THE BIGGEST INVESTMENT OF YOUR LIFE
We really should called this article, “Let’s talk about the big-
gest financial investment of my life.” While there are thou-
sands of online websites and other utilities to understand
home buying, it can get SUPER scary and overwhelming. So
rather than sift through countless articles and informational
websites, we have used the National Association of Realtors
guide to “Home Buying in 6 easy steps”.
Qualified real estate professionals spend time and money
learning all the ins and outs of the real estate process are are
here to help you, the homebuyer understand each step along
the way. We can alleviate your worries and break down oth-
erwise cumbersome paperwork to the “need to know” basis.
So, be sure to check out your local realtors (hopefully ME!)
and ask away, we ar e here to make your decision process
easier and maybe more fun!
1 - Get Ready for Homeownership
Build a good credit history: Ask us about our preferred lender,
Anthony Sabella with Stearns Home Loans, for a complete
mortgage pre-approval letter so you can understand your
buying power and the costs outside of the purchase price.
Consider hiring an attorney to review all contracts and agree-
ments associated with the home buying process. Save up!!
Down payments are typically 10-20% of property’s value and
consider closing costs which can include taxes, attorney’s
fees, and transfer fees. Don’t forget to include utilities and
monthly bills, such as homeowner’s association fees (Espe-
cially in condos and DTLA) as well as parking and the extras!
2 - Find a Real Estate Professional
Come visit us at our home office on 6th and Spring Streets
Get a referral from friends, family, and work colleagues. Ask
the real estate professionals you interview about buyer’s rep-
resentation contracts and agreements; make sure you under-
stand the terms. Explain your needs and expectations to the
real estate professional you choose to work with.
3 - Find the Right Property
Determine what is important to you, such as neighborhood
amenities, type of property (new or historical buildings, the
monthly mortgage payment, public transportation, walkabil-
ity, etc. Make sure you include home owner’s assessments,
utilities, and taxes when calculating the monthly mortgage
payment.
4 - Finance the Property
Get the final documentation from your preferred lender. The
lender or attorney will run a title search to ensure there are no
clouds on the title. Make sure you understand the financing
terms—ask the lender for clarification, if needed.
5 - Have your real estate agent make an
Offer
Read all contracts before signing—make sure you understand
all of the terms, ask questions. Place a competitive bid and
be prepared to make a counteroffer. Keep your credit score
stable and in-check by waiting to purchase any big-ticket
items until long after the closing. Only one offer will result in a
sale, so be prepared to move on if your offer is not accepted.
After the offer is accepted: Ensure the property is inspected
by a licensed home inspector. Acquire title insurance. Make
sure the title is clear, or make your offer contingent upon title
clearance.
6 - Closing and Life After the Big Pur-
chase
Protect your new asset by obtaining insurance such as
homeowner’s, flood, disaster, and fire. Maintain files—digital
or print—for all warranties, insurance documents, contracts,
etc. Keep original closing documents in a safe place, prefer-
ably outside the home (such as a safety deposit box). Set up
utilities bills in your name, maintain files. Implement desired
aesthetic changes such as painting, minor. construction, and
re-flooring. Set a move date and hire movers or plan a move
party with your friends. Get to know your neighbors and ex-
plore your new neighborhood. AND in closing, don’t forget,
we work on referrals, so if you’re happy with the work of your
real estate professional, be sure to recommend her/him to
friends and family.
For more information, feel free to give me a call at (213) 447
4130 or drop me a note at [email protected] - We are
more than just your Realtors, we are your Neighbors!
Tiffany Gatto
Managing Partner
LA LOFTS | Realty ®
(213) 447 4130
[email protected]
www.laloftsrealty.com