-
Tell
your agent what is important to you: transportation, medical centers, schools,
etc.
-
Check
the noise level - is the property near a highway or interstate?
-
Look
at the neighborhood - how do neighbors maintain their homes?
-
Will
the children have other playmates in the area?
-
Are
you near main travel arteries or commuter vessels necessary for travel to
and from work?
-
Take
pictures of your furniture with you as you look at houses to better picture
your pieces in a room.
-
Make
a columnar comparison of the properties with your specific needs and wants
and whether each property has them.
-
Rank
every 3 houses shown in order of preference. Use a separate list for each
spouse, if married.
-
If
sellers have children or pets, recognize them and you will be a step ahead.
-
When
viewing homes try to hold in emotion and excitement to not tip sellers of
your desire to own that specific home.
-
If
you see a home advertised in the paper, a yard sign or a For Sale by Owner
sign, call your Realtor first.
-
View
Orange County homes when there is plenty of light; it's too hard to view
homes after dark.
-
Be
available to go see new listings as soon as they become available.
-
Ignore
furnishings and color. Picture your personal items in the house.
-
Look
out the windows. What you see is what you will always see. Make sure you
like it.
-
If
you are looking at Orange County real estate re-sales, look for location,
floor plan, utilities and structural soundness. Don? be "blinded"
or unduly influenced by fresh paint and/or new carpet.
-
Don't
assume everything you see in the house (drapes, ceiling fans) is being sold
with the house. Ask!
-
If
you really like a particular property do not place a lot of conditions on
the contract because this could cause the seller to reject the offer.
-
When
making an offer, make the best down payment offer you can. Your offer will
carry more weight, and your payments will be less.
-
Write
a personal note to go with your offer. All other factors being equal, sellers
will go with the buyers they "know."
-
Get
into the Orange County real estate market even if you can't get all the
fixtures you want in your first house.
-
Don't
get so emotionally involved with the house that, if you fail to purchase
it, it becomes the standard for everything else you look at. This compromises
your ability to make a second choice.
-
Contracts
should always be contingent on a home inspection, a good investment.
-
Tax
deductible moving expenses
-
When
you meet the IRS's definition of a qualifying move, the following items
are tax deductible:
-
The
cost of trips to the area of a new job to look for a home. Your home shopping
expedition does not have to be successful for the cost to be deductible.
-
The
cost of having your furniture and other household items shipped, including
the cost of packing, insurance, and storage for up to 30 days.
-
Certain
costs associated with the sale of your old home and purchase of the new
one. These expenses, including Orange County real estate commissions, legal
fees, state transfer taxes and appraisal, could be used either to reduce
the gain on the sale of the previous home or to boost the basis of the new
one. But it's usually beneficial to count them as moving expenses up to
the allowable dollar limits, because that gives you an immediate tax benefit.
-
The
cost of getting your family to the new home town, including food and lodging
expenses on the trip.
-
The
cost of lodging and 80% of food expenses for up to 30 days in the new home
town, if these temporary living expenses are necessary because you have
not yet found your ideal home or it is not ready when you arrive.
-
Getting
prequalified
-
Most
Orange County Real Estate Agents recommend that home buyers get pre-qualified
with a lender before selecting a home to purchase. This way you will have
the best information about the right price range for your pocketbook.
-
Reasons
to get prequalified
-
With
pre-qualification, you can determine which loan program best fits your need
and which programs you qualify for.
-
You
will know exactly how much you are qualified for. It's no fun to find your
"ideal home" and then find out you can't afford it.
-
Your
monthly payment will be set. This will allow you to budget your money before
making this large investment.
-
It
shows you what the down payment and closing costs will be.
-
If
you are a first-time buyer, you may be able to qualify for a special first-time
buyer program which may allow you to afford more home for your money.
-
If
you feel you would like and can afford a higher mortgage payment but are
not able to meet qualifications, co-mortgagor financing may be made available
to you.
-
Take
charge of your credit
-
Gone
are the days when a hopeful couple sat across the desk from their local
banker anxiously awaiting his decision on their loan application. Today,
the fate their loan and the rate of their interest hinges on a computer-generated
number, their credit score.
-
What's
the score?
-
The
FICO credit score reflects dozens of parameters in one's financial history.
For years, this number-named for developers, Fair, Isaac & Company-was
a tight guarded secret. Congress has now secured your right to know - take
advantage if it.
-
Score
700 - 850-smooth loan process; best interest rates
-
Score
550 - 699--medium risk; higher interest rates
-
Score
300 - 549-sorry, no loans or credit cards
-
Know
Your Score
-
Before
you talk financing, send for your credit report and FICO score. If there
are errors or other surprises, contact creditors to make corrections or
negotiate settlements. Also, be sure to notify the credit bureau of your
dispute.
-
Legitimate
black marks on your credit won't disappear quickly. (It takes seven years;
ten for bankruptcy.) However, time and your diligence can turn things around.
Lenders will give recent responsible activity due consideration.
-
In
our credit-driven society, taking charge of your credit should be an on-going
process. Your FICO score is a snapshot in time, not set in concrete. Review
it each year for errors that may have crept in and to monitor your progress.
You have the power to know it, raise it, and maintain it.
-
What
Helps:
-
Pay
all bills-and pay on time
-
Maintain
2-4 credit cards
-
Close
unused credit cards
-
Keep
balances well below the limit
-
Pay
more than the minimums
-
Establish
long-term credit history
-
What
hurts:
-
Too
many credit cards or zero care
-
High
non-mortgage debt
-
Delinquent
accounts
-
Frequent
job or address changes
-
Charge
Off's (bills marked uncollectible)
-
Before
you have your closing, it's important that you have the final walk-through
on your new home. This is your final opportunity to make sure that everything
is in working order and that any repairs you specified in your contract
have been completed to your satisfaction.
-
The
walk-through usually takes place 24 to 48 hours before your scheduled closing
date. Allow yourself plenty of time for the final walk-through. Take a checklist
with you that includes all of the changes or repairs you specified in your
contract. Go from room to room, attic to basement, front yard to backyard.
-
Final
Walk-Through Checklist
-
Try
all light switches to make sure they work. Turn them on and off. Try all
of the electric outlets. Bring a small plug-in night light with you to test
the outlets.
-
Turn
on all hot and cold water faucets, including showers, bath- tubs, washing
machine connections and laundry tubs. Don't forget to test the outside faucets.
-
Flush
all of the toilets.
-
If
there are any rugs in any of the rooms, lift them up and peer underneath
to check for broken tiles, burns and stains
-
In
the kitchen, try all of the appliances that are staying. Turn on the stove,
oven, microwave and dishwasher.
-
Turn
on the heat and air conditioning.
-
Try
the garage lights and automatic garage door opener.
-
Try
the keys to all of the locks. Make sure the looks are functional and that
you have keys for all of the doors. Locksmiths can be very expensive, and
you don't want to find out on moving day that you can't access one of the
entrances.
-
Try
the exhaust fans, if any, in the kitchen, attic and basement.
-
Test
the basement sump pump.
-
And
last, make sure all of the items in the house that are supposed to stay
with the house when you take possession are still present. It would be a
shame if you discovered that the beautiful dining room chandelier that you
fell in love with the first time you saw it was replaced with an inexpensive
one on moving day. Check the perennial plantings in the yard. Landscaping
is costly, make sure that the plants you saw when you made your offer have
not been carted off with the sellers.
