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Hot and helpful real estate info from Flavia.
November 01,2022 | Posted By Flavia Brown in Real Estate
Dear homeowners and prospective homeowners:
Let me know if you want any real estate info, like how the market is doing, expected price changes, a filled-in sample copy of the new 16-page purchase agreement with brief explanations of each paragraph, what mandated disclosures sellers are required to give to buyers, what’s currently for sale, best lenders/mortgage brokers with lowest rates and down payment and closing costs assistance, and an accurate calculation that will determine buying affordability and monthly payments, including mortgage, property tax, and homeowners insurance (called p.i.t.i., or principle, interest, tax, insurance).
Also, many things have recently changed in the California real estate industry. For example, it is now common for buyers to make offers with no upfront money. That is, no earnest money deposit (EMD), no pre-approval letter, and no proof of funds to cover the down payment and closing costs are required until after an offer is accepted. After an offer is accepted those three items are due and the buyer has 17 calendar days to investigate the property and decide whether to proceed toward close of escrow or cancel the contract and get the deposit back. Investigating the property means having a professional property inspection and reviewing the seller’s disclosures and other reports. During the 17 days (called the contingency period) the buyer and seller negotiate over who pays for any needed repairs, which includes termite damage. Previously, termite inspections and Section 1 repairs were separate from other repairs. Now, termite issues are part of the property repairs. Close to the end of the contingency period the buyer presents to the seller a “Request for Repairs” form, which usually includes termite damage, which often includes fumigation (tenting). Details upon request, at no charge, of course. More info: Two more helpful blog posts:
Buyer’s guide to a real estate transaction, and Seller’s
guide to a real estate transaction.
After an offer is accepted and ratified the buyer has three upfront costs: the property inspection fee, the appraisal fee if financing the purchase, and the EMD. Those three costs are approximately $450, $500, and 1% to 3% of the purchase price which becomes part of the down payment and due two days before close of escrow. The escrow period is usually 30-45 days (from the day an offer is accepted to close of escrow). During that period buyers should not charge large items, like financing a vehicle or a room full of furniture. Lenders will provide a list of “do nots.”
As an accomplished Realtor for the past 17 years, 255 closed escrows, no complaints, and a spotless DRE record, two of my most important tasks are to make it as easy for buyers to buy a home, and for sellers to make as much money as possible when selling a home. If you have any real estate needs – buying, selling, income property investing – I will do the following:
) No upfront money when making an offer. That is, no earnest deposit money, no pre-approval letter, and no proof of funds required until after your offer is accepted.
) Refer you to a few top lenders with low interest rates, down payment and closing costs assistance.
) I will find or create a good deal anywhere in L.A. County.
) I will be sure there won’t be any mistakes in the selection of a property.
) Upon request, I will calculate how much house you will qualify to buy, and your monthly payments. I will need only your household gross income and any debts longer than one year.
) If applicable and desired, I will coordinate a simultaneous close of escrow (close escrow on the existing and replacement homes at the same time).
) I will pay your property inspection and appraisal fees (reimbursed at close of escrow).
) Explain step-by-step the entire buying and selling process (buyers should know the steps for both sides).
Explain every paragraph in the purchase agreement.
) Explain all state-mandated seller’s disclosures required to be given to the buyer.
) Get your home sold at the highest price possible.
) If applicable and desired I will coordinate a simultaneous close of escrow (close escrow on the existing and replacement homes at the same time.
) Run a smooth and problem-free transaction.
) Explain step-by-step the entire buying and selling process (sellers should know the steps for both sides).
) Explain every paragraph in the purchase agreement.
) Explain all state-mandated seller’s disclosures that are to be given to the buyer.
Your questions are always welcome.
Flavia Brown, Realtor®
Cal DRE # 01729313
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Torrance CA 90505
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