Duarte/Downey Real Estate Agency, Inc



Posted by Duarte/Downey Real Estate Agency, Inc on 11/19/2017

You have finally found what you believe to be the perfect home. Then, something rings off in your gut. Maybe it was poor communication with the seller. Maybe a big change happened in your own life in a short period of time. All you know is that you really want to back out of the deal. You might have a lot of questions. Is this possible? Are there consequences? 


The short answers to these questions are yes, and yes. There is a possibility that you could be sued by your backing out of a deal. Itís rare that buyers are actually mandated to buy a home that they donít actually want to buy. Sellers will, however, be able to keep any money that has already been paid as a deposit after a certain point in the dealings on a home sale. Sellers may also be awarded damages in some cases. 


Legally Backing Out Of The Contract


There are a few circumstances where buyers may have a legitimate right to back out of a contract on a home. If certain contingencies werenít met, as a buyer, youíre free and clear to walk away. These circumstances include:


  • Financing falls through
  • You couldnít sell your former home
  • Flaws in the home have not been disclosed
  • Property boundary line issues exist
  • Liens are against a homeís title
  • The seller does not meet the terms for improvement
  • Undisclosed uses exist for the land such as a pathway


If none of these reasons apply to you and you still have reservations about buying the home, you may need to sacrifice a huge chunk of money. The way that you exit the deal will all depend upon the contracts that were signed previously.


Other Buyers Are Waiting For The Home


If you are in a tight market and decide to back out of buying a home, you could be in luck. Often, if thereís a backup offer, itís enough to satisfy a seller that at least the home will be sold promptly. However, donít hold you breath when it comes to getting your deposits back. If you have already ďpromisedĒ to buy a home, you can kiss the deposit goodbye, unfortunately. 


Always Hire A Real Estate Attorney


Whether your state requires it or not, you should always hire a real estate attorney. These professionals can help you to read each and every line of the contracts that youíre signing when buying a home. They will make suggestions as to how you can protect yourself through the process along the way. Itís a good investment to hire a lawyer when youíre buying a home.





Posted by Duarte/Downey Real Estate Agency, Inc on 10/29/2017

Whether youíre shopping for your first house or your next house, finding a listing you love is exciting. You browse the pictures, check out the property facts, share the link to your significant other, and maybe even schedule a showing.

With the exciting prospect of owning a new home that has all or many of the features youíre looking for, it can be easy to forget about certain details that matter. Most of us look for similar things in a house--close proximity to work, enough bedrooms, an upgraded kitchen, and so on.

In this article, weíre going to give you a list of things to investigate about the house youíre looking at to get a better idea of whether or not itís the perfect match for you and your family.

1. Re-read the listing

If youíre like me and get lost in the photos of a home and forget to make note of the details, be sure to go back and check out the listing a second time. It will likely give you important details of the house that you overlooked on your initial visit.

Look for things like the year the house was built, information of the heating, ventilation, and air conditioning system, and the total acreage of the lot and square footage of the home. These things are hard to accurately represent in the listingís pictures, but will likely be important to your decision of whether or not you should view the home.

2. Do your online research

The number of things you can learn about a home and neighborhood on the internet is astounding. We suggest that before you go to visit a home, you spend 10-20 minutes on Google researching the following topics:

  • School district ratings. If you have or plan to have school-aged children, youíll want to know what your options are for your childís education. Itís often a good idea to check out the local schoolsí websites to see what

  • Commute times. With Google Maps and similar sites, you can plan out what your new commute will be and see how long it will take. You might find different routes that will save you time or avoid traffic (we could all use those extra few minutes in bed every morning). Google Maps isnít always accurate when it comes to morning traffic estimates, but itís a good place to start.

  • Amenities. Having moved into a neighborhood that has no grocery stores within a 20-minute drive, trust me--youíll want to know whatís in the area. Use Google Maps to find stores, gas, schools, parks and trails, hospitals, and other things youíll want close by.

  • Street view. While weíre on Google, use street view to take a remote look around the neighborhood. Youíll be able to see how the infrastructure looks--if the neighborhood is taken care of and if there are sidewalks that offer a safe place to walk or jog.

  • Crime ratings. Donít get too caught up in this section. Crimes happen everywhere, but this is a good way to see if the area youíre moving to is a safe place

3. Donít be afraid to ask questions

If, after all of your online research, you decide you want to go view a home, donít be shy when you arrive. Itís understandable that you wouldnít want to be a burden in someone elseís home. But remember--if youíre considering living there someday youíll want to know as much as possible before making an offer.

Test the plumbing, ask about average utilities, and donít be afraid to introduce yourself to neighbors and ask them questions about the community. The more you know, the better. Happy sleuthing!





Posted by Duarte/Downey Real Estate Agency, Inc on 9/17/2017

Whether new or old, many homes can have issues that arenít obvious from photos. Many of the most common problems in a home have to do with the plumbing system. Since water can be so damaging, itís especially important to get these issues out in the open prior to sale.

Some sellers might be aware of their plumbing issues, others may have no clue at all. Oftentimes, if a home was previously occupied by only one or two people who didnít entertain many guests, they may not be aware of the strain that a larger family could have on things like the septic system.

In this article, weíll cover some of the most common plumbing issues that a home has and help you identify these issues before you buy a new home.

The small fixes

Letís start with some problems that are common and simple to address. When touring a home or performing an inspection, test all of the homeís faucets. Dripping faucets might not seem like a big issue, but the cost of wasted water can add up on your utility bill.

Leaking pipes are another issue that is seemingly harmless, but can lead to bigger problems that could cost thousands of dollars to repair. Check ceilings, floors, and underneath cabinets for signs of water damage.

Flush the toilets in the house to see if they continue running. Toilets that continue running water is often a simple fix, like replacing the chain or flapper in the tank. However, a leaking toilet could be symptomatic of a bigger problem that could include having to replace the toilet.

Sewer line and septic systems

Ask the owner about the history of the sewer or septic system. Find out if theyíve had problems recently and when the last time they were taken care of. If there is a septic tank or field on the property, look for signs of issues such as the grass having been dug out, water pooling in the yard, or foul smells in the area.

When it comes to septic and sewer issues, always reach out to a professional. They will be able to give you an accurate assessment and estimate of costs.

Inspect the pipes

Spot-checking the pipes in the home will tell you a lot about the state of the plumbing. Pipes that are old, worn, and lacking insulation are signs that plumbing issues could be coming. Rust is a major red flag. The water lines that lead out of the house for lawn faucets should also be wrapped to avoid freezing in the winter months.

Hot water heater

Just like the septic system, youíll want to ask about the history of the homeís hot water heater. If itís over ten years old, you might have to replace it soon after purchase.

You should also consider the size of the hot water heater. Youíll want to be sure it can accommodate your expected water usage. If children are in your future, having a bigger hot water heater might be something you want to plan for to avoid cold showers in the morning.





Posted by Duarte/Downey Real Estate Agency, Inc on 8/27/2017

Buying a home is one of the biggest decisions you will make in your life, financially and otherwise. When you buy a home you're deciding on the region you want to live in, where you might want to raise children, and the people you'll live around for likely many years. You're also signing up for all of the responsibilities that come with a home: utility bills, issues and repairs, cleaning the house, maintaining the yard... the list goes on. So, before plunging into a mortgage, check off all the items on this checklist to determine if you're ready for home ownership.

The First Time Home Buyer's Checklist:

  1. I know where I want to live. Determining the location of your home is one of the most important factors that goes into home buying. Most decisions are influenced by your job/career, but things like family, friends and weather are all important things to consider. Aside from knowing where you want to live, you'll also need to know how long you want to stay. As a general rule, if you don't plan on staying in your home for at least 5-8 years it could be cheaper and easier to rent until you find somewhere you'd like to settle in.
  2. I have my finances under control. You don't need to be wealthy to buy a home, but you do need to have a strong understanding of your personal finances. In a spreadsheet, write down your total savings, monthly income and monthly expenses (including groceries, transportation, bills, and loans). Find out what type of mortgage and downpayment you can afford at your income level.
  3. My income is dependable. When you apply for a home loan the bank will look into this for you. But you should also want to make sure you can continue to afford your mortgage payments. How dependable is your job? Are there a lot of job opportunities in your field and in your area? These are all questions that help you determine the stability of your income.
  4. I have a good credit score. Your credit will be a big factor in getting approved for a home loan. Building credit seems complicated but it's based on four main things: paying bills on time, keeping balances relatively low, having a long record of repayment, and not opening several new cards or taking on multiple loans in a short period of time.
  5. I'm pre-approved for a loan. Getting pre-approved isn't mandatory, but it offers many benefits. First, it shows lenders that you are a safe person to loan money to. Second, it will give you insight into what banks think of your finances and will give you an idea of what price range you can safely buy in.
  6. I'm prepared for the responsibilities of owning a home and willing to learn. If you're handy around the house and can fix anything, that's great. What's more important, however, is that you have the time and willingness to learn new skills that will help you become a good homeowner.





Posted by Duarte/Downey Real Estate Agency, Inc on 7/30/2017

Buying a home may seem like a smart financial move. However, it may not always be the right time or the right move for you. While buying a home is a great investment, you may not be ready to buy a home of your own. The following questions should help you to determine whether or not you are fully ready to buy a house in the near future.


How Much Money Do You Make? How Much Have You Saved?


buying a home is a significant expense. First, youíll need quite a large sum of money for a downpayment and closing costs on the home. Second, to get approved for a mortgage, the lender will look at every part of your finances from your income to your assets. Once the home is purchased, youíll also need quite a bit of capital for expenses including insurance, taxes, HOA fees, emergency funds, utilities, and furniture. You donít want to buy a home only to be overwhelmed with costs. You want enough of a financial cushion to enable you to furnish your home, decorate your home, and not have a completely empty bank account. Thatís why you should make sure that you do make enough money to buy a home.



How Much Debt Do You Have?


If you have established that your income is enough to buy a home, the next thing that you need to establish is that your debt isnít too high. Before you enter into the adventure of homeownership, youíll need to make sure that your bills are under control. These expenses include things like car loans, student loans, and credit card bills. Your lender will put your debt into consideration as a part of your entire financial picture. Your debt (including your proposed mortgage payment) should be less than around 36% of your gross income. Before you take the leap into buying a home, youíll need to make sure that your debt is under control. If you need to take a step back and pay your bills down before you start house hunting, you should as it will make buying a home easier for you.


Are You Seasoned At Your Job?


In order to secure a mortgage for a home, youíll need to show that you have been at the same job for a certain period of time. Your average income will probably be calculated based on how long you have been at the company and your job history. You should be able to explain any income gaps, changes in positions or companies. Otherwise, youíll appear to be an unstable person to lend to. Lenders want to know that youíll have a steady, stable income.


How Is Your Credit?


In order to secure a mortgage, youíll need to have a good credit score. Check on your credit report when you begin thinking about buying a home. If your credit is on the low side, youíll want to work on bringing that score up. 


     




Tags: Buying a home   finances  
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