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Buyers: What you Should Know

It is very exciting time (!), you have decided to buy real estate, and of course the first thing everyone does is go on the internet and start looking at properties. While that is very satisfying, the first step a buyer should do is: 
1) Get pre- approved for a loan. To place an offer on any property you have to be pre-approved first. To complete this task upfront allows you the flexibility to put in an offer quickly, so you do not miss out on an opportunity, but more importantly, it ensures that you are looking in the correct price point. It is heartbreaking to fall in love with a home only to find out it does not fit your budget.
2) You can either go through a loan broker, who is able to shop loans and rates, or with a bank or a credit union that has their own loan programs and rates. Either option is a good option. If you need some referrals Danielle can provide them to you.
3) When you are pre-approved you will receive an estimate that will include the monthly payment, the payment includes the principle of the loan, the interest, taxes and insurance (PITI)). With this information you can then determine what price point you are most comfortable with for your needs and lifestyle
4) Once you determine your price point, if you haven't already, now is the time to select your Realtor. Your Realtor will help you select the price range you should be looking in for your price point, show you properties, set you up on an automatic email program for when new properties hit the market, make suggestions on what properties to see at Sunday opens and submit and negotiate an offer when you have found the one!
5) Prior to submitting an offer on a property you are interested in, your Realtor will obtain the property disclosure packet and review it with you. In the packet it will include information on the property, including any inspection reports provided by the seller.
6) At the time of making an offer, your Realtor will review with you the contract and it’s implications, and you will determine the price and terms you want to offer.
7) Once in contract your Realtor with work with you to schedule any inspections within the timelines based on the contract and be present at the inspections.
8) Be prepared that there are closing costs when purchasing real estate. There are escrow fees, loan fees, property taxes and transfer taxes. This amount varies depending on several things but you can expect to pay approximately an additional 3.5% of purchase price in closing fees. This information is provided in an estimate from the title company.



Danielle Abramson
BRE# 01400825
(510) 406-1418
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