Buying Your First Home
Buying Your First Home
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!
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
https://www.youtube.com/channel/UCvjAgz8_6YImUTAyYHBwlDg?sub_confirmation=1
Explore our blog http://www.abitano.com/
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
Http://www.youtube.com/subscription_center?add_user=UCvjAgz8_6YImUTAyYHBwlDg
Explore our blog http://www.abitano.com/blog/
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.
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
Subscribe To My Channel and get more updates on Events and Living in and around San Jose
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Explore our blog http://www.abitano.com/blog/
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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