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There is a
system to purchasing San Diego real estate which can be broken down
into six basic steps. Following these steps will
simplify a real estate transaction while avoiding common
mistakes made by the typical consumer.
Get
Pre-Approved
The most common
mistake made by the typical consumer is shopping for San
Diego homes
without having financing pre-arranged. A
qualified mortgage professional will help the buyer figure
out the amount the buyer is qualified to borrow and
determine any options available to the buyer to increase
borrowing power.
Consumers
need to explore alternative lending programs, such as those
backed by the Federal Housing Administration (FHA), the
Veterans Administration (VA), The Federal National Mortgage
Association (Fannie Mae) and private source of funds.
The pre-approval process is much more involved than a simple
pre-qualification process. Pre-approval converts a
buyer from “contingent” to “all cash” improving
one’s negotiation position.
The
Interviewing Process In Selecting A San Diego Real Estate Agent
Consumers need to
select the real estate agent that will best serve his or her
needs; ask for referrals.
The Actual
Hunting Process
A common mistake
made by many buyers is that they select a home too rapidly.
In a hot market however, a quick decision may be necessary.
We recommend buyers view at least 5 to 10 homes within their
price range. The importance of step one, getting
pre-qualified is that home buyers are only looking at homes
they can afford thus expediting the shopping process.
The
Negotiating Process
Once a home shopper
finds the right property it is now time for the
negotiations. If you have followed this outline in its
proper sequence you are ahead of the game. In an
active real estate markets being pre-approved prior to
finding your home will improve your chances of getting the
home desired should there be competition for the home with
multiple offers. Home sellers are more likely to
accept an offer from a prospective buyer if they have the
assurance that the buyer can complete the transaction
rapidly.
Loan
Processing and Approval
Once the home is
selected and the terms have been negotiated, your lender
will take the buyer from the loan application to the final
approval of the loan. There are many steps along the
way that will need constant supervision and involvement from
all parties.
The Closing
Process
A buyer that does
not come to the closing fully prepared may run into
unpleasant surprises that could not only delay the closing
of the deal, but could very well dissolve it altogether.
The buyer's team (agent, lender and closing representative)
will coach the buyer on what happens at the closing and what
documents to bring.
Always
consult with a qualified real estate professional prior to
implementing any real estate planning strategies
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