While we advise all of our clients to begin the process of becoming prequalified with a lender, it is not necessarily imperative to begin your home search. However, it does assist in determining what your price range will be.
Yes, we have a stable of mortgage brokers we work with regularly to fit every buyer’s requirements.
There is no “best time to buy.” The time to purchase a home is when you are financially prepared to pay your monthly mortgage without it being a burden.
A seller’s market is when inventory is low and demand is high, making buyers more willing to pay above asking price and forfeit certain contingencies to make their offer stronger in an effort to get the seller to accept their offer.
A buyer’s market occurs when there is an abundance of inventory, buyer’s a scarce due to any number of factors, and properties are sitting on market for extended periods of time. During the past 9 months, the market has shifted to a buyer’s market in large part due to the Feds continuously raising interest rates, which bleed into an increase in the mortgage rate.
Yes, we always recommend that every buyer do at least a general home inspection. This will determine if there are any concerns with the property, and further, more specific inspections can be performed if any issues arise during the general home inspection.
Your earnest money deposit, or EMD is generally 3% of the purchase price and is required to open escrow, once the buyer and seller have come to an agreement on price and terms.
Yes, as long as you are within your contingency timeframes, your EMD is fully refundable if you decide to cancel escrow, for any reason.
Seller’s are not retried to make any repairs. Inspections are performed to determine if there are any structural or safety issues with a property. Once presented to the seller, the seller has the option of providing a credit to fix said repairs, fixing the issues themselves, or declining and canceling escrow.
The duration of every escrow is determined by the RPA (Residential Purchase Agreement.) However, most escrows are 30 days in length.
Escrow or discovery is the time period that occurs once a buyer and seller have agreed to price and terms of a sale. This is the period of time the buyer is allowed to find out everything they can about a property without the pressure of competing with other offers to determine whether or not they choose to move forward with the sale.
Closing costs vary in nature, however a good rule of thumb is that sellers pay between 6 and 10% of the sales price in closing costs, and buyers pay between 2 and 5% of the sales price of the home.
An appraisal is a determination of value, performed by a licensed professional to supply a price for a property on a specific date.
A home warranty is generally supplied by the seller and lasts for one year after the close of escrow. It covers major appliances, roof leaks, pool leaks, HVAC issues, etc and these are determined by your agent when the contract is being written. The seller does not have to agree to supply a home warranty, but it a generally accepted part of any RPA.
Here is California, fire has become the biggest factor that effects home owner’s insurance premiums. A number of firms no longer issue policies for CA home owners, but we are able to assist any buyer in overcoming this new issue.
Yes, we are happy to supply any buyer or seller with recommendations for local service personnel to facilitate their needs.
Yes, we are happy to supply a list of vacation rental firms we work with regularly in the Coachella Valley.
While we always recommend to any buyer to be present for the home inspection and final walk through of a property, it is not necessary.
Here in Palm Springs, the city is a checkerboard of fee simple vs leased land. Fee simple land is land you own outright, leased land is land you lease from another party, for the duration of the time you own the home. Leased land premiums are in addition to your mortgage payment, property taxes, and insurance, as well as any HOA payment you may have. Leases are generally renewed for 25 years. If you are attempting to purchase a home on leased land, and require a mortgage, understand that no lender will loan on a leased land property with a lease that expires within 30 years. Any of our agents can discuss this land issue further in depth upon request.
4 members of the current City Council of Palm Springs have decided against the will of the voters an imposed a neighborhood cap of available permits issued. This cap is 20% per neighborhood. While most of us agree this was not in the Council’s authority to do so, this is the current status. For further information about obtaining a vacation rental permit, please refer to https://www.palmspringsca.gov/government/departments/special-program-compliance/vacation-rentals-1098.
You should expect a real estate professional to have a vast understanding of the local market, neighborhoods, pricing, and any variables that may effect value. Communication, honestly, and respect are essential and always provided by our office.