Home Buying Information

Written by Posted On Thursday, 15 September 2016 13:21

Buying a home in the Newport Beach area or any area requires many considerations. When you are considering one of the largest purchases that you will ever make, it is essential that you work with a Top Newport Beach Professional

Home Buying at a Glance

Some of the benefits of Newport Beach home ownership include your monthly payment contributes to the equity of your home. With very competitive interest rates, it is an excellent time to purchase a home.  Purchasing a home is an investment. With each mortgage  payment, you are owning more and more of your home. Additionally, there is the added tax benefit of owning a home. The taxes and interest are tax deductible from your income tax, please consult your tax advisor for more specific information.

When you are navigating the home buying process, it is essential that you work with a Real Estate Professional. The home buying process can be complicated and working with a seasoned Realtor, you will be guided through the process of home buying. ONe of the very first and important steps is to meet with a lender to get pre-approved for a loan, and you will know how much you have been qualified for with a home loan. A Realtor will provide a pre-approval letter along with any offer than is made on real property. Having a pre-approval will show the seller that you are serious about purchasing the home, and have demonstrated good faith by meeting with a lender.

Then, it is deciding to find the Newport Beach property which fits your needs and expectations. A professional Realtor will take you out to the Newport Beach communities based upon what is important to you. Some buyers prefer condos versus single family homes, and gated communities are another consideration. Take into consider the number of bedrooms, bathrooms, and size of home. If you are a growing family, you may want to purchase a home with additional bedroom to accommodate your family.

Should you decide to purchase a fixer (if you are handy) or a home which is newer, or has been remodeled. It is important to remember that unless your budget is unlimited, there are typically concessions a buyer might have to make. Other considerations may include a main floor bedroom, entry level and if a buyer would prefer a one story or two story home. ONe of the most important considerations is what school distrct the home is located in. 

Once you have identified a property you want to make an offer on, your Real Estate professional will complete a comparative market analysis, to assist you in determining fair market value of the property. Other considerations include length of escrow, amount of down payment, and contingency period. Another consideration is how quickly you would like the sellers to respond.

Then the offer is presented to the listing agent of the property. A counter offer may or may not come back, or there may be multiple counter offers for the property as well.

Once the offer has been accepted, the escrow is then opened. The Residential Purchase Agreement has default lanague which states there is a 17 day contingency period for the buyer to complete their due diligence including home inspections, and termite inspection, and there is a 21 day loan contingency. This can always be changed from default language in the contract as they are negotiable items.

All inspection reports, Natural Hazard Reports, Title Reports are provided to the buyer, and the buyer will have the contingency period to review the information. The buyer will also deposit their initial deposit into escrow as a gesture of good faith in the transaction.

The Real Estate Professional will guide you through the process, and explains the contracts.

If I can answer any questions about purchasing a home in Newport Beach, please contact me, as I welcome the opportunity to assist you.

Originally published at http://newportbeachrealestatecafe.com/how-to-buy-a-home-in-newport-beach/


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Sharon Paxson

Sharon Paxson is a full-time REALTOR® who assists Buyers, Sellers, Landlords, and Renters throughout Newport Beach CA and the surrounding area. Specializing in residential real estate since 2005 Sharon covers Newport Beach, Newport Coast, Costa Mesa, Corona del Mar, and Huntington Beach.

DRE 01501912



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