Buying a House in 2023: Things to Remember

After getting qualified for the loan by meeting and talking to a local lender and gathering the targeted amount of money needed for buying a house, you don’t have to directly jump into the real estate market towards those houses which are of the same amount that you have, rather start a home search with some less amount of money, assuming that you may get your desired house within the less amount of money.

For instance, your targeted amount of money was $425,000 and you qualified for that as well, but don’t look for the houses that are $425,000. Instead, look for houses in the range of $380,000 to $410,000. This range can be modified, depending on your timeline and your list of wants and needs for the house.

Another reason for setting up a lower price range is the down payment. You need to set some money down to get the loan from the bank, that’s why your price point may differentiate from your targeted amount. Here comes the need for a local lender, who can negotiate the price for you.

While choosing and buying a house in California, you may not get everything on your Wishlist.

This is the reason you have to see and think about different options to figure out which one you like the most.

Think of it as a dating process in which you are interested in the other person because you like them but you need to spend some more time with them to see if it can work out between the two of you or not and you don’t get emotionally involved with them until you figure out that the person is best suited for you.

The same goes for choosing your desired house.

You don’t have to get attached to a house until you get the keys to that house.

When you are out house hunting in the Bakersfield real estate market and negotiating your offers, you and your representative lender also need to talk about the warranty of the house, the closing costs, and about some other things like backyard and solar panels in that house, from its seller before signing the contract.

Talking and negotiating these steps will help you to decide if you want to explore other options, or if is it the right fit for you.

These questions will help you in identifying what you need to pay at different stages. This can be made more understandable by this example, if there is a solar panel in the house, whether you have to pay for it once, on a lease, or monthly?

Also, you can ask questions about the mortgage and PG&E situation in that specific house, to have a granular understanding of your payments. Home security is also one of the things of concern while buying a home.

Once you are done hunting for your dream house in the real estate market of Bakersfield, you need to handle the payment part. For this, escrow must be involved to pay the earnest money to your seller.

To open up the home inspection, you deposit the earnest money and see the condition of the house to check if any repairs are needed. Also, the buyer due diligence will be conducted side by side and seller disclosures will be requested to see when the house was renovated and what repairs it requires.

Three things need to be taken care of by escrow, side by side, at this step. This includes home inspection, loan approval and bank appraisal, where loans and appraisals are interrelated as the bank needs to see if your desired house is worthy enough to approve your loan, so he sends the appraiser. The lender will be doing the necessary paperwork, parallelly.

Now when all of the above-mentioned things are happening in parallel, the solar panels also need to be dealt with.

You are buying a house with solar panels; you need to see if they are on lease or if they are owned. In case they are owned, you need to transfer their ownership from your seller to your own name. Payments will be done for this purpose, so you need to see your budget for this as well.

There is a lot happening side by side but that’s where this blog helps you step by step to do things, so you don’t lose it.

While buying a house, paperwork can prove to be a hassle for most people but can go like a breeze with proper help.

During the paper signing part, a great realtor will always put the papers in front of you for signing, instead of just asking you to trust them and sign the papers without looking into them.

Remember this, it’s your money, and your decisions, getting all the facts from the paperwork is your right, and a great realtor will always put everything in front of you in layman’s terms.