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I want to buy a home, Where do I start?

In El Cajon, Escondido, Home Buying, La Mesa, Mission Valley, North San Diego County, Oceanside, Poway, Ramona, Real Estate, San Diego, San Diego County, San Marcos, Santee, Transaction Tuesday, Vista on June 26, 2015 at 11:14 pm
  1. Transaction Tuesday

    Image courtesy of smarnad/FreeDigitalPhotos.net

    I want to buy a home, Where do I start?

    Many people start their home -buying process on the Internet these days.  As a matter fact, it has been reported that 90% of home-buyers start here.  The reasons for this are many, including the fact that you can shop from the comfort of your own home, at any hour of the day or night, so this makes sense.  However, the most important first step in your home-buying process actually should be to get a pre-approval from a good lender.  Here is a little story that illustrates this point.

    Mr and Mrs Smith had been thinking of purchasing a home in a more central location to accommodate the separate commutes they now were making for work.  They had looked off and on over the last year or so but had taken a wait and see approach trying to time the market to catch the “bottom” so they would get the lowest price possible.   During that time, prices did go down, and following that, inventory or the number of homes available on the market went down also.  As a result of this, home prices started to rise slightly, then interest rates also started to inch up as well which eat into their purchasing power.  In other words, the monthly payment that they would qualify for, let’s say $2,000 now bought them a home priced at $400,000 rather than $430,000.  So now they will be able to buy but the home they can purchase for the same $2,000 a month payment will probably be smaller or have fewer of the features that they desired.

    In spite of the low inventory and the decrease in their buying power, the Smiths were online one day and found a perfect home with everything they desired in their price range.  This was really exciting because it had been a long time since they had see anything that fit their needs so well. So they got on the phone to contact an agent so they could tour the property and have the agent help them to construct an offer for submission.

    Imagine their surprise when the agent informed them that the sellers of this home require that to submit an offer you must show that you are already approved for financing through a lender with what is called desktop underwriting approval with credit report and proof of funds.  In addition, if your offer is accepted you will have to be approved through their preferred lender as well.   Of course, the home had an accepted offer long before the Smiths were able to gather the necessary documentation and approvals required in order to submit an offer.  So while this may have been the perfect home for the Smiths to purchase and the Smiths may have been the perfect buyers for these sellers to acquire the “highest and best offer” for this property, the transaction was stopped before it even started because the Smiths, like many buyer, had skipped an important step in the home-buying process, getting their financing in place.

    The moral of this story is that the most important first step in a transaction is to secure your financing with a good lender.  If you need guidance on how to select a good lender just give me a call.  I am always happy to help.

    See you in the neighborhood,

     

    Karen Urata

    DRE License # 01720025

    Cemtury 21 Award

    619-454-7959

     

    5-Star Award Winner  San Diego Magazine 2010, 2011, 2012, 2015

    Serving Buyers and Sellers in San Diego County

Homes and Condos for Sale in North Park

In Home Buying, Home Selling, Real Estate, San Diego, San Diego County on June 26, 2015 at 11:07 pm

North Park Sign

Homes and Condos for Sale in North Park, San Diego

Did you know that North Park was originally developed as a lemon grove but because of difficulty with irrigation became one of the first residential and commercial districts in San Diego? This area, loosely defined as being bordered by I-8 on the north, Texas Street on the west, I-805 on the east and Juniper Street and Balboa Park on the south has most recently been named by Forbes as # 13 in a list of America’s best hipster neighborhoods.

Reasons for this include the fantastic architecture, the many cafes, diners and microbreweries, as well as the Ray Street Arts District and Birch North Park Theatre, Farmer’s Market and numerous cultural events held throughout the year.

The heart of North Park lies at the intersection of 30th and University where the famous North Park Sign is located.

The location allows for an easy trip to the beach, for play, and the airport, in case you have lots of travel plans or lots of visitors and encourages foot traffic and bike traffic. North Park most currently is the home of San Diego’s first Parklet which is an urban interpretation of a park. This means no grass, but tables and chairs for public use to rest, enjoy a bag lunch, or a treat from any of the nearby merchants.

North Park Main Street is is a Business Improvement District (BID) that is a non-profit corporation dedicated to the revitalization of the North Park neighborhood in San Diego and is primarily volunteer based. For more information click North Park Main Street.

 

 

North Park Parklet

 

 

In regard to housing, this neighborhood has experienced gentrification over the last few years and is considered by many still as “up and coming”. Zillow predicts that North Park home values will rise 12% next year, compared to a predicted 9.6% rise for San Diego as a whole.

Homes for sale in the North Park area span in style from Craftsman, California Bungalow, Spanish, to Mission Revival and North Park is home to the newly formed Dryden Historic District.

To see the perfect homes for sale for you in North Park click Homes and condos for sale in North Park

 

 

Spanish style home in North Park

 

 

 

See you in the neighborhood,

Karen Urata

Century 21 Award

uratakaren@yahoo.com

(760) 609-0952

DRE License # 01720025

Winner 5-Star Award San Diego Magazine -2010, 2011, 2012, 2015

 

Why is Escrow Asking Me for Personal Information and What Should I Do About It?

In El Cajon, Escondido, La Mesa, Mission Valley, Norh San Diego County, North San Diego County, Oceanside, Poway, Ramona, Real Estate, San Diego County, San Marcos, Santee, Transaction Tuesday, Vista on June 26, 2015 at 10:52 pm

Transaction Tuesday

Image courtesy of smarnad/FreeDigitalPhotos.net

Why is escrow asking me for personal information and what should I do about it?

These days we all know that we should never give out any of our personal information unless we know exactly who is getting it and exactly why they need it so this is a question that often comes up during the escrow process.  The reason for this is a little piece of paper that seller’s are given to fill out by the escrow officer called the Statement of  Information.

This form is actually used by your title company to distinguish the buyers and sellers of real property from other people with similar names when searching public records for judgments, liens, court decrees, bankruptcies or other matters.

If you fail to provide the Statement of information, your title company will have to add exclusions to the policy that list as exceptions from coverage judgments, liens or other matters which may affect the property to be insured.  These exclusions or exceptions are not allowed by lenders.  Lenders will require that the title is insured, so without this Statement of Information being submitted in a timely manner you might  find that your closing could be delayed.

Just another tip to help your transaction go smoothly to closing.  Remember, feel free to call me if you have a question about real estate.

 

See you in the neighborhood,

Karen Urata

Century 21 Award

uratakaren@yahoo.com

(619) 454–7959

DRE License # 01720025

Winner 5-Star Award San Diego Magazine  -2010, 2011, 2012, 2015

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