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If
you are searching for a new home, please feel free to contact
me and I can assist you in your search. Please also visit the
Napa Properties
page to search for and view listings online. Once we've located
a property for you, you can expect expert guidance and support
— including assistance with your loan and every phase of
escrow, accompaniment to all ordered inspections and the utmost
in due diligence on your behalf. You can put full trust in the
reputation of Morgan Lane which has earned the prestigious Diamond
Certified Award — guaranteed to be rated highest in
quality, credentials, business practices and customer satisfaction.
If you are considering relocating to the Napa Valley, please also
visit the Resources
page and contact me at any time for information regarding the
market and this area in general. You can also visit the Relocating
to Napa page.
Articles
for Buyers
Buying Foreclosures "Not
For The Novice"
On a scale of fear where 1 is a sort
of "pshaw" and 10 is your life flashing before you,
the fear of buying foreclosures should be right up there with
the out-of-body experience. Be afraid. Be very afraid.
Read
more...
100 Questions & Answers About
Buying a Home
Home ownership is becoming a reality for
more and more Americans. During 2000, the US home ownership rate
reached 67.7%, the highest rate ever. Yet many Americans don't
realize that home ownership is within their grasp.
Read
more...
Things Not to Do Before
Purchasing a Home
Don’t Move Money Around - When
a lender reviews your loan package for approval, one of the things
they are concerned about is the source of funds for your down
payment and closing costs Most likely, you will be asked to provide
statements for the last two or three months on an of your liquid
assets. This includes checking accounts, savings accounts, money
market funds, certificates of deposit, stock statements, mutual
funds, and even your company 401K and retirement accounts.
Read
more...
Mortgage Basics: Should You Buy or Rent?
Hundreds of thousands of
Americans ask themselves that every year. There's no easy answer.
Emotions, family and personal reasons all come into play in any
home-buying decision.
Read
more...
Writing an Offer - Concerns About
the Property
Although you have toured
the property, looked at the walls and ceiling, turned on the faucets
and played with the light switches, you have not lived in it.
The seller has years of knowledge about his or her home and there
may be some things you want to find out about as quickly as possible.
For this reason, you will require certain disclosures as part
of your offer.
Read
more...
30-Year Fixed-Rate Mortgages Since 1971
The chart on this website
shows the average fixed mortgage rates for the past several years.
It's from the website of Freddie Mac, and shows the monthly average
commitment rate and points on 30-year fixed-rate mortgages from
the approximate current date back to 1971.
Read
more...
Home
Buying in 10 Steps(Some Items Primarily For California)
| 1. |
Get
Your Financial Ducks in a Row
The starting point for such a major purchase
is to take a look at your financial position. This is what
the lender will look at first. Compile proof of your employment
history, income, assets, expenses, tax returns, etc. Check
your credit score and if it's not at an acceptable level,
research ways to improve it. (See "Improving
Your FICO Score.") This can make a big difference
in the interest rate you pay. Don't make any major purchases
or change jobs if possible. |
| 2. |
Get
Loan Pre-Approval
Begin by familiarizing yourself with various
loan programs, interest rates and the mortgage industry in
general. Then, seek out a qualified lender. Your real estate
agent can direct you to loan representatives to talk with.
Getting pre-approved
is essential to do in the early stages of the home buying
process. Once approved, know what your lender might be expecting
of you throughout the entire transaction. |
| 3. |
Evaluate
What it is that You are Looking For
This may seem like an over-simplification,
but the more refined you can be in your search, the better.
Begin with your price range and then the essentials. How many
bedrooms must you have as a minimum? How many bathrooms? Do
you need a garage? A yard? What neighborhoods would you prefer?
Must you have a single family residence (SFR) or would you
consider a condominium or other type of housing? What is the
minimum square footage you require? List the essentials (the
“Must-Haves”) followed by the list of “Would
Be Nice.” |
| 4. |
Choose an
Agent to Work With You
Don't go it alone! A good real estate agent
— preferably a REALTOR®
— can assist you in ways that are immeasurable. (In
most cases this will not cost you as it is the seller who
usually pays the commission.) A good agent will put your needs
at the top of the list and help to make your dream of home
ownership a reality. You will be guided with knowledge and
expertise from the start of your search to the closing of
your escrow. |
| 5. |
The Search
This can seem overwhelming at first as
there are homes for sale wherever you look and a variety of
home sale ads and publications — both in print and online.
You'll want to browse though everything you come across. Again,
call on your Realtor®. With access to the Multiple Listings,
other professional associations and being a part of a vast
community of other agents, Realtors® can provide you with
a comprehensive supply of property listings. With an agent
who has this firsthand knowledge, you can be notified of brand
new listings as they come up on the market — even through
detailed emails which allow you to browse without leaving
your home. |
| 6. |
Your Own
Investigations
When you have found a property you love,
ask as many questions as you can and conduct your own investigations.
What kind of house is it? Are there any easements? Are there
any deed restrictions? How old is the roof? What kind of condition
is the heating system in? Are there any current reports available?
Is the home in a flood zone? Is the stated square footage
accurate? Does the home have a Homeowners Association and
if so, what are the restrictions and dues? What is the neighborhood
like? Ask the sellers if others have shown interest in the
property and/or if they are in possession of other offers.
Check with the County or appropriate source for any add-ons
or renovations you may be considering. Usually these investigations
can be conducted after an offer is submitted, but the more
you know from the start, the better. Of course, there is usually
time to verify what knowledge you attain at this stage. |
| 7. |
Make an Offer
Along with the help of your agent, you
submit the Offer
to Purchase (Residential 1-4 shown here) along with an
"earnest money” deposit. (An increased deposit
may be required after an offer is accepted and in escrow.)
In conjunction with this form, your agent should have you
fill out a couple of preliminary forms, such as an explanation
of Agency, as well as Disclosure and Consent for Representation
of More Than One Buyer or Seller. These two forms can be viewed
on the Buyer Forms
page. Consider what you want to offer and what is included
along with the house. Be specific in the wording if you want
to include window coverings, light fixtures, potted plants,
etc. If you have a home to sell, this will be included as
a contingency, as will your loan being funded, the house appraising
at an acceptable amount, and other issues. Decide when you
would like the escrow to close. This is a long form and it's
best to read through it and discuss it at length with your
agent. However, stay optimistic. This can be a very exciting
experience! |
| 8. |
Professional
Inspections
If not done before the offer is accepted,
you have time frames to complete whatever inspections you
choose — even if not previously stated in the Purchase
Contract. Your agent can help set up inspections and keep
you abreast of the time frames. A general "Home Inspection"
is usually recommended, as are other inspections which may
include pest, roof, chimney, well, septic, radon, mold and
others. Who pays for these can be negotiated at the time of
the offer and/or with any counter-offers. If within the time
frames of the contract, you find unacceptable issues which
are deemed valid, you can be released from your obligation
to purchase or can request that the owner make repairs, etc.
Whereupon the inspections prove favorable, you are rewarded
with more peace of mind in your purchase. |
| 9. |
Obtain Insurance
You will be required to obtain Title Insurance,
both for yourself and the lender. In Northern California,
this is usually provided by the Title Company handling your
escrow. You will want to shop around for Homeowner's Insurance.
Do this early on if possible. Most standard homeowners insurance
policies will provide coverage for damage to your home (and
many of the items in your home) caused by theft, fire, smoke,
lightning, snow, ice and frozen pipes. The policy also usually
provides coverage for liability claims, medical payments to
third parties, and legal costs if a lawsuit is brought against
you. For other events not covered, you may be able to purchase
special policies or endorsements that will cover them. You
can also (and may be required to) purchase additional insurance
for floods, earthquakes or other occurrences. |
| 10. |
Sign and
Close Escrow
Assuming all of the contingencies of
the contract have been met: appraisal completed, loan funded
and the many items involved complete and satisfied, it's
time to close escrow and prepare to take possession of your
new home. (Make sure that you have done a final walk-though
of the home.) You will sign your closing statement (also
referred to as HUD-1), your deed and various other documents.
For the balance you are likely to owe (including closing
costs), the title company needs to be in receipt of "good
funds." You will need a cashier’s check or a
certified check made payable to the title company. If you
present them with a personal check, it could delay the closing
until the check has cleared.
Bring identification to the closing
in the form of a current driver’s license, passport
or State of California Department of Motor Vehicles ID card.
Your signature can not be notarized without proper ID. Make
sure that you have given the title company your fire and
hazard insurance information in order for the loan to be
funded.
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Email
Anne
707.225.3713
944 Main St.
Napa, California |
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© Anne
Branson REALTOR® - All Rights Reserved - Napa Valley Real
Estate Sales and Services - Morgan Lane Napa, California
