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.
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.
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