Buying a Home in Newport Beach

Buying a home in the Newport Beach area requires many considerations. When you are considering one of the largest purchases that you will ever make, it is essential that you work with a Real Estate Professional.

Some of the benefits of Newport Beach home ownership include your monthly payment contributes to the equity of your home.  With the interest as low as they are today, it is a great time to buy. Purchasing a home is an investment.  With each payment, you are owning more and more of your home. Additionally, there is the added tax benefit of owning a home. The taxes and interest are tax deductible from your income tax, please consult your tax advisor for more specific information.

When you are navigating the home buying process, it is essential that you work with a Real Estate Professional. A Real Estate professional will guide your through the process.

It is essential to meet with a lender to get pre-approved for a loan. That way, your Realtor will know how much you have been qualified for with a home loan. Typically, a Realtor will provide a pre-approval letter along with any offer than is made on real property.

Then, it is deciding to find the Newport Beach property which fits your needs and expectations. A professional Realtor will take you out to the Newport Beach communities based upon what is important to you. Some buyers prefer condos versus single family homes. Consider number of bedrooms, bathrooms, and size of home. Also, consider if you are wanting a fixer (if you are handy) or a home which is newer, or has been remodeled. It is important to remember that unless you budget is unlimited, there are typically concessions a buyer might have to make.

Once you have identified the property you want to make an offer on, your Newport Beach Real Estate professional will conduct a comparative market analysis, to assist you in determining fair market value of the property. Other considerations include length of escrow, amount of down payment,  and contingency period. Another consideration is how quickly you would like the sellers to respond.

Newport Beach home buying at a glance

Then the offer is presented to the listing agent of the property. A counter offer may or may not come back, or there may be multiple counter offers for the property as well.

If the property is a short sale, it is imperative that you find out if the short sale has been approved, and there are many other considerations with a short sale.

Once the offer has been accepted, the escrow is then opened. There is typically a 17 day contingency period for the buyer to complete their due diligence including home inspections, and termite inspection. Then the buyer reviews these reports. The buyer will also deposit their initial deposit into escrow as a gesture of good faith in the transaction.

The Real Estate Professional will guide you through the process, and explains the contracts along with the Escrow officer who explains the escrow instructions.

If I can answer any questions about buying a home in Newport Beach, please contact me.

Please fill out the form below if you have any additional questions.

 

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Buying a Home in Newport Beach
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Some of the benefits of Newport Beach home ownership include your monthly payment contributes to the equity of your home.
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ABOUT ME

Sharon Paxson is a full-time REALTOR® with Compass and has been specializing in residential real estate throughout the Newport Beach area since 2005 assisting Buyer’s, Seller’s, Landlords and Tenants with their real estate needs.

If you are thinking about buying, selling or renting your home, condo or other Real Estate in the following areas including Newport Beach, Newport Coast, Corona del Mar, Huntington Beach there are thousands of Realtors to choose from. However, it doesn't cost you any more to work with a top Newport Beach CA Realtor. We welcome the opportunity to show you how we get outstanding real estate results with specific and targeted marketing. If you are looking for a top real estate agent who will make a difference you have come to the right place. Use this real estate website to learn about communities and homes for sale.

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  • Newport Beach area buyers, sellers, renters
  • 520 Newport Center Drive Suite 330
    Newport BeachCA 92660
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DISCLAIMER: All information, photographs & content contained on this site is the property of Sharon Paxson. You must obtain written permission from Sharon Paxson if you would like to use any of this content contained herein. Opinions expressed are those of Sharon Paxson and may not necessarily be opinions of past and present brokers. Articles may be time and date sensitive. All statistical information utilized to create market reports has been obtained from the CRMLS. Information Deemed Reliable but not Guaranteed.

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