While buying your first Santa Monica house may seem like a daunting task, it is not impossible to join the growing ranks of first-time home buyers.
Finances – Consider Your Finances
The cost of buying a Santa Monica house is much higher than the purchase price. The average down payment is 20 percent of the home’s price, and closing costs are 2 to 4 percent of the home’s purchase price. On a $200,000 home, these fees add up to $48,000 of out-of-pocket expenses. You’ll also need to buy homeowners insurance, pay homeowners association fees, pay for upkeep and have enough money left over for daily living expenses. According to Mysalary.com, your total monthly house payment (including property taxes, mortgage, home-owner’s insurance, etc) shouldn’t be more than 28 percent of your gross monthly income.
Pre Approved Mortgage – Get Pre-Approved By A Lender
Your next step is to obtain a letter of pre-approval. A pre-approval letter proves to a seller that a lender will back you up to a certain dollar amount. To get a pre approved mortgage, a mortgage lender will thoroughly research your financial history and review documentation about your assets, debts and income. They’ll determine how much you’ll be able to afford and whether you’re likely to pay back the loan. Having a pre approved mortgage letter is a very important step in buying your first Santa Monica house and a pre approved mortgage letter carries a lot of weight when approaching sellers.
Affordability – Find an Affordable Santa Monica House
A great real estate agent is invaluably helpful in finding a home that fits your lifestyle and budget. I have been a Santa Monica real estate agent helping first time home buyers for many years now. I have all the current listings at my fingertips through the MLS (Multiple Listings Service) and can quickly narrow it down by number of rooms, age of the home, amenities, neighborhood and price. Keep in mind that a home’s asking price is not necessarily the same as its selling price. If your budget allows a maximum of a $200,000 home and you find your dream home for $210,000, it may be possible to talk the seller down to your ideal price. I will walk you through this process. We’ll first start by getting you a pre approved mortgage letter. After that we’ll search for your dream home. Once we’ve found the perfect Santa Monica house, we’ll go to the next step and send the owner your pre approved mortgage proof.
Make an Offer
When we find the home of your dreams, I will help you make an offer on the house. Before we make the offer we must first show the seller the proof that you have a pre approved mortgage. The written offer contains more than how much you want to pay for the property. We must also consider home inspection contingencies that require the seller to fix the problems found in pre-buying inspections before the deal closes. We will list concessions (things you want the seller to pay for) and conveyances (things you want left behind for your use). You may be required to put down earnest money at this time.
Close On Your First Santa Monica House
If the seller accepts your offer, it becomes a contract and you can close on the house. This process culminates in a closing meeting between the buyer, seller, and real estate agents for both parties and a closing agent. Before signing final documents, you’ll be allowed to walk through the house a final time to make sure it’s in acceptable condition. We will carefully review the legal documents together and sign numerous papers. Once this meeting is done, you are a Santa Monica house owner and are free to move in to your new property.
Let’s get started today. I’m very easy going and very professional. Feel free to contact me with any questions or concerns.
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