Home Buyer, California
We're purchasing in the same area, now in escrow. The seller is paying all closing costs plus a $3K deposit towards repairs- ie- carpet replacement, etc. Seller/Lender owned is also providing a one year, full home warranty including the pool. I recommend working with an FHA lender such as Cambridge Funding Group in Orange, CA. Lyle Shelton; he's been in the funding business for over 25 yrs Lisa. He can break down all cost-estimates, closing fees, inspection fees, escrow deposits, even assist with down payment options, estimates and alternatives. FHA also has a Streamlined 203 loan for certain situations which acts as funding to repair and update lender owned homes in disrepair. This is on the HUD gov site. Your team should be your real estate agent and your lending representative so that the moment you do find the house you are comfortable with making an offer on has the funding portion ready to go that same day. I recommend having money ready for a full home inspection prior to signing lender addendum of "as-is" conditions; approximately $250-350 depending on your home AND your loan structure: FHA inspections include Health/Safety programs (which is to your benefit). You can also double check your list/offer prices with recent sales in the area (today's market past 6 months) and in close proximity to your house. This isn't actually an appraisal of value, but it would give you a good idea of how the focused market of where the home is located is doing. I noticed you wrote of square footage in other comments.. this is not necessarily a good indication of value; how a home appeals to buyers and presents ie-sq footage doesn't = value. You can check sales on socalmls.com public property searches. It allows you to see what's for sale, what's pending and what's been sold. The regional mls will allow you to survey what's available but has much less information per home statistics. These are just little things you can do to become a more educated buyer. One example: you may find a $215K house listing and offer $220K having the lender/seller pay all closing costs and warranty and deposit towards repairs/termite damage. A quality broker like Cambridge will also walk you through some options.. plan on a 45 minute appointment just like you would have had with your realtor or find out who the realtor utilizes for brokerage/lending assessment and recommends. Request a copy of general "good faith estimate" at that appointment. Best of luck.