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First of all, the big news in the Real Estate in California is the contract change, almost entire contract is changed. Besides the RPA-CA (Residence Purchase Agreement), there are 13 New form, 18 revise forms, and some of the older forms are retired. Most of agents are and will be trained for the new forms. Its very exciting due to it eliminate some unreasonable form, and introduced also revised some forms based on the current technology and law, Of course there still some forms and laws will be changed based on the current and pending court case.
Now the main discussion.
For many, work entire life just want to make sure retired with dignity and own a house clear out with plenty of case for comfortable retirement. This is information on basic preparation to purchase a home, since everyone have different target or goal for the future, so the product you buy will be differrent then everyone else. so here are some check list to work with before you see your Realtor or have better understanding how everything works.
1. Get your finance in order-See your loan officers for basic info on Credit, Loan, Cash. Such as pre approval, pre qualify, discussing with your Mortgage lender for all the important informaiton that may be important to you and you can start making some choices. Also check with your CPA on the consequence on your house purchase, what kind interest are deducable, what kind information your would need for the various tax, also if it’s a investment, please get information on the entity you would need to get maximum benefits.
2. How to Prepare your life – when you have not so good credit and based on the pre-approval and qualification to help you obtain a property. you may need to change your life style to increase your credit score or many different things to help along the way to get more possible money and better interest. Sometimes depend on situation, it may takes years to get to the level you would like to get to the better interest rate and sometimes discussion with hired financial planner maybe beneficial.
3. What area, purchase price, size, property, and location decisions, from the pre-approval and discussion around the area you would like will be in-depth discussion with your real estate agent, they are here to help you find a target area, find a property that will be great for you and help you reach and get the property
4. Go to open house and check out the area, and prepare.
There are people buying houses for owner occupied, some for none owner occupied, but to get a property, its better to prepare ahead before you spend your large earned money on the most important purchase on your life. We don’t give advise how you should do, but we get you some information for you, and it’s up to you to see if you want to use the info and make your purchase better.