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5 Ways to Get the Best Deal on a House

June 15, 2020 by Dale Corpus Leave a Comment

We always want the best deal; and even better when we can find a great deal on a great house that we really love. If you’re ready to get into the real estate search game, know all you can about the business, the market and prepare yourself for getting a great deal. Here are 5 ways to get the very best real estate deal.

#1. Know the market.5 Ways to Get the Best Deal on a House

The knowledge really is power and if you’re planning on getting the best deal, this is not something that you decide on a Tuesday afternoon and then put in an offer Wednesday morning. You need to do the research in order to get the best deal. Take some time; maybe even a month or two to really find out where you want to live, get a good list of communities, subdivisions or neighborhoods that you’d like to choose and then the research over the last six months for that area.

How is the market doing? Are homes increasing in value rapidly or gradually? Are homes dropping in value? What about the crime rate for a particular area? Are there good schools in the area, something to consider for resell value? Home selling quickly? If homes in a particular area are selling fast you may need to come up with an escalation clause or deal with multiple bids for the same property.

If there are 300 homes in a subdivision yet only two or three are listed at a particular time, chances are that’s a very popular neighborhood and you might end up paying more than the asking price in order to get the home. If there are dozens of homes in a smaller neighborhood, people may be moving for a particular reason. Is there new construction going to be happening in the area? Talk to the neighbors about why they’re moving. And of course, talk to your buyers agent about a particular neighborhood, why you want to live there and if they have any concerns or advice they can share about the subdivision, community or area in general.

#2. Set yourself up as an attractive buyer.

After you’ve done the research on a particular neighborhood and you have a good idea of the area you want to live in and the price range, set yourself up for homebuying success. This means doing the financial homework necessary in order to purchase a home. If your financing the property, talk to a lender about the type of loan that works best for your situation. Get a preapproval letter and set aside some funds either for a down payment and/or earnest money deposit. The larger the earnest money deposit the more serious sellers take you. They may be more inclined to accept your offer then another similar offer that has a lower earnest money deposit.

Another way you can be an attractive buyer is to minimize your contingencies. If you need to sell a particular property, have tough financing contingencies or too many conditions that need to be completed before you finalize the purchase, sellers just see you as a hassle and may decline your offer altogether. Of course we always recommend a home inspection but in a slower market you might consider a home inspection prior to making an offer. This could waive the inspection after the offer is accepted, speeding up the process and making you more attractive to the seller.

#3. Consider a foreclosure or short sale.

Foreclosures and short sales are still out there and they can be great deals. There are keys to look for though in a foreclosure or short sale property:

  • Find the least attractive property in the best neighborhood. By doing so you can instantly gain equity once the home is fixed up, because it matches the rest of the homes in the area.
  • Keep your eye out for mispriced listings. Overpriced properties will generally get very little interest and attention and could sit on the market for a long time. These are great properties to go for because they might be more inclined to accept a lower offer.
  • Buy a foreclosure at the year or quarter end. This works especially well with cash buyers. If you make an offer at the end of a month, quarter or year, many banks will accept that offer in order to get the deal closed and off the books.
  • Look for the diamond in the rough. Many real estate agents make it too many homes from banks and not have enough time to really research the property and showcase the best features. Check out these properties a little bit closer and if they meet your criteria for size and the neighborhood, check out in person and you might find great features that the real estate agent failed to mention.

Related: 5 Reasons to Consider Homes Outside Your Price Range

#4. Negotiate with everyone involved.

You can negotiate pricing from just about every party involved in the real estate transaction. This could include your real estate agent, appraiser, lender, inspector, escrow and title company. You might be surprised at how much you can save simply by negotiating everybody’s fees in an amicable and reasonable way.

#5. Know When to Pull the Trigger.

Knowing when to pull the trigger is something that you and your buyers agent should discuss. Once you’ve done everything prior to this point, knowing when NOT to wait is crucial. By determining all the factors above, understanding the area and the market, you should be able to pull the trigger on an offer at the right time.

Read More: 3 Things to Do Now if You Want to Buy a House Later

ALSO – know when to walk away. This is just as important as knowing when to go for it. Your agent will be able to talk you through the plan and when not to get your emotions too involved. Sometimes, buyers can get so wrapped up in the process, they overpay when it’s all said and done. Don’t let the idea of “winning” become the focus over getting the right house at the right time.

Ready to get started? Ready for step one? Let’s talk!

http://keytothebay.com/ContactMeInformationFrameless

More Tips for Home Buyers:

  • Should You Buy a Flipped Property?
  • 5 Things to Know Before Buying a FSBO House
  • What if You Hate Every Home You Look at?

Filed Under: Tri-Valley Home Buyers Tagged With: bargain, home buyers, real estate deals

Easy Ways to Buy a Home After 50

June 9, 2020 by Dale Corpus Leave a Comment

Easy Ways to Buy a Home After 50

A lot of my clientele are over 50 years old and many of them are moving to the Bay area to retire, enjoy the waterfront and a more laid-back, peaceful way of life. However, some homebuyers are still reluctant about purchasing a home later in life. Is it scary? Are there negative connotations? How easy is it to buy a home after 50? [Read more…]

Filed Under: Tri-Valley Home Buyers Tagged With: home buyers, older home buyers, over 55, tri-valley home buyers

How to Choose the Right Lender

May 12, 2020 by Dale Corpus Leave a Comment

When it comes time to shopping for a mortgage, I would strongly encourage you to start with a local and trusted lender. – Jonathan Fox – Washington Post

You can’t get any clearer than that. Big business, large corporations, and big banks have been selling and buying mortgages for decades but when it comes to the individual homebuyer, going local, and going personal is always best.How to Choose the Right Lender

It’s surprising how little value many homeowners, especially first-time homeowners, put into shopping around for the best home loan. They should be just as careful about this process as they are the home itself. However, many people simply go with whomever the real estate agent suggested or the local bank. While this might work out just fine, you can really benefit from shopping around for the best loan, the best rate, and the best terms. These really do change and you want to make sure that the lender knows you are shopping around. People get competitive when they know that they have others to compete against.

Related: What Matters Most in Your Credit History

Terms, interest rates, and details of a mortgage loan are not always set in stone. You would be surprised at what you can actually negotiate with. Everything is important when it comes to dealing with contracts including inspections, timelines, and of course, who you are dealing with.

More: Mortgage Mistakes to Avoid

Mortgages in today’s society are getting easier but we still need to be cautious about applying for the right home loan and only applying for a mortgage we can actually afford. In order to avoid a housing bubble burst, living within our means is really the key to maintaining our home and living comfortably with the mortgage we have.

Large banks, credit unions, and even hometown banks can be a great partner in managing basic financial details such as your checking and savings accounts or even credit cards. But when it comes to borrowing money for a large purchase such as a house, finding a mortgage officer the deal specifically with this type of loan is essential to getting the best rate.

Related: Answers to Your Mortgage Questions During COVID

Competitiveness also plays a big factor in getting the right loan for your needs. Shop around to a couple of different loan officers or mortgage brokers as well as your own bank or credit union. Find out what terms you can expect and different programs that different mortgage brokers can provide. Housing markets are competitive so lender should be as well.

Terms and prices are not the only factors when it comes to choosing the right lender. Large banks that have multiple mortgage officers can tend to bog down the system, extending out timelines and deadlines that could cost you your home. Individual and private mortgage lenders and personal loan officers have more invested in the game, so they are more likely to pay attention to timelines and get things done in a timely fashion.

It’s Okay to shop around. Don’t worry about your credit getting hit. Having the loan officer run the numbers for you and then offer you the best plan and wait for your needs is essential to getting the right loan and saving you as much money as possible.

MORE: What is California Mortgage Insurance?

Feel free to give me a call as I have a lot of mortgage lenders in the Bay area and the Tri-Valley area that might work for you. Remember, shop around to get the best loan and the best deal for your needs.

http://keytothebay.com/ContactMeInformationFrameless

 

Filed Under: Tri-Valley Home Buyers Tagged With: finance, home buyers, home loan, lenders

Should You Buy a “Flipped” Property?

May 4, 2020 by Dale Corpus Leave a Comment

We see them all the time these days; Fix It Or Flip It, Love It Or List It, Fixer Upper etc. This new trend of buying homes and flipping them is certainly not a new idea but broadcasting it on reality TV has only hit the airwaves in the last few years. More and more sellers and investors are watching the shows thinking they can definitely do it but when it comes to buyers, are buyers apprehensive about purchasing a flipped property? [Read more…]

Filed Under: Tri-Valley Home Buyers Tagged With: flipped home, flipped property, home buyers, rehab home

What a Buyer’s Agent Actually Does for You

April 8, 2020 by Dale Corpus 1 Comment

In these odd times, having someone on your side during a transaction is crucial and essential. A buyer’s agent is that unknown entity that most first time buyers don’t even know about. Most people head out into the real estate world, scared and uninformed.  A buyer’s agent is exactly that; an agent for the buyer.

When a homeowner lists their home they call on the knowledge of a listing agent. This agent draws up a contract to sell the property. The listing agent markets the property and can even bring the buyer. BUT a buyer’s agent is only for the buyer and represents the buyer’s side throughout the process, not the seller.  What a Buyer’s Agent Actually Does for You [Read more…]

Filed Under: Tri-Valley Home Buyers Tagged With: buyers agent, first time buyers, home buyers, tri-valley home buyers

Who Pays for the Tri-Valley Home Appraisal?

February 18, 2020 by Dale Corpus Leave a Comment

Who Pays for the Tri-Valley Home Appraisal?

When purchasing a home or condominium throughout California’s Tri-Valley area, many buyers wonder who actually pays for the home appraisal. There are a lot of closing costs and different fees built-in for buyers and sellers in a purchase and sale agreement. Sellers pay for excise tax when selling the property and several courier fees all culminating into their own closing costs. Buyers also have several closing costs and one of those includes the appraisal. [Read more…]

Filed Under: Tri-Valley Home Buyers Tagged With: appraisal, appraiser, home buyers, tri-valley real estate

What If I Hate Every Home We Look At?

February 3, 2020 by Dale Corpus Leave a Comment

What If I Hate Every Home We Look At? There are some homebuyers the know exactly what they want and when they see it they’ll know. Other buyers may have no idea what to look for and even though they are open-minded, nothing seems to stand out as a home they’d really want to buy. [Read more…]

Filed Under: Tri-Valley Home Buyers Tagged With: finding a house, home buyers, homeowners

5 Secrets Every House Hunter Should Know

January 11, 2020 by Dale Corpus Leave a Comment

To really get the most out of your house hunting experience you may have done little bit of research, scoured the market and read real estate articles ad nauseam. You might think you’re an expert at this point but no one is an expert better than a professional that buys and sells real estate on a day-to-day basis. Gaining insights and secret tips from real estate agents and brokers could be the key to saving money and finding the home you really are going to love for years to come. Here’s our five secrets of every house hunter should know before jumping in the market.

#1. Think strategically.5 Secrets Every House Hunter Should Know

Our bay area market is hot and there are new developments popping up all the time but it may not be fast enough. Buyers, especially first-time homebuyers need to think strategically in order to land a house in a hot market. It can be so frustrating looking at multiple houses only to be bid out time and time again. However, there’s always a way to gain an advantage over the competition. One way is for your agent to pull tax records of sellers to get information to use on a personal letter to the seller. This personal letter could be the ideal way that you get the home. Also, ask your real estate agent to share your needs on social media and with other agents for insight on homes that may be have yet to hit the market.

Read more: Is a home office a valuable feature?

#2. Research and scope out the neighborhood.

Before making an offer on a particular home, check out the neighbors and the neighborhood around that home. Perhaps they’re having a garage sale in your desired neighborhood and you can ask the homeowner questions as your shopping. You can also sometimes find neighbors out watering the lawn and you can simply asked them about the neighborhood, the marketand what they like or dislike about a particular area.

#3. Use pricing psychology.

Pricing a house is very similar to pricing just about anything. $5.99 seems like a better deal than $6, even though we know that it’s basically the same. Pricing a house works very similar. If the property is listed at $625,000 and you know that the property has already received several offers, you may be tempted to go over the highest asking price with a flat number such as $650,000. However, raising it with an odd number such as $648,000, or $647,000 etc., may be the unique bidding number that will get yours noticed over the others.

Related: Key Questions to Ask at an Open House

#4. Be a great buyer.

Don’t be a lowball buyer that insults the seller at every turn. Sellers are more attracted to buyers that they like and that may share some interests. The personal letter can offer an insight into your personality and character and if you’ve already seen the inside of the home you might make notice of some of the things that stood out to you such as their baseball collection, unique design taste or complement them on or remodel they’ve recently completed.

#5. Keep an open mind.

Try not to let outside stigmas alter your perception of the home. Many people feel that a home where a senior citizen may have lived and even perhaps have passed away in is a reason to discard the property but chances are the the person that lived here took very good care of the property even though they may still have pink Formica, vinyl floors and original wallpaper. Keeping an open mind could give you a better chance at success and keep competitors away.

Read more: How to Get a Great Deal on a House

These five tips can make it a lot easier to find and purchase the home of your dreams. For more information please contact me today and let’s get started looking at a variety of homes in your desired area.

I’d love to help you find the right home in the San Ramon or Tri-Valley area. Start your online search on my website for free or simply contact my office and tell me what it is you’re looking for. I would be happy to send you a list of appropriate homes that meet your search criteria and budget.

Schedule a Consultation

More for Buyers

  • Best Buying Advice 
  • What you need to buy a house this year
  • 3 Reasons a Furnished house might be a good idea
  • 9 Ways to Save Money When Moving

 

Filed Under: Tri-Valley Home Buyers Tagged With: home buyers, home buying secrets

Tri-Valley Mortgage Mistakes and How to Avoid Them

November 12, 2019 by Dale Corpus Leave a Comment

Buying a home is a big step and an exciting one too so you want to make sure that you don’t make any mistakes during the home buying process. Now, this is not to say that is very easy to make these mistakes but sometimes, unknowingly, homebuyers can make a lot of mistakes during the mortgage process of the just don’t realize can harm their chances of actually getting a loan. When buying a home in the Tri-Valley area I urge all of my buyers to get pre-approved first. This is usually the first mistake many buyers make.

Tri-Valley Mortgage Mistakes and How to Avoid ThemTri-Valley Mortgage Mistakes and How to Avoid Them

Not getting Pre-Approved.

This is where you actually sit down with a lender and figure out how much money you can spend on a house. The lender will determine how much income you’re receiving each month and how much is going out in debts, loans and basic utilities. From there, the lender will determine how much in a monthly mortgage payment you can handle which will relate to the total cost of a home. This also is a way to determine what your interest rate will be based on your credit history, report and score. Many homebuyers feel that they can simply enter some information on a mortgage calculator to determine their price range but unfortunately, if they’ve not gone through lender, their financing is not secured. Sellers look for secure financing and low risk offers. By being prepared with a preapproval letter ahead of time, you can ensure the seller that you’ve already done your financial homework.

5 Signs You’re Ready to Upgrade Your Home

Changing your identity.

This might sound like a crazy task but you might be surprised as to how often this happens. For instance: if a couple is planning on getting married and they’re buying a house at the same time, between the time the couple was approved for a loan versus when it closes, the wife’s last name could’ve changed. This is changing your identity and it could really negatively affect your chances of getting a home loan. Yes, you are the same person but don’t make any of these major identity or name changes until the property closes.

Making large purchases before closing.

Once the lender has determined how much you can afford you don’t want to change that in any way. This means it is not the time to finance a vehicle, spend large amounts on new furniture or other major appliances or take out loans of any kind. Consider freezing all of your assets, liabilities, loans and big spending until the closing is completed.

Not answering questions to your escrow or lender in a timely manner.

Everyone is working towards the closing date. There are numerous parties involved in the buying and selling of real estate and anything can hold up that process. Make sure you respond to phone calls and requests in a timely manner and don’t get frustrated if escrow or title officers ask for more identification or specific documents. They need to make sure that you are the correct person buying the home and that your identity is protected. Also consider all costs involved and ask about the costs including taxes, HOA dues, insurance and appraisals.

By keeping all of these things in mind you can ensure that your deal will close on time without a lot of hiccups. Of course, every single transaction is different so even if you’ve done everything possible those rare instances can happen or things simply fall through. By avoiding all of these mistakes you have a better chance at setting yourself up for successful homebuying purchase. Tri-Valley Mortgage Mistakes and How to Avoid Them

Great tips for buyers and sellers:

How to Stage a High-End Home Great information for those with luxury homes and are looking to do a little staging on their own.

Want your home to sell faster? Here’s why Deeply Cleaned Homes sell for more money and faster.

When buying a home, do you need your own agent or can you just use the listing agent of the home you want to buy? Does it benefit the buyer to use their own agent?

Closing costs can be all over the board but they are something all new buyers should understand. Here’s how to understand closing costs and what buyers should know.

Filed Under: Tri-Valley Home Buyers Tagged With: home buyers, mortgage mistakes, tri-valley buyers, tri-valley mortgage

Should We Buy a House Before a Recession?

October 17, 2019 by Dale Corpus Leave a Comment

Should We Buy a House Before a Recession?

The word recession might scare some people but this is definitely not the 2008 housing market. Still, anyone looking to buy a house may want to do so before the recession, of course. The last thing you want is for the tides to turn the minute you buy only to now owe more than your home is worth. And since nobody knows for sure and we can only go on economic predictions, conventional indicators such as unemployment rates, mortgage rates, and construction levels are currently very healthy. [Read more…]

Filed Under: Tri-Valley Home Buyers Tagged With: buying, home buyers, recession

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