Buyers

Thank you for visiting the Buyers section.  Here you will find & learn valuable information about the buying process.  As a part of my services to Buyer’s,  I provide  an email service of your dream home with no obligation or you can simply contact me for a buyer's package. My client's love the NEW client portal feature, which gives them easy access to new listings & has simplified the communication process.  Please contact me directly at 916.952.4786 as no website can replace the services of a professional!  Below you will find commonly asked questions about the buying process.  I hope you find this information to be useful.

Buying a home is one of the most important & difficult decisions that a person can make in their lifetime.  This is a process that requires careful consideration & planning. In order to make this process as smooth as possible, it is imperative that one has excellent representation & availability of information.  And it's always best to seek professional advise from your tax accountant and/or attorney prior to your purchase.

How Much Can I Afford?

A look at your finances by a qualified lender can help you determine what mortgage payments you can afford, the benefits of equity, what tax advantages you will have as a home owner, and getting pre-qualified and approved for your home loan.

Inspections?

Having your new home inspected prior to closing escrow is highly recommended.  You may also choose to do other inspections during your inspection period of your contract. And don't forget to buy homeowner's insurance to protect yourself against any unforeseen calamity!

What is a short sale?

A short sale is a sales transaction for which a seller's mortgage lender voluntarily agrees to accept a loan payoff of less money than what is owed on the mortgage loan.  In a short sale, the property may or may not be in foreclosure.  Homeowners may consider short sales as a viable option for avoiding foreclosure.

Here's a list of common glossary terms used in today's market.

Short Sale
A short sale is a property sales transaction where the lender agrees to accept less money than what is actually owed on the mortgage loan.
Underwater
A property is "underwater" when its market value is less than the amount owed on the mortgage loan(s) (also known as "upside down").
Upside down
A property is "upside down" when its market value is less than the amount owed on the mortgage loan(s) (also known as "underwater").
Bankruptcy - Chapter 7
A Chapter 7 bankruptcy is the most basic type of bankruptcy. In a Chapter 7 proceeding, under a court's supervision, all the assets of the debtor (minus exemptions) are sold off or liquidated so the proceeds can be distributed to qualified creditors. The debts of the debtor (with various exceptions) are subsequently discharged to give the debtor a fresh start
Bankruptcy -Chapter 13
A Chapter 13 bankruptcy involves a reorganization of existing debt to allow the debtor to retain an important secured asset, such as a house. At the end of a three to five year period, if the debtor has kept to the original payment schedule, non-secured debts are generally discharged, whereas secured debts for key assets will have been brought current.  A debtor who opts for Chapter 13 generally has sufficient income to pay the reorganized debt after covering reasonable living expenses.
Deed-in-Lieu of Foreclosure
A deed-in-lieu of foreclosure is a way to avoid foreclosure by transferring a property from a borrower directly to the mortgage lender in exchange for a satisfaction of the debt.
Deficiency
The difference between the unpaid balance on a mortgage loan and the sales price for the property at foreclosure or short sale (assuming such price is fair market value).
Deficiency Judgment
A judgment that a mortgage lender obtains through a court process to hold a borrower personally liable for the difference between the unpaid balance on a mortgage loan and the sales price of the property at foreclosure or short sale.
Loss Mitigation
This term usually refers to a department or division within a bank that deals with a borrower’s request for an alternative to foreclosure, such as a short sale or loan modification.
Notice of Default (NOD)
A notification of a borrower’s nonpayment or other default on a mortgage loan that is recorded and mailed to a borrower as part of the foreclosure process.  A Notice of Default must be filed at least three months minus five days before the lender can file a Notice of Sale under California law.
Notice of Sale
A notification of an upcoming foreclosure by trustee’s sale that must be recorded, mailed, posted on the property, and otherwise disseminated as specified at least 20 days before the trustee’s sale under California law.
Trustee’s sale
A foreclosure sale conducted by a trustee under a deed of trust to satisfy the defaulting borrower’s debt secured by real property.  In California , most foreclosure sales are conducted by trustee’s sale (also known as non-judicial foreclosure), as opposed to a judicial foreclosure that is conducted under a judge’s supervision.