| So, now you're really interested in Sonora Ca Real Estate. You've done lots of online home work and maybe even taken a trip up to check things out. You don't have an agent and your ready to get more serious. At this point, if you haven't already, you will want to contact a lender or 2 and get pre- qualified. The most important reason for this is, if you see something you like and want to write a offer, a pre-qual letter is most helpful to the seller in making an intelligent decision. Here are some examples. There are now many REO homes on the market and these sellers expect you to supply them with a letter of credit with your offer. (The term REO means, Real Estate Owned by a Bank or other financial institution.) Another way of putting it, they are foreclosures that the banks could not sell on the court house steps and have had to resell on the open market. Here's another one, You have been looking and looking for just the right place. Your agent calls or e-mails you with just the home you have been looking for. You come up take a look and make your offer without this information. While you're waiting for a response another offer comes in with this information. Wouldn't you feel better knowing that you have given the seller everything he needs to make an informed decision? And finally if you don't, you may be wasting a lot of time looking at homes out of your reach. Before a responsible Realtor is willing to invest their time with you, they will want to know where you stand financially in comparison with your investment goals. So, if you're like me, what I really want to know is, "How much a month is it going to cost me?" If you follow this link it will open a mortgage calculator for you to figure what your monthly investment will be. Ok, your ducks are in a row, you're ready to do some serious shopping right?, good. Unless you are willing to spend hours and hours driving through the county looking at for sale by owner homes or you have lots of cash and are willing to take a chance on buying a foreclosed property on the court house steps you will need to contact a local Real Estate Professional. Why local you might ask? Well I'll tell you, Sonora CA and the surrounding area is unique from most other parts of the state in the way that subdivisions were developed. Nearly every home in this county is custom built unlike other areas where track houses dominate the landscape. Terrain is another part of the equation. With each lot being unique, knowing how you will be effected by the seasons is important. If your going to use a Realtor that is not a part of our association you will need to have them contact each and every listing agent of the properties you wish to see. It is hard to believe but there are those who have stolen hours and hours of a local agents time and money by using them as a free tour guide. (Not that you would even think of doing this.) If your Realtor is not familiar with this area they are operating out of their area of expertize and not doing you any favors. So, my suggestion would be for you to find a local Realtor. It will save you time and energy. Now, that you've got yourself a Realtor, what then? If you have every intention of making a decision to invest within the next 6 months here is what I would suggest you do. #1 Relax, your new home is waiting for you. #2 Be as up front with me as possible. One of the greatest services I provide is to narrow down the inventory to about 5 to 7 homes that will meet your needs. You may think you need to see every house on the market but statistics show that after seeing between 5 and 7 homes in a row, one house will begin to blend in to another. I can testify to this fact. It will take time to assimilate all of what you have seen. If you feel you want to exhaust the MLS, I will be happy to provide you with route maps and listing sheets to your hearts content. #3 Take the time to become as familiar as possible with the area. Sonora is spread out and filled with little nooks and crannies. It takes a while to become oriented. Map of Sonora CA Real Estate What is considered the " East Sonora" includes most for Northern Tuolumne County. Map of East Sonora, Map of Phoenix Lake, Map of Mono Vista, and Map of Cedar Ridge for the most part share the same Sonora zip code. #4 Be realistic in your expectations Our market has changed but not as drastically as in other areas. If your looking to offer a seller 70% of their asking price there is a 99% chance you will do nothing but piss them off. Yeah, I said piss them off. Listing agents have a pretty good idea of how low their sellers are willing to go. Before I attempt an offer I always try and get ahold of the Sellers agent to see where they are at. If you are truly interested in the home and it is priced well, you will need to make the seller a reasonable offer. Whats a reasonable offer? Well, 90% of asking price seems to be acceptable or at least that is what the sold price statistics would indicated. You might say, "so what if I do upset them?" There is a real good chance that the seller will refuse to negotiate further or if they do it will be at a higher price that you might have paid had you been reasonable. Negotiating is an art, not a contact sport. Emotional climate is crucial. Feeling like you missed out on what might have been the perfect house over a few dollars a month will be painful. Now this advise goes right out the window if you are interested in an REO listing. If you are "just looking around" or maybe you're thinking of "retiring here some day", that's OK. I will still want to know what your needs are and what you can afford. Fortunately, you are in a position to take your time in getting to know the area. There is no need for us to spend an entire day driving from home to home because the chances of that particular home still being on the market 4 months from now are slim to none and not to mention, prices will have adjusted by then. What I have found to be more productive is to spend an hour or so getting to know the area, your new agent and maybe popping by a couple of houses in areas that fit you needs. Most people who are a ways off from making a purchase find this a convenient way of beginning the process and taking in the local Sonora atmosphere. ----------------------------------------------------------------------------- Of course looking at Real Estate in good weather is always a plus. You can use this like to check on local conditions. Current Sonora California Weather Forecast ----------------------------------------------------------------------------- If your planning a trip to the area besides knowing the weather you may want to know the what, where and when, use this link to access the Weekender and other publications offered buy The Union Democrat If you live any distance from Sonora you will probably want a place to stay. The Sonora Oaks Best Western might be your choice. It is centrally located and has a restaurant. Sonora CA Hotels Services I provide for Home Buyers 1. Explain the benefits of a Buyer-Broker Agreement. 2. Determine the approximate price range for which the buyer can qualify. 3. Describe the services lenders and loan brokers perform. 4. Explain the benefits and drawbacks of various types of home financing. 5. Explain loan fees and their relationship to the cost and rate of loans. 6. Provide ideas for alternate methods of finance or purchase. 7. Explain the use and benefit of a lender pre-qualification letter. 8. Explain the use and benefit of a lender pre-approval letter. 9. Provide a choice of several lenders or loan brokers. 10. Review your financial and personal plans as they relate to real estate. 11. Make sure you are buying a home that meets your needs. 12. Provide you with an "Agency Disclosure Statement". 13. Explain the Agency Disclosure Statement. 14. Assist in developing a prioritized list of home selection criteria. 15. Keep track of those criteria when analyzing various properties. 16. Inform you of possible tax benefits in purchasing real estate. 17. Explain some of the drawbacks of real estate ownership. 18. Explain how the structure of your purchase can affect you financially. 19. Help to determine the most advantageous time to make an offer. 20. Help to determine the most advantageous time to close your escrow. 21. Provide a sample copy of the purchase agreement for you to study. 22. Provide a list of appropriate neighborhoods in your price range. 23. Provide rating data about local schools. 24. Provide locations and characteristics of shopping areas. 25. Provide information about local and regional transportation systems. 26. Share information about available recreation facilities. 27. Explain sports facilities and programs that exist locally. 28. Provide information on various churches and religious institutions. 29. Give facts and resources on any negative aspect of the local area. 30. Explain how the Realtor Multiple Listing System (MLS) works. 31. Search the MLS for appropriate properties. 32. Examine local newspapers for appropriate homes.* 33. Use the internet to find properties that meet client's parameters.* 34. Review preforeclosure properties for that might be suitable for you.* 35. Check “For-Sale-By-Owner" properties which may suit your needs.* 36. Contact owners of property and arrange to show homes to you. 37. Efficiently show appropriate homes at times convenient to you. 38. Share personal knowledge about local history, weather, political activity, or other factors which may affect your purchasing decision. 39. Explain real estate terminology throughout the home buying process. 40. Discuss the benefits and drawbacks of various styles of homes. 41. Discuss the pros and cons of various building materials. 42. Describe how the orientation of the home affects its comfort. 43. Show you how to add value to a home that may not be perfect, but has most of the features you require. 44. Act as a "sounding board" in your decision making process. 45. Provide information about the seller's motivation for selling. 46. Provide a "Comparative Market Analysis" to determine an appropriate offering price. 47. Write an offer which will best meet your needs and protect your interests. 48. Explain the significance of various clauses in the agreement. 49. Explain the lender's appraisal process. 50. Make sure that events and conditions agreed upon in the contract can be realistically performed within time limits provided. 51. Provide a written estimate of the costs to close the escrow, including down payment and the monthly payment under the terms of your offer. 52. Explain how offers to purchase property are presented. 53. Make an appointment to present your offer that meets everyone's' schedule. 54. Present your offer to the seller in a professional manner. 55. Add credibility to your offer by confirming your ability to perform under the terms of the agreement. 70. If requested, provide a list of reputable companies for environmental inspection. 71. If requested, provide a list of reputable companies for lead inspection. 72. Make arrangements for the various inspections, as required. 73. Be present, if possible, when inspections are conducted to add clarity to written report. Inspections usually take place during the work day. 74. Help interpret which report items are relatively minor and which require further clarification; 75. Assist in finding the least costly solutions to problems in reports. 76. Re-negotiate with seller to pay for items which are important, or a matter of health and safety. 77. Arrange, as requested, to have another expert give an opinion in cases where experts express differing opinions; 78. Arrange for repairs, as necessary. 79. Provide a Transfer Disclosure Statement from the seller. 80. Gather information about any items disclosed which may be of concern. 81. Rewrite the contract, as needed. 82. Provide Seismic Hazard Report, as applicable. 83. Provide Flood Zone Report. as applicable. 84. Provide a Smoke Detector Confirmation Statement. 85. Provide FIRPTA disclosure to seller. 86. Give the buyer a choice of title and/or escrow company. 87. Open escrow. 88. Deposit earnest money. 89. Review terms. price and projected closing date with escrow officer. 90. Inform the officer of all parties to the transaction and how to contact them, 91. Provide the officer with conditions and data needed to order payoff demand from existing lender. 92. Order a Preliminary Title Report. 93. Explain Title Insurance and any exceptions to it. 94. Review Preliminary Title Report for any "clouds on title", unforeseen liens, easements or encroachments which could delay closing. 95. Explain any Covenants, Conditions and Restrictions, as appropriate. 96. Make sure that pending sales has been reported to MLS. 97. Closely follow deadlines listed in the contract. Errors in timing can nullify the agreement. 98. Work with lender to provide information and approvals as stipulated. 99. Provide weekly updates on escrow progress to buyer. 100. Arrange for buyers to inspect the property again, as needed. 101. Explain the protections provided by a Home Warranty Plan. 102. Order a Home Warranty. as requested. 103. Explain Home Owner's insurance requirements. 104. Assist in arranging for Home Owner's insurance, as requested. 105. Provide a list of reputable moving companies, as requested. 106. Provide a list of telephone numbers for the local gas, electric, water, garbage and cable TV companies. 107. Arrange for a smooth transfer in utility service from seller to buyer. 108. Help buyers locate temporary housing, as needed. 109. Assist buyers in locating reliable child care, as requested. 110. Coordinate move out by seller and move in by buyer. 111. Negotiate for buyers if the escrow process takes longer than expected. 112. Negotiate Interim Occupancy Agreement, as required. 113. Draw up a rental agreement if seller needs to stay after Close of Escrow. 114. Conduct a final "walk through" property inspection to assure that nothing significant has changed since the Purchase Agreement was signed. 115. Make arrangements to rectify any problems discovered during walk through. 116. Provide written explanation of the various ways to hold title to real property. 117. Review the closing documents for accuracy. 118. Explain closing papers to buyer. 119. Arrange for wire transfer of funds, as necessary. 120. At all times, protect the buyer's interest and more.... |
| Buying a Home in Sonora California |
