Buying a home is easy!

February 19,2023 | Posted By Flavia Brown in Real Estate

Buying a home is now as easy as it gets – if the financing and purchasing are done right. Two things must be accomplished flawlessly:

First, a new mortgage program called Affordable Home Mortgage Program (AHMP) provides up to $25,000 to pay for loan-related fees and closing costs. The mortgage broker I work with who offers this program has been in the lending business longer than 30 years, and she is an expert at getting buyers qualified, and she is honest almost to a fault. She has been my “go-to” lender for 15 years.

Second, buying a home correctly requires a Realtor to take careful buying steps in the buyer’s best interest – preparing and presenting a compelling acceptable offer, getting the lowest price possible, being sure there won’t be any mistakes in the selection of a home, and running a smooth and problem-free transaction. To make buying even easier, read the following:

Make an off with no upfront money, (and Real estate 101)

Can I really make an offer on a home with no upfront money and no qualifying documents? Absolutely! You can make an offer any way you like, even if the listing agent writes in the MLS property profile sheet that you must include various documents with your offer. But the offer must be presented properly. The upfront money is the earnest money deposit (EMD) which is any amount up to 3% of the offered amount (adjusted to the same percentage of the purchase price if the offer is accepted). The qualifying documents are the lender’s pre-approval letter (unless the offer is all cash) and the proof of funds (POF) which all buyers must provide. The POF supports the down payment and closing costs, or for cash buyers the POF includes the purchase amount, down payment, and closing costs. The down payment is due one or two days before close of escrow, and the EMD becomes part of the down payment.

In a strong seller’s market (more demand than supply, low inventory, prices increasing, etc.) the mentioned items should accompany offers, especially if there are multiple offers. But in a buyer's market or equilibrium market buyers can now make offers with no upront money or proof of funds. Why do some buyers want to delay presenting their proof of funds when they make an offer? Most often, they don’t want to display their bank statement when their offer hasn’t yet been accepted. However, buyers should have the items ready in case their offer is accepted. If the offer is accepted the buyer’s agent will forward the two qualifying items to the listing agent a day or two after the offer is accepted and ratified, and the EMD will be wired to the escrow company (the escrow company provides wiring instructions).

NOTE: After you are qualified to purchase a home I will be glad to represent you. If you select me to be your Realtor you can be sure I will get you the best deal possible, and I will be sure no mistakes are made in the selection of a home. My goals will be to save you a ton of money and for you to become a savvy real estate investor. If you will need to sell before buying, I know how to get homes sold at top dollar, and most often sold at higher than the asking price. I will be glad to explain how I accomplish getting homes sold at the highest price the market will bear. It requires having a strong and effective marketing program designed to attract the most buyers, buyers' agents, and investors looking for income properties. As an accomplished Realtor (17 years, 256 closed escrows, zero complaints, and a spotless DRE record), I also know how to conduct a simultaneous close of escrow (closing escrow on the existing and replacement homes at the same time).

Best regards to you, and your real estate questions are always welcome. Contact me via phone, text, or email.

Flavia Brown, Realtor® (17 years)
CalDRE #01729313
Realty One Group United
homesbyflavia@gmail.com
homesbyflavia.com
310-702-6335 (cell/text)

P.S. My website contains more than 50 informative and helpful real estate-related blog posts. Visit homesbyflavia.com, then click “Blog.”

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Torrance CA 90505

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