Steps When Purchasing A Home In Pasadena California
November 21st, 2008 Landlord
Let me save you some time in your search for a home. I always heard that it is good to learn from your mistakes. Thankfully, I have. As a Realtor in Pasadena California I have learned a lot about helping buyers find the right home. I hope that some of my mistakes will save you time when you’re buying a property in Pasadena or any other city.
The first thing you need to do is learn about California Home Loans by talking to a professional that can help you discover how much of a loan you will qualify for. This is essential before even going out into the field to search for homes. It doesn’t matter how much you qualified for a year ago because the market has changed. Lenders have tightened their reigns and it is a lot more difficult to be approved for the same amount you may have been approved for in the past.
After getting the lending figured out, you can begin to search for Home Listings. To do so before figuring out the lending situation is like going hunting without any ammo. If you see anything you like you can’t get it! It can be a very frustrating and difficult situation to find the right property and then have to wait a week to write an offer, only to find out that someone else had already bought it.
The difference between being qualified and approved is the difference between a guess and an answer. Qualification is an estimate of how much you will qualify for. An approval requires documentation and it will include a letter from the lender that tells you how much they will lend you if you find an approved piece of real estate.
Because there are complicated steps needed before writing an offer it is limiting the number of buyers that can compete with you. This is a good thing as long as you take the step mentioned above and get pre approved. Then the task is finding the right home and meets your needs.
If you’re looking to buy in Southern California there is an area called San Marino that has prime real estate. San Marino Homes usually sell for more than a million dollars. Last time I checked there were only five homes for sale under one million dollars. This area is known for its luxurious homes and well-known school districts.
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