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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

What You’ll Need to Buy a House in 2019

December 31, 2018 by Dale Corpus Leave a Comment

2019 is literally right around the corner, I mean, literally in less than 12 hours it will be 2019 and here I am blogging on the last day of 2018. 2019 is going to be a great real estate year and even though home prices are going up, they’re not going up so fast that buyers are not buying. However, one good thing for homebuyers is that you probably won’t have as much competition as buyers had over the last two years. Because home prices are going up, there just won’t be that many buyers, and many of those buyers have already purchased a home. So, what do you need to buy a house in 2019? Here’s my list. [Read more…]

Filed Under: Tri-Valley Home Buyers Tagged With: buy a home, contra costa county, finance a home, home buyers, san ramon

Best Home Buying Tips of 2018 so far…

September 4, 2018 by Dale Corpus Leave a Comment

Best Home Buying Tips of 2018 so far...

Here we are, headed straight into Fall! Are you ready? Well ready or not, we’re here but that doesn’t mean we should stop all real estate purchases. Actually now is a great time to buy since most of the competition is off the table. Kids are back at school and people are now focusing for the Fall and Winter so it’s a great time to be looking at homes. You can do it a little leisurely right now, as well. The frantic buying season is over but that doesn’t mean there is less inventory either. People have to buy and sell all year and it may be a perfect time. So with that being said, here is my top buying advice for this year so far.  [Read more…]

Filed Under: Tri-Valley Home Buyers Tagged With: buying a home, home buyers, home buying, san ramon

5 Mistakes Senior Buyers Can Easily Make

February 20, 2018 by Dale Corpus Leave a Comment

5 Mistakes Senior Buyers Can Easily Make

Considering purchasing a home in San Ramon or around the Tri-Valley area? Are you a senior citizen looking to buy, rent or potentially lease a new property? Here are some of the top home buying mistakes that seniors can make when considering purchasing a new property, home or condominium. [Read more…]

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

Should I Offer Less with an All Cash Offer

February 13, 2017 by Dale Corpus Leave a Comment

I get this question all of the time because buyers think that if they have an all cash offer they can naturally offer less for the home. But is this a wise move?

It all comes down to the house you’re buying, the current market conditions, and the seller. Let’s go over some scenarios where it would be appropriate to offer less in a cash situation and other situations where you shouldn’t even consider offering a penny less than full asking price.

Should I Offer Less with an All Cash OfferConsider the sellers net. This is the amount the seller is going to walk away from. This is also where your buyer’s agent and the listing agent need to come together to negotiate the best price. If the seller is already at their lowest possible price that they can go and walk away either breaking even or with barely any net profit, you probably will not get accepted on a lower-priced offer regardless of whether it’s cash or not. Sellers don’t want to bring money to the table; they want to walk away with a profit.

You also have to consider the market. In the Tri-Valley area, there are micro markets throughout Pleasanton, San Ramon, and Livermore. Within those cities, there are even smaller micro-markets where the real estate industry is doing very well and other areas where homes take longer to sell. It’s going to depend on the house that you are buying, the net profit, and what the market is doing in that particular community or neighborhood.

If the home is in a popular neighborhood where homes sell within a week or two, you probably can’t offer much less than the asking price if any discount at all. You may also need to increase your price in a hot market. You will have plenty of competition and if there are other cash buyers in your area, coming in with a lower price than your closest competition will get your offer thrown out.

Read More: What is the New SB800 Home Warranty?

Alternatively, if you are buying a home in the neighborhood or community where the properties don’t move as quickly, it will depend on how long the house is on the market and if it has been already reduced. You may have a little bit of negotiating power when it comes to cash in these types of markets. Again, talk to your buyer’s agent about the net profit for the seller and if they can even afford to go any lower.

Terms also matter. When presenting a cash offer the terms will also be either attractive or unattractive. If you’re offering a quick closing, no contingencies, a high earnest money deposit and you’re not lowballing the seller too much, your offer may be considered. Plus, if there are no other offers on the table, regardless of whether it’s cash or a finance offer, you might be more likely to get an accepted offer.

What about a short sale or foreclosure?

If you’re offering cash, this is very attractive to banks, which hold power to accept or decline the offer. Even though you offer less with cash doesn’t mean it will naturally be accepted. Banks will typically respond faster, however, if you’re offering cash. The lender or the bank will need to evaluate their net profit as well to see if they can walk away with as much as possible or as little loss as possible.

[Read More: Should You Always Pay Cash if You Can?]

It also will come down to the condition of the house. If the seller has chosen to list the house as-is, and it is in great need of repair or upkeep, it seems reasonable to offer a lower price if the market does not support its current asking price. This is where a qualified, knowledgeable and experienced real estate agent comes into play. Only professional real estate broker or agent will be able to tell you if the home is priced appropriately as is or if a low price offer would be an acceptable move.

So, you can see that there are a lot of different factors when it comes to offering a lower than the asking price if you have all-cash. Using a real estate agent to find you the best home and off of the best advice when it comes to negotiations and offer is really the key to getting the price you want on a home you love.

Filed Under: Tri-Valley Home Buyers Tagged With: buying with cash, cash offer, home buyers, tri-valley home buyers

The Most Common Questions Homebuyers Ask

January 26, 2017 by Dale Corpus Leave a Comment

The Most Common Question Homebuyers Ask

While it is a well-known fact that there are a million and one questions when it comes to buying a home, the truth remains that we might not fully be aware of what those questions truly are. Of course the list of possible questions is longer than any of us care to read, however, we are left wondering what questions are the most common and the most likely to be asked. With the chaos and unavoidable stress that comes with buying a home, unfortunately even the simplest and most common questions can sometimes get missed. Whether you are selling your home and are hoping to get an idea of what questions you should be prepared to answer, or you are searching to purchase a home and want to be sure to hit the nail on the head, here are a few common questions to keep in mind.

What Can I Afford: If this isn’t a loaded question then I don’t know what is. There are multiple factors to look at when you are budgeting for a home. While we would like to believe we can spend our full income on our homes that isn’t necessarily the case. With recurring payments on vehicles, daycare bills, medical bills, household utilities, prior obligations, and more you need to make sure you are deducting your allotted funds from your income to get a true and accurate idea of where your budget truly lies. There are many different home calculators available online that will even factor in your revolving debts for you!

When Can I Make an Offer and How Many Homes Should I see First: Sometimes it is hard to know when you can and/or should make an offer. The best answer to these questions is simple; it’s completely up to you! While it is unlikely that homebuyers tour one home and immediately make an offer it is definitely possible. Whether you tour one home or twenty homes, putting an offer in is something that ultimately you should be comfortable with. After all, it will be your home and nobody else’s.

When Do I/We Get Keys: The closing process can often be a long waiting game. While the closing process varies depending on the state of the home, inspections, banks, etc. the average time to wait for a home to close after your offer has been accepted is generally 30-45 days.

What is Fair: We all like to save our finances when possible which can leave us wondering what a fair offer could be. Generally speaking, taking 5% off the asking price of the home is an offer than typically won’t cause any havoc. By offering anything below that you could be offending the homeowners and find yourself in quite the pickle.

Can I sell my Home while Buying a New One: While the answer to this question is yes, you need to be aware that this process is not an easy one.  There are many different factors that make the equation of selling and buying a tricky one. The main thing to understand when selling your home is that the timing might now work in your favor either leaving you homeless for a certain amount of time before your new home closes, or stuck with a home that hasn’t sold and being solely responsible for two mortgages. Ask your realtor for more information!

Is a Home Inspection Needed: While we may not see the need for an inspection it could save your butt in the long run. An inspector will look at any underlying problems that we wouldn’t be able to see with the naked eye. Checking things like the roof, electrical systems, heating and air, plumbing and more you can save yourself a pretty penny by foreseeing any issues that could potentially arise in the future.  This also allows you to negotiate sale price with the seller should there be any problems.

I Changed my Mind, Can I Back Out:  This is common don’t panic. Sometimes we are so caught up in the moment that we don’t realize we put an offer in on a home that might not be the right fit for us. Luckily you are able to back out at any point during the home buying process. The only downfall to this is the possibility is losing your earnest money. Of course, if there is a valid reason to why you are backing out your earnest money will be refunded.

While the questions could continue on until we’ve written a novel with multiple volumes, these common questions are the ones that many people focus on or want and need answered. If you have any further questions regarding either buying or selling a home discuss them with your realtor.

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

5 Ways You Can Protect Your Credit Score

December 15, 2016 by Dale Corpus Leave a Comment

Protecting Your Credit Score

Your credit score; that magical little number that tells lenders how big of a risk you are when they take you on as a borrower. It can literally mean the difference of getting a loan or not. Your credit score can also affect your interest rate and how much you’ll be paying monthly in a mortgage payment or any type of loan. You’ll want to protect your credit score and increase it if possible and here are some ways to do that.
[Read more…]

Filed Under: Tri-Valley Home Buyers Tagged With: credit, credit score, home buyers

5 Things that Turn Off Home Buyers

December 2, 2016 by Dale Corpus Leave a Comment

5 Things that Turn Off Home Buyers

5 Things that Turn Off Home Buyers – When selling your home the last thing you want to do just turn off of a potential homebuyer. I mean, you are probably doing everything you can to appeal to the vast majority of homebuyers out there. You’ve cleaned, swept, maybe even done some home improvement projects but if you’ve done these five things or your home has these five things, you may be turning off homebuyers and not even know it. Here are five things that completely make homebuyers run for the hills.

#1. Animals.

I’m sure that you love your animals, whatever they may be, but many homebuyers may be allergic or simply not like animals. It also depends on what type of animal you have. If the first thing homebuyers see when they walk through the front door is a giant aquarium with an enormous live snake, they may turn right around and not even get past the front entrance. Dogs, cats, and a fish tank maybe one thing, even though homebuyers may be allergic. Many people can look past the simple dog or cat but even if you have these domestic pets, it’s best to take them out of the house and any and all evidence that they exist before a showing. If you have something more exotic such as a rabbit, bird, small rodent, reptile or another type of animal, it may be best to remove them completely while your home is on the market.

[Read More: How to Market a Luxury Home in the Bay Area]

#2. Trophies.

This might be any type of trophy including a dead animal head on the wall. But, people also don’t want to see bookcases filled with sports trophies, awards or other items as they mean nothing to the homebuyer and only detract from the look and ambiance of the room.

#3. Flags.

I know, I know, we are getting into a solution society where sometimes even the American flag can turn people off but I’m not saying that you should take down your American flag if it’s on a pole in the front yard. However, I have run across several homes that you may have a teenagers room with a swastika flag on the wall, Confederate flag or maybe something as simple as a sports flag from a team that the homebuyer hates. Simply best to put anything that might give away the homeowner’s personal beliefs whether it’s political, religious or even sports related away until the home sells.

[Related Post: 5 Simple Tricks to Make Your Home Look Like a 5-Star Resort]

#4. Nudity.

Nothing is more uncomfortable than walking into a house where there are naked pictures of people on the wall. I’m not even kidding, we have walked into homes with naked baby pictures on the wall, erotic pictures, and wallpaper patterns with nude women. Anything that is remotely offensive should be removed. You never know when kids, families or people that are simply offended by this will be touring your home. You don’t want them to quickly leave and never return.

#5. Too many substances.

This could go for a lot of different things; cigarettes, drugs, alcohol, pills etc. Homebuyers don’t want to see your vice, regardless of whether it’s prescribed or not. It gives an uneasy vibe to the house regardless of whether items are legal or not.

[Read More: Here’s What to Do When Your House Isn’t Selling]

These are on things but we wouldn’t be talking about them if we hadn’t come across them at some point. The best way to set your home up for the majority of homebuyers is to have your real estate agent go through the house offering tips, suggestions and advice for each room before listing and marketing the property.

Would you like to set that up? Give us a call today and I’d be happy to set up a listing presentation to find out how much your home is worth and how quickly it could sell. [Article adapted from Bankrate.com]

5 Things that Turn Off Home Buyers

Filed Under: Tri-Valley Home Sellers Tagged With: bay area, home buyers, home sellers, how to sell, tri valley sellers

Baby Boomers Buying Houses in the Tri-Valley

November 21, 2016 by Dale Corpus Leave a Comment

Baby Boomers are Buying in California’s Tri-Valley area more and more.

Good idea or scary move?Baby Boomers Buying Houses in the Tri-Valley

It all depends on where you are in life, financially and physically. Should you downsize or invest? Move out or move up? These can be a lot of scary questions as baby boomers hit their retirement age. You may have made a lot of money over the past 30 years but with the drop in home prices over the last 8 years you may have lost a lot of it too. So where does that leave real estate investments today?

Many baby boomers have actually been delaying retirement for the basic fact that selling and downsizing just isn’t an option. They may owe more than the home is worth and this keeps them hanging onto it until it bounces back. Well, it has. Maybe not with the vengeance some would like but stronger certainly than we have seen in the past 4 years.  The number of existing homes sold is up about 8% nationwide according to the S&P and prices have reached over 12% higher than they were this time last year.  So now baby boomers are toying with the idea of selling or renting out and downsizing. Which is the best option and which makes the most sense financially? – How to Choose the Right Lender

[Related Post: Do Tiny Homes Make Good Retirement options?]

Generally speaking, we know it’s better to own than rent but that’s usually if you are going to stay in your home more than 5 years.  Is that something baby boomers want to consider at this time? It all comes down to ease of living which has many implications as far as maintenance, finances and responsibility. If age 65 is no longer the retirement age, keeping a home or investing in new real estate may be well within the realm of possibility for baby boomers.  Buying a new home is sometimes a strain on the cash flow, not just in the down payment but in monthly taxes, insurance, fees and the mortgage payment. Even if buyers plan on paying cash, they must consider the inevitable costs associated with owning real estate. One smart plan may be to buy a good rental investment, live in it for a while, and then rent it out when you are ready to move on.  The equity remains and collects while the retirees are off enjoying the freedom.

[5 Things to Know Before Buying a “For Sale By Owner” House]

So what makes the most sense for you? It really comes down to all the many variables associated with your specific retirement plan. I would love to talk to you about the options that might work when it comes to real estate in San Ramon, Pleasanton, Danville or Dublin. Call me today and let’s talk.

http://keytothebay.com/ContactMeInformationFrameless

Filed Under: Tri-Valley Home Buyers Tagged With: baby boomers, home buyers, tri-valley home buyers

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