THE PROCESS OF BUYING A NEW HOME
BUYING A NEW HOME: Start searching for the home and determine how much the home would be. Get prequalified and preapproved for mortage loan then find the right real estate agent. Search properties without committing to an agent or feeling pressure to make a move. Shop for the home and make offer. Get the home inspection.
Finding the Right Home: Use public records and online real estate listings to do research. Focus on gathering information about the seller, the property and the neighborhood. You can find out if the house is in foreclosure, whether the seller is party to a divorce proceeding, see the Google street view and determine whether the house has been on the market before and at what price. When searching for the ideal home, the location is going to be the most crucial factor. The reasons location is so vital is that you want your home’s value to grow over time. A good location mean a fairly good commute, an easily accessible downtown area with restaurants and shopping, access to good schools and more. Or a home in a more secluded area, far away from the hustle and bustle of town. Finding the right location for family needs will likely make everyone much happier in the long run. The right house is the house that you want to go inside and embraces you the moment you enter. The bathrooms are bright and clean. The best time to buy a house is in the late summer or fall. Shoppers will find plenty of homes on the market, but not as much competition for them as in the spring and early summer, when more buyers are on the prowl.
Finding the Right Real Estate Agent: The State state should have a website where one can look up the state-issued professional licenses an individual holds. Try Googling "Texas professional licensing. Also contact the local board of REALTORS directly to inquire if the agent/company with which you are dealing is a registered member in good standing. The real agen is who can write an offer on your behalf, and who negotiates with home sellers so you don’t have to. Someone who amps up your confidence and counsels you through big decisions (teamwork makes the dream work). And, someone who wants you to find a house you can be happy in because they’re invested in your happiness. If the housing market doesn’t line up with your needs and budget, your agent will go back to the drawing board with you. They interpret raw housing data through the filter of your unique search, then tell you what’s important and why. They help you map the path to your goal, and connect you with trusted experts who can get you into your dream home. A good agent, with knowledge of the market and negotiation experience, can make the difference between a successful purchase and a deal that falls apart. In most cases, buyers pay nothing to use an agent because real estate commissions are covered by the seller.
Finding the Right Lender: Shop around to find the best mortgage lender. Consider different options like local bank, local credit unions, online lenders and more. Ask each of them about rates, loan terms, down payment requirements, property insurance, closing cost and fees of all kinds, and compare these details. Find lenders who offer government backed home loan and ask about first-time home buyer programs. Wholesale rates can actually be much cheaper than retail interest rates you'll get with banks, meaning a lower monthly mortgage payment. Of course, most borrowers will attempt to secure financing with their local bank or credit union before turning to a mortgage broker. The best home lender would be Quicken Loans, SoFi, Citi Mortgage and Chase.
The Art of Bargaining: If there are more homes for sale in the area than people who want them, there is usually more room for negotiation than if there’s a shortage of inventory, as is the case in many desirable neighborhoods throughout the country. A good rule of thumb though is to offer 5% to 10% lower than the asking price. Don't forget that sellers often take this into account and deliberately put their house on the market for more than they expect or would accept. Base your offer on the home value, not the list price. If you see a home you like, be prepared to move fast and make the first offer the best offer because if the offer is too low you will miss out on the home you like. The more you know about the seller, the more you can tailor your offer. Does the seller already have a new place and want a quick closing? Is there a divorce involved? Does the seller not have a new place and therefore would prefer a longer closing or even a rent-back agreement? Ask a lot of questions of the listing agent and the seller, the more you know about the seller, the better strategy you can put together. The deal is ‘If you got a good property that meets your needs.' If you get it, then you win.
Home Inspection: It’s certainly acceptable to ask for a credit if the inspection reveals major problems. But in a tight market, you may not get it. These days, it’s unlikely that a seller will make significant repairs, and you’re better off asking for a credit at closing so you can hire your own contractors. In some hot markets, prospective buyers do an inspection before making the offer so they can submit an offer with fewer contingencies.
Best Winter Fishing Destinations in California: California winter fishing hot spots that offer moderate temperatures, smaller crowds and the chance to get away and enjoy the great outdoors while you await warmer weather. Trinity River: Stretching from Lewiston Dam to the Klamath River at Weitchpec, the 110-mile long Trinity River is one of most well-known steelhead streams on the West Coast. This incredibly scenic river is known to average steelhead in the four- to eight-pound range. – Lower Sacramento River: Ideal spots include the 16-mile stretch between Redding and Anderson and the 30 miles of ideal fly fishing toward Red Bluff. – Southern California Lake: Lake Perris in Riverside County and Lake Casitas in Ventura County are two locations worth visiting from November to February, as it is a prime time of year to catch bass along with early spring. – Eastern Sierra: In Bishop County, the three miles south of the Pleasant Valley Reservoir on the downstream of the Owens River feature wild brown trout and plenty of rainbow trout for fly fishing enthusiasts in designated wild trout water. Other popular year-round spots include Hot Creek and Upper Owens River in Mono County, located in the high mountains near the beautiful Mammoth Lakes. – California Delta: In close proximity to Sacramento, Stockton and San Francisco, this 1,000-mile waterway is formed by the confluence of the Sacramento and San Joaquin rivers and lies east of the Suisun Bay in a truly unique location. – Pier Fishing: While the numbers of fish will be decreased, you'll still have a good chance to catch surfperch, pileperch, rubberlip, walleyes and maybe even a halibut. Inshore areas will probably be your best bet, as barred surfperch tend to congregate near the surf in large numbers from December to March. Larger halibut can sometimes be snagged near the pier too, though there won't be as many up for grabs.
Deed Restrictions:Deed restrictions aren't HOA rules. Deed restrictions are difficult to change. Usually it takes a judicial ruling, not just community disagreement, to invalidate them. In other worlds, a property's use can be limited by both deed and HOA restrictions. Investigate all restrictions before buying. The real estate agent and title company can help determine if the ruling body still exists or is actively enforcing the rules, an important piece of information to know before you buy. You may not want the hassle of begging enforcing groups or judges to allow you to build a work shed or park your boat in the driveway. Some common deed restrictions can cover the following:
Sales Restrictions: Deed restrictions aren't HOA rules. Deed restrictions are difficult to change. Usually it takes a judicial ruling
Down Payment and Mortgage Options: There are lots of mortgage options out there, each with its own combination of pros and cons. Making a higher down payment will mean having a lower monthly mortgage payment. Normally, the smallest mortgage payment is a 30-year fixed mortgage. But a larger monthly payments gets a lower interest rate with a 20-year or 15-year fixed loan. Adjustable-rate mortgage is riskier but guarantees a low interest rate for the first few years. In addition to the down payment, borrowers are often responsible for origination fees, mortgage insurance and appraisal fees. As such, conventional loans tend to have a higher out-of-pocket cost at closing than other types of mortgage loans.
TITLE YOUR HOME
Home Title: A property’s title is the bundle of rights that dictates who has legal or equitable interest in the property. In real estate, a document called a “deed” records a property’s title, and the transfer of that title between two parties or individuals. The municipal clerk’s office typically keeps a copy of deeds for all properties in its jurisdiction. When purchase a home, a title company conducts a title search and makes sure that the seller is the sole owner of the home and no one else has any legal claim to or against the property. Lenders often require borrowers to purchase lender’s title insurance, which protects the lender against loss for the loan amount if someone has a claim against the property. Homebuyers are strongly encouraged (but not required) to purchase additional owner’s title insurance, which protects their investment if there are legal challenges to ownership down the road.
How to Title Your Home? Title laws vary from state to state. Below are the different ways to hold a title.
The biggest adventure you can take is to live the life of your dreams: We live in a wonderful world that is full of beauty, charm and adventure. There is no end to the adventures that we can have if only we seek them with our eyes open.