Buy Right

WORKING WITH THE LENDER

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WORKING WITH THE AGENT

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INSPECTION AND APPRAISAL

Following inspections, the buyer could submit a Request for Repairs, which will either ask the seller to fix an issue or give a credit based on the findings of their inspection. Once a decision has been made, the buyer signs the inspection results, thus removing their inspection contingency.  The seller has the option of agreeing to the repairs or they may negotiate the price down to compensate.We negotiate this part of the process if inspection causes concern. Most buyer’s offer includes an appraisal contingency, an appraiser will come out to the home. During this visit they will take notes on the property, measuring square footage and lot size to make sure it matches the tax assessor information. The purpose of the appraisal is to ensure that the loan does not exceed the property value. If the appraised value of the home comes back lower than the purchase price, then either the parties can agree to renegotiate the purchase price; buyer can also opt to cover the difference or exercise the appraisal contingency to exit the transaction.

TITLE INSURANCE

When you purchase your home, you receive a document most often called a deed, which shows the seller transferred their legal ownership, or “title” to their home, to you. Title insurance can protect you if someone later sues and says they have a claim against the home from before you purchased it. Common claims come from a previous owner’s failure to pay taxes or from contractors who say they were not paid for work done on the home before you purchased it.

Title insurance protects the insured from a financial loss related to the ownership of a property. 

ESCROW

Escrow is a financial arrangement in which two parties enlist a “third party” (who is neither the buyer nor the seller) to temporarily hold money, paperwork, or other assets for a transaction on their behalf before the transaction has been finalized.


That third party, known as an escrow provider, helps make the transaction safer by protecting the assets of the buyer and seller until both parties have met their obligations for the agreement. Ideally, the escrow provider is a neutral third party who isn't concerned with whether the buyer or seller comes out ahead.

CLOSING OF ESCROW

The buyer will do a final walk-through to make sure the home is in the same condition as when the offer was made. The buyer will also check to see if all the necessary repairs were made from the Request for Repairs, if any. Assuming all goes well, both the buyer and seller will sign one of the final forms known as the Verification of Property. The buyer then finishes paying the down payment, closing costs and other expenses to the escrow agent. Once the deed is recorded and the funds are disbursed, the sale closes, and your real estate transaction has been successfully completed!

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Bridge Loan

Is your money tied up in the equity of your current home?

If you want to move but your money is tied up in the equity of your current house, a bridge loan can help you secure funding to facilitate the transition to a new home — like for a down payment or mortgage payments. Once your current home sells, you can use the proceeds to pay the bridge loan back.


Do you need to move within a specific timeframe?

If you're relocating for a new job or other reason, a bridge loan can afford you the freedom to move on your own terms and secure a new house when you need to, without having to wait for your old home to sell.


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CalHFA Down payment Program

FHA: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs, with a cap of $10,000.

USDA: Conventional: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs, with a cap of $10,000.

VA: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs.


Note: 10k Cap doesn't apply to Teachers and firefighter