Purchasing a home can be a challenge. However, California residents can take certain steps to help make the home buying process less of a hassle.
Researching homes online can be the first step. Instead of using a real estate agent, prospective homebuyers can peruse online sites that detail all the specification of a home, including the type of heating that is used, the number of bedrooms and bathrooms, parking and annual taxes. The online sites also provide photographs of the interior and exterior of the homes.
Homebuyers who will need to borrow the money for the purchase price and related closing costs from a lender should begin to work on solidifying their credit history and score. This is particularly important if they want to be able to pay the lowest price possible for the loan. They should determine what credit score is needed in order to obtain the ideal rates from prospective lenders.
It is also important for homebuyers to know exactly how much they are able to afford. One way to do this is to use the 28-36 rule, which specifies that no more than 28% of gross household monthly income should be spent on housing and that spending on debt should not exceed 36% of the income. When determining how much their monthly payments should be, homebuyers should determine the amount of their mortgage, their interest rate and any other monthly house expenses, like property taxes and insurance.
An attorney who practices real estate law may assist homebuyers by reviewing real estate agreements, negotiating sale prices, resolving title issues and overseeing real estate closings. A lawyer may advocate on behalf of clients who did not receive full disclosure of a condition of a home and may work to obtain financial damages. Assistance may also be provided for short sales.