Steps to Buy a House on the Central Coast
Buying a home in California can be an exciting, but intimidating process. If you are a first-time homebuyer, terms like mortgage insurance, counter offer and escrow can be enough to make you reconsider the upside of apartment living. However, with a little preparation and the experienced professionals at Platinum Properties on your side, you can glide through the steps of buying a home on the Central Coast with confidence. As well, there is no cost for your Platinum Properties representation. The seller pays the commissions for listed properties!!!
Assess Your Needs
A good place to start is your needs and wants list. By making a list of items you need and want in a property, such as your areas of preference, the size of the home, as well as the size of the lot. Call your Platinum agent to share this list and visit our home search on www.PlatinumTeamProperties.com Here you will find our Platinum listings, as well as listings from all local Real Estate companies.
Consult the Experts
Speaking with a Platinum Properties real estate as well as a mortgage loan professional right away can save you time and frustration. A knowledgeable professional can give you current information on the California real estate market and answer any questions you have. She/he can also assist you in the process of prequalifying for a home loan. Homebuyers who have prequalified know exactly how much money they will be able to borrow for a home. Prequalification can increase a buyer’s chances of having his offer accepted during negotiations.
Touring houses for sale with your Platinum Properties real estate agent is one of the most enjoyable steps in buying a home. With the help of your real estate expert you will visit the properties and neighborhoods you or your agent select. Sometimes, it is a good idea to drive by a the initial list of properties, to narrow down your top 5-10 properties. Discuss this possibility with your agent and decide together what the best method is for you!
Making Your Offer
In California, making an offer on a property does not automatically obligate a buyer to complete their purchase. Included in the offer are contingencies such investigations, appraisal and financing. Your Platinum Properties expert will assist you in making the most reasonable offer, based on their knowledge of the market and will negotiate for the best price and terms possible.
It is common to receive a counter offer from the seller, sometimes asking for a higher price, shorter contingency periods and sometimes changing the length of the closing. At that point a buyer can accept the counter offer, submit a counter offer of their own or reject the counter offer at no penalty and continue house hunting.
Before you will be allowed to close the loan and officially take ownership of your new home, you will have to buy homeowner’s insurance. A typical home insurance policy protects against theft, fire and liability, but if you live in an area of California prone to earthquakes, consider paying extra for a policy that will also cover earthquake damage. You will need to confirm the insurability of the home during the inspection period. If you do not already have an insurance provider, your Platinum Agent can refer you to local insurance companies.
During the escrow the seller typically provides some reports and inspections and we recommend all buyers obtain a professional home inspection, as well as visiting the permit department for the appropriate city or county. Your home inspector may also recommend additional inspections based upon findings and your Platinum Agent will provide you with a more detailed list of inspection and investigations recommendations.
Closing is often referred to as “escrow” in California. The typical period for escrow is 30-60 days; however, you may have agreed to a shorter or longer escrow period during negotiations. At the end of escrow the transaction process becomes finalized after the buyer and/or buyer’s lender funds the loan and then the deed is recorded at the county. During the escrow, title records are checked for errors, taxes and other claims must be settled, loan and title documents are signed and the buyer is allowed a final walk through to make sure the condition of the property has not changed. Your Platinum agent will call you with Congratulations as soon as you close and will deliver the keys to you!