Duarte/Downey Real Estate Agency, Inc



Posted by Duarte/Downey Real Estate Agency, Inc on 12/24/2017

Ready to submit an offer on a home? Putting together a proposal that stands out in a home seller's eyes is key.

With the right home offer, you can improve your chances of securing your dream house without delay. Plus, dedicating time and resources to put together a home offer that works for both you and a home seller is sure to accelerate your journey from homebuyer to homeowner.

How can you improve your chances of submitting an offer that a home seller is sure to accept? Here are three tips to help a homebuyer submit a standout home offer.

1. Get Pre-Approved for a Mortgage.

In many instances, a home offer may be contingent upon financing. And if a homebuyer has to secure financing after submitting a proposal, this individual could risk missing out on an opportunity to purchase his or her dream house.

Comparatively, a homebuyer who gets pre-approved for a mortgage will have the necessary financing in place when he or she submits an offer. As a result, this individual's offer may stand out from other proposals, particularly to a home seller who wants to speed up the home selling process.

2. Consider a Quick Home Inspection.

Don't ask the home seller for 15 or 30 days to conduct a home inspection. Instead, be ready to conduct a home inspection as soon as possible.

You may need only a few days to set up a home inspection. As such, if your offer includes a request for five or 10 days to complete a home assessment, it may stand out from others.

Also, if you find your dream home, you may want to consider purchasing the house "as is." Doing so may allow you to forgo negotiations between a homebuyer and home seller after a home inspection.

If you submit an "as is" home offer, you will be able to learn about the condition of a property before you buy it. However, after a home inspection, you will be unable to ask the home seller to complete repairs. At this point, if you find the house fails to meet your expectations, you can either walk away or buy the home in its current condition.

3. Add an Escalation Clause to Your Offer.

An escalation clause can help you compete against other homebuyers in a fierce real estate market. It enables you to increase your offer by a set amount over any other bids to a certain level. As a result, including an escalation clause in your home offer can help you avoid the risk of overpaying for a house and improve your chances of securing your dream residence at the same time.

Ask your real estate agent to include an escalation clause in your home offer. Your real estate agent can help you submit the perfect proposal, and ultimately, boost your chances of getting a "Yes" from a home seller.

Use the aforementioned tips, and you can bolster your chances of getting the right house at the right price.





Posted by Duarte/Downey Real Estate Agency, Inc on 3/12/2017

Want to find your dream house quickly and effortlessly? You're not alone. In fact, many homebuyers across the United States browse the real estate market regularly in the hopes of finding their perfect residence.

Fortunately, there are numerous ways for homebuyers to accelerate the process of purchasing a house, and here are three tips to help homebuyers discover their dream houses without delay.

1. Set Realistic Expectations for Your Home.

When it comes to finding a residence, it is important to note that every house has its strengths and weaknesses. Thus, you'll want to set realistic expectations before you begin your search for the perfect home and differentiate the must-haves from the must-wants.

For example, you will need electricity, hot water and other utilities at your new home. On the other hand, you may want a house that features an indoor swimming pool, a fenced-in backyard and other deluxe amenities, but you need to keep in mind that you can live without these features as well.

Make a checklist of what you need and what you want from a future house. By doing so, you can simplify your home search and move one step closer to checking out houses that fulfill your needs perfectly.

2. Get Pre-Approved for a Mortgage.

What good is finding your dream home if you are unable to afford it? Instead, get pre-approved for a mortgage before you start your home search – you'll be glad you did. This will allow you to establish a budget for your home search and browse properties accordingly.

Don't forget to consult with multiple lenders as you explore your mortgage options. If you meet with a variety of banks and credit unions, you can find out about all of the financing options that are available.

Furthermore, be sure to check your credit score and get a copy of your credit report from each of the three major reporting bureaus (TransUnion, Equifax and Experian). You are entitled to a free copy of your credit report from each of the major reporting bureaus annually. And if you obtain a copy of your credit report, you can find out your credit score, work to improve it and boost your chances of securing a mortgage.

3. Employ a Real Estate Agent.

Hiring a real estate agent is essential for those who want to accelerate the homebuying process, and for good reason. With a friendly, professionally trained real estate agent at your side, you can learn about new homes that are available, submit offers on residences and more.

Your real estate agent will act as a liaison between you and a home seller. As such, he or she will work on your behalf to ensure you can purchase your dream home as quickly as possible.

Find a real estate agent to help you move along the homebuying process. This housing market expert will be happy to respond to your homebuying concerns and queries, and ultimately, make it easy to navigate each step of the homebuying journey.




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Posted by Duarte/Downey Real Estate Agency, Inc on 12/18/2016

As a homebuyer, you want to prepare as much as possible when you start looking at houses. By doing so, you'll be able to fully evaluate a residence based on your personal wants and needs and ensure you can find your dream house quickly and easily. However, there are many under-the-radar factors that homebuyers must consider when they check out a house, including: 1. Homeowners Association If you're evaluating condos, you should learn about the homeowners association (HOA) that manages the property. This will allow you to review HOA fees, how the HOA operates and other factors that may influence your decision to buy a home. Typically, it is simple to discover all you need to know about an HOA. To do so, you can work with a real estate agent who should be able to provide information about an HOA. Also, you can always contact an HOA directly and receive all the information you need without delay. 2. TV, Cable and Internet Service Providers Do you work from home and require a high-speed internet connection to complete your day-to-day tasks? Or, do you want to ensure you can get your favorite TV channels at all times? Regardless of your individual needs, you'll want to check out the TV, cable and internet service providers available in cities and towns where you'd like to live. This will enable you to find out if these local providers can meet your needs consistently. In addition, you should consider cell phone connectivity in an area, as this will allow you to determine if your cell service provider ensures you can enjoy clear calls in a particular city or town. 3. Attractions and Landmarks Do you enjoy spending a day at the park, checking out historic landmarks or going to concerts? No matter which activities you enjoy, it is essential to learn about the entertainment options near a home you may purchase. For instance, if a concert venue is close to a residence, it may affect nearby traffic patterns as concert-goers travel to and from this destination. Conversely, if you want a house that allows you to separate from the everyday hustle and bustle of the city, you may want to evaluate residences that are located many miles away from popular attractions and landmarks. 4. Walking Paths If you like to stay active, you'll surely want to find a house that features a wide range of safe walking paths that you can use every day. Whether it's going for a morning jog or simply enjoying a jaunt with your dog, you may be able to improve your chances of remaining active and healthy if you purchase a home with multiple walking paths nearby. Of course, a real estate agent can help you explore a vast array of homes in cities and towns nationwide. This professional will learn about your home preferences and allow you to streamline your search for the perfect house as well. Consider the aforementioned factors as you prepare to search for houses, and ultimately, you'll be better equipped to make a more informed home purchase.





Posted by Duarte/Downey Real Estate Agency, Inc on 10/30/2016

Securing the best mortgage for your home may seem challenging, particularly for those who are first-time homebuyers. Fortunately, we're here to help you get the best possible mortgage rate, regardless of the real estate market. Here are three tips that you can use to get the best mortgage rate at any time: 1. Find Ways to Improve Your Credit Score. Your credit score likely will influence your mortgage rate. However, those who track their credit score closely can improve this score over an extended period of time. That way, when the time comes to secure a mortgage for a new home, you'll be in great position to get the best mortgage rate possible. Try to check your credit score regularly. You can do so quickly and easily, as you're entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies (Equifax, Experian and Trans Union). To improve your credit score, focus on paying off any outstanding debt. This will help you enhance your credit score without delay. 2. Take Advantage of a Shorter-Term Mortgage. Although you may consider a variety of mortgage options, a shorter-term mortgage may allow you to pay a lower mortgage rate for a shorter period of time. Remember, just because you choose a 15-year mortgage over a 30-year mortgage does not mean you will wind up paying twice as much for your mortgage payment each month. For example, selecting a 15-year fixed-rate mortgage over a 30-year fixed-rate mortgage may prove to be a viable option for many homebuyers. A 15-year fixed-rate mortgage will have higher principal and interest totals than a 30-year counterpart, while the insurance and tax fees associated with both types of mortgages will remain the same. 3. Look at All of the Lending Options That Are Available. It sometimes can be overwhelming to look at all of the banks, credit unions and other lending options that provide mortgage assistance. Diligent homebuyers, however, will dedicate the time and resources necessary to explore all of the lending options at their disposal to make an informed decision. Ideally, you should try to get multiple quotes from a variety of lenders. This will enable you to see exactly what each lender has to offer and improve your chances of making the best decision possible. Lastly, don't forget to lock in your mortgage rate in writing. By doing so, you'll be able to verify you have the mortgage rate you like and the loan you need to secure your dream home. Understanding the ins and outs of landing the ideal mortgage rate can be difficult. And if you ever have concerns or questions along the way, your real estate agent may be able to point you in the right direction as well. Because this agent boasts comprehensive real estate sector experience, he or she may be able to provide guidance and tips to ensure that you can find a reliable lender and land a great mortgage rate. Find a mortgage rate that works for you, and you may be able to save money over the life of your mortgage.





Posted by Duarte/Downey Real Estate Agency, Inc on 9/11/2016

The first step in home buying is getting a mortgage. Many home owners also find themselves in a maze when they start the refinance process. Navigating the mortgage process can be confusing. There is so much to know between rates, types of mortgages and payment schedules. Avoiding making a mistake in the mortgage process can save you a lot of money and headaches. Here is a list of the biggest mortgage mistakes that potential borrowers make. 1. No or Low Down Payment Buying a home with no or a low down payment is not a good idea. A large down payment increases the amount of equity the borrower has in the home. It also reduces the bank’s liability on the home. Research has shown that borrowers that place down a large down payment are much more likely to make their mortgage payments. If they do not they will also lose money. Borrowers who put little to nothing down on their homes find themselves upside down on their mortgage and end up just walking away. They owe more money than the home is worth. The more a borrower owes, the more likely they are to walk away and be subject to credit damaging foreclosure. 2. Adjustable Rate Mortgages or ARMs Adjustable rate mortgages or ARMs sound too good to be true and they can be. The loan starts off with a low interest rate for the first two to five years. This allows the borrower to buy a larger house than they can normally qualify for. After two to five years the low adjustable rate expires and the interest rate resets to a higher market rate. Now the borrowers can no longer make the higher payment not can they refinance to a lower rate because they often do not have the equity in the home to qualify for a refinance. Many borrowers end up with high mortgage payments that are two to three times their original payments. 3. No Documentation Loans No documentation loans or sometimes called “liar loans” were very popular prior to the subprime meltdown. These loans requires little to no documentation. They do not require verification of the borrower's income, assets and/or expenses. Unfortunately borrowers have a tendency to inflate their income so that they can buy a larger house. The problems start once the mortgage payment is due. Because the borrower does not have the income they are unable to make mortgage payments and often end up face bankruptcy and foreclosure. 4. Reverse Mortgages You have seen the commercials and even infomercials devoted to advocating reverse mortgages. A reverse mortgage is a loan available to borrowers age 62 and up. It uses the equity from the borrower’s home. The available equity is paid out in a steady stream of payments or in a lump sum like an annuity. Reverse mortgage have can be dangerous and have many drawbacks. There are many fees associated with reverse mortgages. These includes origination fees, mortgage insurance, title insurance, appraisal fees, attorney fees and many other miscellaneous fees that can quickly eat at the home’s equity. Another drawback; the borrower loses full ownership of their home and the bank now owns the home Avoiding the pitfalls of the mortgage maze will hopefully help you keep in good financial health as a home can be your best investment. .




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