Check Your Credit: Your credit worthiness in the Studio City, Hollywood Hills, Beverly Hills, Brentwood, Sherman Oaks, Bel Air, Malibu, Santa Monica areas is the ultimate determinator of the interest rate you'll pay on your home loan, so it makes sense to know where you stand. Adrienne Kessler can help you get a report of your credit rating and your FICO score (the scoring system all lenders use to qualify borrorwers.) Make sure all the facts in your report are correct and dispute those that aren't. It could make a difference in the price you'll pay for your home.
Establish Your Budget: How much cash do you have on hand for a down payment? How much do you earn? These factors will determine how much house you can purchase. Visit Finance Center for an advance look at affordability, determine your price range and start looking!
FIND A HOUSE-----------------------------
Typically, the Studio City, Hollywood Hills, Beverly Hills, Brentwood, Sherman Oaks, Bel Air, Malibu, Santa Monica areas home searches fall into two steps: the window-shopping phase and the actual shopping phase. In the window-shopping phase, Adrienne will help you narrow your search to a particular area and a must-have list of features. In the shopping phase, Adrienne will help you find the home of your dreams and then facilitate the purchase of that home.
Window-Shopping:
Adrienne offers many great resources to find the neighborhoods you like, such as, Property Search.
Shopping:
It's now time for a serious look at the Studio City, Hollywood Hills, Beverly Hills, Brentwood, Sherman Oaks, Bel Air, Malibu, Santa Monica areas mortgages. Adrienne will show you properties that meet your specific criteria and represents your interests in negotiating prices and closing the sale. Adrienne's expertise in the complicated world of real estate, along with her negotiating skills, insure this important transaction will be efficient and enjoyable. And, in case you're wondering, the home buyer doesn't pay their agent, the listing agent pays the buyers agent.
MAKE AN OFFER-----------------------------
When you find the home of your dreams, it's time to make an offer. An offer is a legal document specifying both what you will pay and the terms of the sale, including the size of the down payment, the duration of escrow and agreement about who pays which fees and more. It's important to be specific right away - Adrienne will be there to guide you through the document process.
In many instances, however, your first offer may be rejected. Don't be surprised and don't be concerned - almost all items are negotiable. The key to successful negotiating is keeping in mind that the end result must make both you, the buyer, and the seller happy.
Adrienne will save you time and money by representing your best interests and negotiating on your behalf. She has the knowledge and expertise to make sure that your offer is accepted at the best price and terms possible for you.
INSPECT AND REPAIR-----------------------------
When your offer has been accepted, you'll start the inspection and repair phase of buying a home in the Studio City, Hollywood Hills, Beverly Hills, Brentwood, Sherman Oaks, Bel Air, Malibu, Santa Monica areas. Because your lender has a sizeable interest in the condition of your property, they'll probably require a general overview of the property by an appraiser. This should not be used in place of a professional home inspector. As the buyer, if you find these inspections reveal serious flaws - it can delay or even nullify your contract depending on the terms of the sale. These procedures protect you, so make sure they're done in a timely and professional manner. You might investigate the investigators, too, to make sure that they are reputable. Adrienne Kessler is always there to help you through this maze.
Homeowners insurance is another very important item that will need to be taken care of at this point. Insurance experts recommend that you obtain insurance equal to the full replacement value of the home. Unless you have insurance coverage on the home, the closing can not proceed.
If you find minor issues after inspection or have made any repairs part of the original contract, now's the time for the home seller to get busy and make them. Adrienne can save you time and money by supervising and coordinating the repairs. Adrienne's experience will help make sure that everything is completed properly and on time.
CLOSE THE DEAL-----------------------------
When you make your earnest money payment, the money goes into a holding or "escrow" account, pending the legal completion of the sale according to the terms of the original contract. When all the repairs have been made and you have fulfilled any of your obligations, the deal can be "closed." Closing is where ownership of the home is legally transferred from the seller to the buyer.
During the escro period, you will be given several disclosures, escrow instructions and possibly amendments to the original purchase contract. Adrienne will go through each document in detail with you, insuring that you are informed and knowledgable.
It may be necessary for you to go into the Escrow Office to sign loan documents and pay any related fees (closing costs). Sometimes sellers may pay for a portion or all of the closing costs, depending on local market conditions, terms of the purchase contract. Any such concessions should be acknowledged in writing prior to closing. On the day The County Recorder's Office records the transaction, you are the new owner of that home, and in most cases, you will receive the keys right away to begin your new life as a home owner!
CONGRATULATIONS!
This brief overview of the Studio City, Hollywood Hills, Beverly Hills, Brentwood, Sherman Oaks, Bel Air, Malibu, Santa Monica areas is designed to help you become familiar with the general steps involved in purchasing a home. For more information, check your local library or bookstore. Or, better yet, call Adrienne Kessler for a personal consultation regarding your unique home buying needs. Remember, I'm always here to help.
