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Dorene Slaivtz’s Blog

By Dorene Slavitz (213) 814-5238 | Agent in Culver City, CA
  • How Loans are Made

    Posted Under: Home Buying in Westchester, Home Selling in Westchester, Financing in Westchester  |  February 7, 2013 8:38 PM  |  686 views  |  No comments
    Meet with your Buyer Agent Sign agency agreements and get your Pre-Approval.
    1. Pre-approval - Get pre-approved for a mortgage and know in advance exactly how much house you can afford. Completing this step will also increase your negotiating power since you'll be viewed as a "cash buyer".
    2. Loan Search - Put yourself in the hands of an experienced mortgage professional, someone who will help you to determine which financing options best suit your needs today and in the future.
    3. Loan Application - It's crucial to supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included.
    4. Documentation - Paperwork supporting the application must also be submitted. Information commonly sought includes pay stubs, two years' tax returns, and account statements verifying the source of the down payment, funds to close and reserves.
    5. The Hunt - Begin shopping for a house with your Realtor. Once you find the right one, the terms of the sale will be negotiated, including the price and potentially the terms of the loan being sought.
    6. Appraisal - Lenders require an appraisal on all home sales. By knowing the true value of the home, the borrower is protected from overpaying.
    7. Title Search - This is the time when any liens against the property are discovered. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a transaction can be completed.
    8. Termite Inspection - While most purchase loans do not require a formal inspection for termite and water damage, some loans (especially government loans) allow for the possibility. If problems are found, repairs may be necessary.
    9. Processor's Review - All pertinent information will be packaged by your mortgage professional and sent to the lending underwriter, including any explanations that may be needed, such as reasons for derogatory credit.
    10. Underwriter's Review - Based on the information put together by the loan professional, the underwriter makes the final decision regarding whether a loan is approved.
    11. Mortgage Insurance - Many lenders require private mortgage insurance when borrowers put down less than 20 percent on a loan.
    12. Approval, Denial or Counter Offer - In order to approve a loan, the lender may ask the borrowers to put more money down to improve the debt-to-income ratio. The borrower may also need a bigger down payment if the property appraises for less than the purchase price.
    13. Insurance - Lenders require fire and hazard insurance on the replacement value of the structure. Flood insurance will also be required if the property is located in a flood zone. In California, some lenders require earthquake insurance on condominiums.
    14. Signing - During this step, final loan and escrow documents are signed.
    15. Funding - At this point, the lender will send a wire or check for the amount of the loan to the title company.
    16. Confirmation of Funding - The lender authorizes the disbursement of loan proceeds.
    17. Closing - Documents transferring title will now be officially recorded by the County Recorder.
    18. Congratulations, you are now a homeowner!
  • How to take the stress..out of Homebuying

    Posted Under: Home Buying in Westchester  |  January 17, 2013 9:01 AM  |  250 views  |  No comments

    Hombuying for First-Time buyers can be a stress filled situation. With all the new information inculding providing financial details, signing numerous contracts, unfamilarity with the process...it can give a new home buyer "cold feet'.

    That's were an experienced "Buyer Agent" is is needed. A great Buyer Agent will

    • Uncover and understand your needs
    • Help you evaluate the marketplace
    • assit you in making the best selection for you and your family
    • help you to aquire the home that meets your needs
    • Reduce stress and anxiety by patiently explaining the process step-by-step
    • Help you achieve our goals and dreams is my fundamental role.

    When you interview for your Realtor, be sure to ask them if they have worked with first-time buyers before and get references. We're here to help you!

  • What a Good Buyer Agent will do for you

    Posted Under: Home Buying in Westchester  |  March 27, 2012 2:45 PM  |  409 views  |  No comments

    1.   Help finding the right home to purchase.
    2.   Help negotiating the price.
    3.   Help negotiating the terms of the sale.
    4.   Determining what comparable homes are selling for so assist with the offer
    5.   Assisting with paperwork.

    6.   Help with finding Bonded and licensed service providers

    7.   Improve your knowlege of area neighborhoods

    8.   Point out desireable features

    9.   Point out defects you might not notice

  • Why Sellers Should Get a Pre-Listing Inspection

    Posted Under: General Area in Westchester, Home Selling in Westchester  |  March 26, 2012 4:38 PM  |  532 views  |  No comments

    1. It tends to avoid the situation of the seller having to negotiate repairs

    2.  It will put the seller is in a stronger negotiating position

    3 No Suprises..let's face it, if all of us had our homes inspected right now, there's little doubt an inspector would find things to fix. Even in well cared for homes!

    4. You can pick the repair person


    5. Your home will show better and possibly get better offers

    6 Calms the nerves (and suspicions) of the buyer who will see your home as a more problem free and 'up-front" purchase

    7 It shows good faith (willingness to disclose) on the seller's part

    8.Reduces Liability for all partis

    something rather than hiding information, thereby paving the way for smoother and more

    agreeable negotiations.

    9. Shows care on the part of the seller.

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