The first step to buying a home is qualifying for the loan. This step involves talking to a qualified lender, providing your financial information and determining a what price range and ฝากขายที่ดิน loan amount you can afford according to lender guidelines. Different loans have different requirements and guidelines that must be met. To buy a home using a FHA financing you will need to have a min 620 credit score and buy as owner occupied. To buy a home with a conventional loan you will need a min 720 credit score and depending on your finances the down payment can be anywhere from 5% to 20% down.
If buying a duplex triplex or four unit the down payment may be 20% owner occupied and 25% non owner occupied. Lender guidelines have changed a lot since the market boom. I remember when the real estate market was going up the lenders were offering 100% financing and you could buy 4 units with 5% down, that is not possible anymore unless you are a veteran. If you want to buy residential Income property 2-4 units the down payment is min 20-25% down. If you are a Investor buying Income property 5 units and up you will have to put 30-35% down. These are typical lender guidelines and they vary from lender to lender.
When shopping for the perfect home to buy there may be some things that are important to you such as finding a home in the right location with a good layout, in good condition. On the other hand you may be looking for a bargain and be planning to do an extensive remodel. There are many choices and this is something to consider. You can buy a home to remodel or buy a home that is already remodeled so you don't have to do any work.
If you are buying a rental income property you will have other search criteria that are important such as finding a property with a high cap rate. For example over 7% is considered a good cap rate. You will also want a building with a good unit lay out 2 bedrooms and 3 bedrooms are good, you don't want the property to be all 1 bedrooms. A good mixture of units is good. The rents should be at market value. You may not want a property that has rent control. You will have to choose whether or not you want to have section 8 tenants. Some buildings have section 8 tenants if you buy a building that has section 8 tenants you will have to transfer it in to your name and you may miss out on a month's rent while in the process of the section 8 transfer. This is something to address with the previous owner before it is too late.
It has happened twice in my experience that when in escrow previous owners in transactions involving Income property with section 8 tenants the previous owners like to keep the money from section 8 that comes to them after the close of escrow. If they can get away with it they will, watch for this. Another thing that is important is to find a property that is well maintained and kept up because you the owner will be responsible for ongoing maintenance and repairs. Also as tenants move out you will have to renovate the units paint and replace the carpet as required and do cleaning and maintenance before you can rent the vacant unit. It is easier to prepare a well maintained unit for rental than it is to prepare a unit that needs to be completely redone.
When writing the offer negotiating a best price and terms is very important and can be the toughest part of the home buying process for some people. Things like negotiating the price. Did you check the COMPS and recent comparable sales in the local area? Did you consider the condition of the property? Is your monthly payment within your budget? Do you have enough money for your down payment and closing costs? Do you have enough money to do the repairs that need to be done before you move in? These are things to take in to consideration when buying a home or property.
After you open escrow you need to do your home inspection as soon as you can. You only have 17 days In a standard purchase contract to do your home inspection and approve of all matters effecting the property. This includes approving the appraisal report, title report, disclosures, if it a condo the CC&R's association rules and regulations too.
Review the contract and make a list of important dates. These will include such things as the contract contingency deadlines and the actual closing date. Try to stay within the contract timelines. Some banks and sellers charge a per day fee for a escrow extension.
Review the escrow instructions to make sure they are correct before signing them.
Review the disclosures, title report and natural hazard report thoroughly before signing and approving them..
Closing of escrow can be delayed sometimes while waiting for loan documents. This can be a frustrating time for agents and buyers. To make sure that this doesn't happen to you, make sure you are qualified by a knowledgeable lender in the first place. Providing your lender with all the documentation needed is a requirement for the lender to give you final loan approval. Also there are funding conditions before you get loan documents. Keep in mind the lender won't prepare and send the loan documents to escrow until all the lender's conditions have been satisfied.
As the closing date approaches, you'll need to sign your loan documents and transfer the balance of funds for your down payment and closing cost that are necessary to close the sale.
It's a good idea to schedule a final walk-through of the property not as a contingency of sale, but to satisfy yourself as to the condition of the property and to make sure that any required repairs and termite work have been done.
Ask the closing agent to provide you with a copy of all the documents that you will need to sign in advance of your signing appointment. This may not be possible due to time constraints. But if you can review the documents in advance the signing will be a smooth one. Good luck! If you need an agent to help you with your purchase I would be happy to have you as my client. Please contact me.
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