Agreement -- This is commonly referred to as the Deposit Receipt. It is a contract between buyer and seller and includes property description, purchase price, provisions for inspections, and any mutually agreed upon conditions or contingencies. The Deposit Receipt also contains financing terms (buyer has the right to use a lender of his/her choice), seller disclosures, various addendums as needed, and joint instructions to the escrow company in seeing that the terms of the contract are met and that financial obligations are covered and executed.

Escrow: The Final Phase of a Home Purchase -- An escrow company is a neutral third party that assists the buyer and seller in consummating their agreement. At Prudential California Realty in Huntington beach, we have an in-house team that will expedite this process with speed and efficiency. Among its tasks, an escrow company will request a title report and policy; draft, record, and distribute all necessary documents (including the deed); take care of money matters (pay off any existing loans, prorate taxes and insurance between buyer and seller, disburse funds to appropriate parties); and schedule the signing of the final documents. Then break out the champagne!

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