Buying A House In A Down Market Orange California Tip 2
Tip No.2 - Get Prepared, Orginized and Planned.
Keep in mind, you are probably not the only bargain hunter looking to steal a good deal out there. You may have an edge on the sellers, but another buyer could snap up your great deal if you delay the buying process or if you try to knock down the seller's too much. To make sure that you're able to pounce on a deal at a moment's notice, it makes sense to get pre-approved for a mortgage and to have an attorney on retainer to handle the closing paperwork, in California it is very common to have Escrow companies to handle this costs and paperwork. (To learn more, see Pre-Qualifies Vs. Pre-Approved - What's The Difference? and The Benefits Of Using A Real Estate Attorney.)
It also makes sense to line up a home inspector and an insurance agent. These professionals provide valuable information and let a buyer know early on in the process, during the attorney/escrow review period, what items might need repair as well as what the home will cost to insure.
Do all this investigation with each pertinent party, do not rely only on your realtor, even though we have the duty to assist you and provide you with a full disclosure of the property conditions and neighborhood, you are the investor and if you have a particular concern about neighborhood, streets, house, etc. do hesitate to conact the pertinent entity, we can help you to get in contact once you let us know what you want to find out.
For more information I invite you to visit my website www.carlmorales.com or send me an email at cmorales@ochomes-estates.net you can always call me or text me at 714-955-1932
Thank you all have a great day and don't forget to comback tomorrow for the next tip.
Carlos
Carlos,
The pre-qualified vs pre-approved was good point out. Most buyers are unaware of the difference. Maybe you should also mention that who pre-approves them is just as important. From our experience we see that most sellers, especially on distressed properties like short sales or REO prefer a strong direct lender over a mortgage broker. Since the mortgage broker cant approve borrowers any way. If you have buyers that need a strong direct lender and want those pre-approvals before your clients die of old age give my office a call, and we will see if we can work something out.
JP Lowry--President--Preferred Financial Funding, Inc