BUYER FREQUENTLY ASKED QUESTIONS

If you plan to finance your home purchase, getting pre-approved for a mortgage is the first step. Getting a pre-approval is generally a quick process & demonstrates that you are a serious buyer to both your Realtor® and seller. It also helps narrow your budget so that you are not looking at homes outside of that budget. In some cases, a pre-approval may be required before you can view a home in person or put in an offer.

If you want to use the equity in your current home for the down payment on your next home, it is possible. However, this is tricky, & all parties need to be on the same page. We do “back to back” closings often, but all contingencies need to be completed in a timely fashion. You have to have constant communication between all parties, & organization is a must-have. Aaron will help walk you through this process.

Oftentimes, it is more cost-efficient to buy a home rather than rent one. When you buy, you are investing in your own future. When you rent, you are helping your landlord to invest in his or her future. There also are financial perks like tax deductions & home equity that come along with owning a home.

Finding a real estate professional is a crucial part of the home buyer process. Buying a home is a huge step, so you want to find someone who is accessible & available, someone who will understand your needs & look out for your best interest during this transaction. An expert negotiator who knows the market can save you time, money & heartache by helping you make the right offer, playing hardball when necessary & staying on top of the process.

Any time you’re facing a large financial decision, like buying or selling your home, it’s wise to work with an experienced professional to guide you through the process. Once word gets out that you’re looking for a real estate agent, you might be bombarded by friends and family members asking you to hire them for the job. Your cousin’s mother in law, who has only been in the business for six months, is not going to have the same networks in the real estate community as a real estate expert who has been in the business for years.

Think of it like this: A real estate transaction is likely going to be the biggest money deal you make in your lifetime, & there really is no room for mistakes.

You have to ask yourself if you would hire that person if you had no relationship with them; never hire a Realtor® because you feel bad. At the end of the day, this is a business decision for you & your family.

Home buyers pay little or no fees to their Realtor® when buying a home. For most home sales, there are two real estate agents involved: one that represents the seller & another who represents the buyer. In California, for most transactions, the home sellers take care of the Realtor® fees.

While 20% down makes for a lower monthly payment & no PMI (private mortgage insurance), you only need 3.5% down (or in some cases, less) to buy a house! These programs even let you use gifted money or down payment assistance to cover the down payment and closing costs.

Congratulations! Set up a time with Aaron to discuss your needs & learn more about what is important to you in your future home. He will then narrow down your criteria in your own personalized search. Aaron knows that homes are selling fast, & he prides himself in quick response times & accessibility. He will work closely with you to set up showings around your schedule.

Once you have found the home that you want to make an offer on, it’s go time! Aaron will take the time to run a comparative market analysis, or CMA, to determine what the true market value is for the home. He will use this data to guide you on offer price & terms. Aaron uses the best technology to get your purchase agreement together quickly, utilizing digital signatures that you can sign from your phone or computer. He is accessible even after traditional business hours. In this market, homes can go fast & it is not uncommon to see multiple offers. Aaron knows how to make your offer stand out.

Earnest money, sometimes called an initial deposit, or earnest money deposit (EMD) shows the seller that you are serious about buying their home. In California, the EMD amount is typically equal to 3% of the purchase price. This is due 3 days after your offer is accepted, unless negotiated differently. The earnest money is counted toward your entire down payment.