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What Does it Cost to Buy a House in California
Five Truths About the California Home Buying Process That You Should Come to Terms With When Purchasing a Home!
Buying a home in Rancho Cucamonga California should be one of the most exciting times that an individual will have in life, especially a first time homebuyer. However, a property purchase is not without its challenges and these can cause stress and frustration. In this article I will share with you five potential setbacks that may occur, buyers will need to understand and come to terms with to have a successful home purchase.
Truth #1 – Homeowner’s Insurance in California is Necessary When You Are Going to Finance a Home Purchase:
Traditional lenders will require insurance before financing is approved and before escrow can close. To fulfill these requirement, the policy must be for one year and the insurance quote must be presented to the lender and escrow. Purchasing the policy is something that must be done before closing can take place, start the process of finding a quote right when escrow opens and it is best to start with your auto insurance for the quote to receive a multiple policy discount or shop the quote around.
Truth #2 – Some Sellers Can Be Firm with Their List Price, No Matter What:
In an ideal situation, the buyer and seller come to a mutual agreement that is the best interest for both parties. However, in most cases, the negotiation process is some that is likely to occur and that is where a good licensed agent in California is helpful. As with most negotiations in buying and selling a home, to reach an agreement, both sides will need to compromise with there needs and wants.
Truth #3 – Probate Properties Have Special Terms Within Their Own Right:
When the original homeowner has passed away, there are certain considerations to keep in mind that do not typically apply with traditional sells. There is a special process that must be completed before the property can be sold to the general public, even though the heirs may advertise the property as being for sale. Another factor to keep in mind is that a recent probated property may have been uninhabited for some time and will be sold ‘as is’.
Truth #4 – California Loan Offers Are Not Set in Stone:
A common hurdle for many homebuyers is the assumption that financing will be approved without issue. Unexpected circumstances may arise that cause a mortgage loan to be denied, which can cause an unprepared buyer numerous issues. Many sellers, in anticipation of such problems, have a contingency requirement. There are two factors when in comes to financing a home, the buyer(s) will need to be approved to purchase for a certain amount and as well as the property needs to be lendable.
Truth #5 – Expect Caution Home Sellers:
If a seller treats your offer with caution or trepidation, do not take it personally, they are just looking out for their best interest. The home seller may have been burned during previous sale and you may not have idea what the seller has been through with potential buyers this time around. If someone is exercising caution, there is likely a good reason for it. Just trust the process.
In closing, remember that the best way to purchase a home is through a California licensed real estate agent. When you are ready to start the process of buying a home, I welcome the opportunity to be your trusted mortgage professional to start your path towards homeownership at 909-503-5600.
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