BUYING A HOME

Buying a home or any type of property is an exciting yet complex process. It helps to break down the process into smaller steps so you don’t feel overwhelmed. Hero Real Estate Inc. guides you through each step to ensure a seamless, stress-free buying experience.

DECIDING TO BUY

Maybe you’ve heard this a thousand times but it holds true. Purchasing a property is most likely the biggest financial decision you will ever make in your life. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully. Our years of experience have helped hundreds of families in the greater Bakersfield area choose the right home for their individualized needs. We would be honored to do the same for you and your family.

WHY DO YOU WANT TO BUY?

Buying a home all starts with the “Why?” Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your “Why?” will help you choose the right property.

HAS YOUR INCOME GROWN?

Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment. At Hero Real Estate Inc., we know the in’s and out’s of buying homes as an investment and will help you make an educated buying decision.

 

 

HOW TO CHOOSE A REALTOR

Buying a property requires making many important financial decisions, understanding complex issues, and not to mention completing a lot of paperwork. With the many facets that go into buying a home, it helps to have an expert in your corner when undertaking such a large purchase. We can guide you through this process, and also provide you with access to property listings before they hit the general market.

7 TIPS TO FIND THE RIGHT AGENT:

  • Look for a full-time agent – one who has experience completing transactions similar to yours.
  • Interview a few agents: Are they familiar with the area in which you are interested?
  • Ask how much time the agent will have for you and if they are available at night and on weekends.
  • Ask about their credentials and education: A good agent will continually strive to improve and gain knowledge of the latest real estate trends and hold the highest designations in their respective fields of expertise.
  • Does the agent return your calls promptly? Time is money when attempting to buy a property.
  • Ask for a list of properties they have sold or a list of references.
  • Choose an agent who listens attentively to your needs and concerns.  Pick an agent, with whom you feel comfortable.

 

PREPARING TO BUY

Before you start shopping for your property, it is a good idea to make some preparations. Here are 3 things you can start doing today in order to get you one step closer to purchasing the new home of your dreams.

1) BUILD YOUR GREEN FILE

A green file contains all your important financial documents. You will need it to secure financing for your property.  The typical green file should contain:

  • Financial statement
  • Bank accounts
  • Investments
  • Credit cards
  • Auto loans
  • Recent pay stubs
  • Tax returns for two years
  • Copies of leases for investment properties
  • 401K statements, life insurance, stocks, bonds, and mutual account information.

2) CHECK YOUR CREDIT RATING

Your credit score will have a huge impact on what type of property you can buy, and at what price.  It is first recommended to check your credit rating with an experienced lender. Your credit score will have a huge impact on what type of property you can buy, and at what price. By checking your credit rating with an experienced lending institution so that we can determine what you can afford.  The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian, and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, commercial and investment real estate fields.

3) MIND YOUR FINANCES

Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.

 

 

 

HOW TO CHOOSE A REALTOR

Buying a property requires making many important financial decisions, understanding complex issues, and not to mention completing a lot of paperwork. With the many facets that go into buying a home, it helps to have an expert in your corner when undertaking such a large purchase. We can guide you through this process, and also provide you with access to property listings before they hit the general market.

7 TIPS TO FIND THE RIGHT AGENT:

  • Look for a full-time agent – one who has experience completing transactions similar to yours.
  • Interview a few agents: Are they familiar with the area in which you are interested?
  • Ask how much time the agent will have for you and if they are available at night and on weekends.
  • Ask about their credentials and education: A good agent will continually strive to improve and gain knowledge of the latest real estate trends and hold the highest designations in their respective fields of expertise.
  • Does the agent return your calls promptly? Time is money when attempting to buy a property.
  • Ask for a list of properties they have sold or a list of references.
  • Choose an agent who listens attentively to your needs and concerns.  Pick an agent, with whom you feel comfortable.

 

BUYING A SHORT SALE PROPERTY

You may have heard from a friend or family member that they “got an amazing deal” when they purchased a ‘short sell property’. So what exactly is a Short Sale?

What is a Short Sale Property?

A short sale is a property that is for sale for less than what is owed to the bank for the loan(s) on the property. This can happen for many reasons but most commonly it is due because of one of 3 factors; there are major repairs that need to be done to the home, property value in the area has dropped since the time the home was last purchased, or a second mortgage was taken out on the home that eats up any equity in the home.

Is a Short Sale Property Right For Me?

Like every facet in home buying, a short sale property can work out well for you but it’s not always a guarantee. To know whether or not a short sale property aligns with your real estate goals, it’s best to rely on an experienced agent who understands short sales. At Hero Real Estate, our agents can make the difference between getting your short sale purchase approved or not. You can count on us to show you the right short sale properties, get your offer accepted, and handle communications with the lender or lenders involved.  To learn more about what a short sale entails visit www.freddiemac.com, or contact us today and we can go over your many options.

 

 

ESCROW INSPECTION & APPRAISAL

An effective agreement is a legal arrangement between a potential purchaser and the property’s seller. Some important tips to keep in mind to streamline the process:

Keep written records of everything

For the sake of clarity, it will be extremely useful to transcribe all verbal agreements including counter-offers and addendums and to convert them into written agreements to be signed by both parties.  We will assist you in drafting all the paperwork for your purchase and make sure that you have copies of everything.

Stick to the schedule

Now that you have chosen your offer, you and the seller will be given a timeline to mark every stage in the process of closing the real estate contract.  Meeting the requirements on time ensures a smoother flow of negotiations so that each party involved is not in breach of their agreements.  During the process, we will keep you constantly updated, so you will always be prepared for the next step.

 

 

MOVING IN / Closing Day

The house is almost yours, the months of preparation, searching and decision making are all about to pay off as you are only hours away from taking ownership of your new home.  As this is obviously the most exciting part of the process, it’s easy for minute details to get overlooked in all the excitement. Not to worry, as we mentioned before picking the right real estate agent from the start will make this day even more enjoyable.

Final Walk-Through Inspection

More of a formality than anything else, the final inspection takes place a couple of days before closing. You will visit the property to verify that all is in working order, everything is the same as when you last viewed the property, that there are no extra items left behind, and that everything included in your purchase is still at the property.

Home Services and Utilities

We will provide a list of useful numbers for the activation of home services and utilities after the closing occurs.

Being Prepared

We are ready to assist you should an unforeseen glitch pop up, even at this last stage. Something at the property breaks down, or some other minor detail – no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manner.

Closing

The closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the closing agent, certifying its accuracy. If you are obtaining financing, you will have to sign all the pertinent documentation required by the lending institution. If you are unable to attend the scheduled closing, arrangements can be made depending on the circumstances and the notice that we receive.

If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agents’ escrow account or bring a certified bank check to the closing in the amount specified on the settlement statement. The seller should arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time.