Buying Your First Home

 

Buying Your First Home




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If you’re a first time or it’s been a while, this video will tell you what you need to know to get started on buying a home!


https://youtube.com/live/BCpXBAoZCLI




If you’re a first time or it’s been a while, this video will tell you what you need to know to get started on buying a home!

http://blog.abitano.com/2023/02/buying-your-first-home.htm
https://anchor.fm/siliconvalleyliving/episodes/Buying-Your-First-Home-e1up121
https://youtu.be/hk00xxTrGLs


I’m Vito Scarnecchia with Abitano Real Estate, I’m a realtor in San Jose, California. 


This series has been broken down into 5-10 minute episodes so you don’t fall asleep watching me talk


Here's the full Home Buyers course https://abitano-academy.coursify.me/courses/home-buyers-course#


If you want to read the blog, Click the link below, but for now, keep watching our home-buying series…




 So Let’s get started!


Financials get pre-approved

why do you want to be pre-approved?

accept your offer. 

You’re serious

how much house can you afford

Different types, FHA, Conventional, VA, USDA

They’ll need to know about your

Income, 

Debt, 

savings

What you’ll need to have:

Pay stubs,

Tax returns, 

bank statements, 

and Credit report - your lender will pull the report.

Once you’re approved, you know how much you can afford to buy

10-20% down, 

FHA loans allow 3.5% down.

1-2% extra for closing costs.

The seller pays closing costs. 

They don’t have to, but you can always ask. 

If a competitive situation, you won’t even get a response.

Important: cash ready to deposit,


Here’s the best part!

It doesn’t cost anything to have an agent help you buy a house. 

The seller pays our fee, not the buyer.

you don’t need to work with your cousins, or best friend's sister that does real estate part-time.

 

Find someone that is local, full-time, and owns a home. 

Why would you work with someone who has never purchased a home or doesn’t even own one?? 

I’ve been through the process 5-6 times and know the feelings you’ll have, and be able to answer your questions from my personal experiences as well as from the hundreds of homes I’ve helped others buy.

Ultimately, you’ll want to know, like, and trust your agent. Not some telemarketer who called you and sold you on the idea of buying a house.


trusted lenders, please let me know.

 list of trusted lenders

I don’t get a kickback- because that doesn’t help you get the best service and rates. 

We only refer you to people we know like and trust and know they’re going to do a good job for you.


Remember, get your financing done before you start looking for a home.


Now you can go looking for a home! 

In our next video, we’ll talk about Budget and location. And how to find the right home for you.


2, Budget and location 




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The budget doesn’t mean how much you’re approved for it means not being house poor. 

We want you to be comfortable- so keep in mind what your comfort zone is. I don’t want you to think you can afford a $ 5,000-a-month mortgage, and the next thing you know, you’re walking away from your home because it’s too much to handle.


Next is location


Everyone knows the adage- Location Location Location

Once you have your budget in mind, look on MLS

Now set up a list of what you need to have and what you want to have. 


Unless you’re specifically dead set on a certain area- we’ll need to find a neighborhood that meets your needs. 

Are you looking for good schools, low crime, proximity to shopping, hiking, and quick access to 


Are you looking for a Turnkey home or is an original home ok knowing you can fix it up to your tastes?



When you have your home type in mind, we’ll set up a search for you and we’ll send you a list so you can drive to different areas and decide if you like an area or not.


Once you get the areas that you like, with homes that fit into your budget, we’ll help you research to better target neighborhoods that you like.. we may even set up specific searches for 3 or 4 neighborhoods so you can look at those areas when you’re free to do so.


Once you have the areas figured out, you may want to drive to work from those areas, so you can get an idea of commute time. 



The next video is about why you want to hire a buyer's agent


3. Listing agent works for the seller


Thanks for coming back! In this episode, we’ll talk about why you should hire a buyers agent 



I’m Vito Scarnecchia with Abitano Real Estate, I’m a realtor in San Jose, California. 


Subscribe To My Channel and get more updates on Events and Living in and around San Jose

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The LA should only give you customer Service. They intend to get the best price for the seller, not you.

Working with a buyer's agent will help you negotiate the price and find holes in the contract or disclosures to help you get the best deal for you.

They’ll be able to help you better understand the area, the neighborhood, and the specifics of the house. They should also be able to point out specific things in the offer, disclosures, reports, and inspections that you should look out for. A listing agent may not do that for you, since they’re hired to protect the seller.


Make sure the realtor you choose is the right agent for you.. are they responsive, do they know the area, are they full-time?


Will they contact the listing agent and find out what the wants of the sellers are? 

One of the most important things to do is find out what the seller needs. Sometimes it's just top dollar and a quick close, but sometimes they are looking for specifics like when they want to move out, or if they’re willing to give credit on some old carpet.

Your agent should help you prepare an offer package that highlights the strong points of your offer.


What happens if your personalities don’t gel? Or if they don’t live up to their promises? Can you just walk away, or do you have a cancellation clause in your agreement to work with them?


All these things matter. And you will want to make sure your buyer's agent will help protect you and get you the house they want.


That’s it for this episode! Stay tuned for the next video we’re we’ll talk about how long it takes to close on a house.



4.. How long does it take to close on a house 



Thanks for coming back! In this episode, we’ll talk about how long it takes to close on a home

Stay tuned to hear the bonus tip at the end.




I’m Vito Scarnecchia with Abitano Real Estate, I’m a realtor in San Jose, California. 


Subscribe To My Channel and get more updates on Events and Living in and around San Jose

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Hopefully, you’ve seen the first three episodes about buying a house. where we talk about the process of getting your finances in order, getting pre-approved, meeting your budget, and finding the area and homes that fit your needs, as well as why working with a buyers agent is important.


Today we’ll talk about how long it takes to close on a house.

Once you've found your home and you’re in contract, the lender starts working on your loan, orders the appraisal, checks in with the title and escrow, and loan underwriter to make sure everything fits just right.


1 loan type. hopefully, you’ve been pre-approved and your lender has discussed the different loan types available to you. Is it a conventional, a Jumbo, FHA, VA, or something else? What are the strengths and weaknesses?


Some loans take longer because of the process. Some lenders push a loan to close in 10-15 days. Some require 30 days or more to close.


  1. Your financial stability.

Are you a first-time buyer and barely have enough for a down payment and closing costs?

Or is this your 8th home and have plenty of cash in the bank?

You may have won the lottery and have cash in the bank.

This all matters because of the type of loan you’ll wind up using to buy your home.

The lender will look at your financial stability and make sure you’re going to be a good candidate to repay your loan. They want your business, but they also want to make sure you won’t give up in 3-4 years because your payment was too high.  So the lender will make sure that you’re qualified to pay back your loan and this will take time for them to do their due diligence. They will ask you for your Tax Returns, paycheck stubs, and bank statements and they will even contact your employer to make sure you’re job is stable too.


2. The type of lender you work with.

Are you working with your bank which has a limited number of loans to offer, or are you working with a seasoned lender who can make sure your loan will fund on time and make the whole process smooth? I’ve worked with big institutional lenders who disappear after they have the loan because their team is so overworked that they will not close when it’s agreed by the buyer and seller. Most lenders are good, hard-working people and they want to make sure you get into your home

The Lenders I work with will update us weekly on where we are on the loan. The key to this is communication and keeping everyone up to date on what’s happened and what’s coming up next. We all want to close on time. 


3. Timing that works with both parties.

The third thing that will affect is how long the seller needs to have to move out. Maybe they’re buying a new home that is still being built and they need three months to move. Maybe they want to wait until schools are out for the summer so their kids aren’t disrupted during the school year.

 Also for you as a buyer, you have to consider your timing. Let’s say you have a lease that doesn’t end for 60 or 90 days. 

So it's really what both parties agree to for timing.


So how long does it take?


It depends on what is agreed upon and the lender.

Typically we see homes close in 30 days, but I’ve closed in 7 days and as long as 45-60 days. 

So again we will work together to make sure everyone is on the same page and get you your home!


OK, Ready for the bonus Tip?


Finding the house takes the longest

Most buyers will decide what kind of house they want to baby their needs and wants.  Maybe a 4 car garage, and in this school district. With 4 bedrooms and a pool. 

Then you take your time to drive by these houses and you don’t like the area or even the style of the house or layout. 

It could take a month or a year to find that perfect home.


The good thing is that you can take your time and drive around an area and make that decision on your own.

If you’re relocating from out of the area, you can do some basic research on the internet to learn about the areas that fit your lifestyle.

We have videos that help you tour around different areas and they talk about the houses, shopping, restaurants, community events, and even the school district with links so you can do your research. 


Now you know how long it takes to buy a house.

If you like this video, like subscribe, and hit the bell so you’re notified of upcoming videos.


That’s it! Now you know everything you need to know to get started buying your home! Hope this was helpful, if you have other questions or comments, you can post a comment below or email me at Vito@abitano.com and get back to you asap!



I’m Vito Scarnecchia, with Abitano.. thanks for watching and I’ll see you out there


San Jose CA Real Estate | Living in San Jose


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I’m a full-time Broker/Realtor® in San Jose, Ca with Abitano.  I'm a proud Marine Veteran, fanatical do-it-yourselfer, and Community Advocate.  My wife and I have three great kids and an Australian Kelpy Ro who is the center of our household.


Vito Scarnecchia

Realtor®, Broker, Veteran, Dad

DRE#: 01407676

Website: abitano.com

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Transcript

 If you're a first-time buyer, it's been a while since you bought a house. This video is gonna talk about all the things that we are going to go through when we buy your next house together. Now, before we get started, understand that this is part of a buyer's course. This video right now is actually part of just a series of videos that we're doing, but I actually have a buyer's course that you can sign up for down there.

It's Home Buyer's course. You'll see it. Just go click on it and make sure that you register cuz it's free and it gives you a lot of great information about the entire process of what we're gonna go through when we buy your next house. So the first thing you wanna talk about is financials. We can go to open houses, we can go look at houses, we can go look at, I can make a schedule a whole day of going a look at houses, but what happens if we find that house that you want to buy?

We can't write an offer. I can, but you're not gonna. Offer accepted. If you don't have your loan approval set up, you don't know how much the house is gonna cost you to close. You don't know how much the down payment is. You don't know what your P I T I is gonna be. P I t I is principal interest tax and insurance.

What's your monthly mortgage payment and everything else that goes with it. You need to know all that before you go into it because what happens if you fall in love with a 3 million house and you can only afford one and a half million dollars? So financial. Are really important. Let's get you in touch with our lenders.

Now you can go to your bank, you can go to Quicken or somebody else that's online, but they don't understand our market here. They don't have a relationship with the other agents. When we work with a broker who's been around for 10 years, they know a lot of agents. They know a lot of people. They know their personalities and how to work with them.

They actually help us sell you. To the listing agent to make sure that we understand that it's gonna be as smooth as possible, especially from the lender's side. Because if you go to a big bank or you go to an online bank, you're gonna get tossed around from the originator to the process controller to this person to final to all this other stuff.

You're gonna talk to seven or eight different people. The listing agent doesn't want to hear that. They don't want to know that. They just want to know, is my loan closing? Is this house gonna close on time so I can make sure that my seller knows everything's still smooth? All right, so get your financials done.

This is number two in a series of home buying. Today we're talking about budget and location. Location. You wanna stay away from rough areas. If you wanna stay, look for areas, even if you don't have kids or you never want to have kids. You want to find areas with good schools for resale. If you are in an area that has twos and three.

Consistently on the school great schools.org or whatever it's called, then you know it's gonna be very hard to resell that house. Or it might not be hard to sell it, but you're not gonna see a massive spike of an increase of equity come to that house versus the school next door or the neighborhood next door.

So remember a location. So if you're looking and you're looking at a house and looking at specific neighborhoods, there'll be a house somewhere in an area that you can afford. That's. You might be further away from where you live or from where you work, but that's okay. It's just part of life, right? Number three, remember that the listing agent is hired by the seller.

Now in California, as with a lot of different states, you're allowed to double-end or represent the buyer and the seller at the same time, and I hate doing that. It's really hard because there's always gonna be a conflict of interest and there's always gonna be this thing where I'm selling, I'm representing the seller, I'm bringing in the buyer's contract, and they're like, is this the best deal that you can get?

Can I really trust you now, is it, there's always gonna be a little seat of doubt, and that's why I don't like it because, to me, I feel like I owe a fiduciary and honorable duty to my seller, not necessarily that. So just be very careful about alt. There's a link down there, it says, home Buyer's Course.

It's free. It takes you really like an hour and a half, two hours to run through it. You can go through the stuff you already know, and if you have any questions, please gimme a call. I'm Vito with the AANA Group, powered by Compass. We'll see you out there. 











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