To Buy or Not to Buy

Should I buy? Should I not buy? How will it benefit me? Are these the kind of questions that are running through your mind? It is perfectly normal to get cold feet during the home buying process. It is completely normal to be worried about a big purchase as a home. Even stress is normal. Buyer’s remorse can truly dampen your mood. However, if you learn about the process so all anxiety is taken away from the home buying equation, you will experience a true joy. When you have someone, like me, who educates you on the home buying process, answers all your doubts and connects you with the experts to have your worries addressed, you build confidence in the home buying process as well as in your decisions.

Remorse can also happen AFTER home buying. Remorse is a common feeling during and after the process unless you are well prepared. There are hundreds of questions that run through buyer’s mind at each stage of the transaction. Will I be able to make payments? What happens if I lose my job? Should I have my spouse on the loan or just on title? Should I spend money on inspections? What if more inspections are needed? How much am I spending before even I own the home? Most of these are common questions. However, the question to ask yourself as a buyer in REMORSE is “Are there true reasons for the concerns or is it just a case of Home Buyer Remorse?”

Home Inspections with the Home Inspector

Ever wondered why home inspection is a critical part of the home buying process? In this episode, Amit brings on experienced home inspector, Bill Hall from NuCentury Inspections to lend his expertise and give you an assurance about your investment. When buying a home, whether existing or new, home inspection is a critical part of the home buying process. Its about having a peace of mind that your investment is in sound condition and if it is not, you at least know what you are committing to.

A home Inspector provides an in-depth, un-biased evaluation of the property the buyer is purchasing. Home inspection is a general inspection that covers many systems, construction, structures, components of the property. Inspections limit your liability where you are a buyer or a seller.

Such inspections are beneficial of both buyers and sellers. Buyers benefit from knowing that they are getting into and making sure their investment is going to be sound and wise. Seller’s when they do the inspections, many times they will take corrective actions and get more for the property that is being cared for. Buyers get very emotional about the property conditions. Its mainly the fear of the unknown. When we do the inspections we take the unknown out and provide the emotional comfort for the interested parties.

Home Appraisals – Thought or Not?

Appraisals are integral part of a real estate transaction. Appraisals are done to protect the lender. Lender is giving you money to purchase the home and lender wants to make sure that their money is protected. Home Appraisals are always performed by a licensed real estate appraiser. When buyer’s contract for purchase gets accepted, many times it is conditional upon home appraisal coming in at the price you are paying. In today’s markets appraisal contingencies are waived by buyers who have enough down payment to purchase the home. Low appraisals can break the real estate deal.

Appraisals typically cost about $500-$700. They also depend on home size. Some times they also charge fee to expedite the process. Typically the appraisal orders are placed with the Appraisal Management Companies (AMCs) that are approved by the lender. Then this order goes to the local appraiser that is contracting with the AMCs. The appraiser then takes appointment with the listing agent, to access the home. It is prohibitted for anyone to influence the appraisal process. In such influence someone tries to make, appraisers are required to report. After all they are working to protect lender money and lender wants unbiased opinion of value of the home in the current market.

Complexity of Real Estate Transactions

In this episode, Amit talks about how interest rates have dropped in recent weeks and sheds light on the right time to refinance or buy a home. Loan Transactions are very complex and affect all the parties involved in the transaction. Seller gets affected if the buyer loan is not approved and property comes back on the market. Buyer loses a home if the loan approval goes south and in normal home refinance transactions, home owner may get declined for better loan terms. So its not only important to get the RIGHT LOAN in the beginning, but also plan for future changes in your home ownership. Loan is a critical process in home buying. Call me today so we can get all ducks in a row for a smooth journey ahead. Let’s prepare for the strongest possible offer you can make on the home. If you expect to go in contract soon, make sure I know so I can present you as the most qualified buyer. Knowing your options always helps.

Radio Show: Market Slowdown

 Buyer Opportunities.  Power Hour with Amit Inamdar.  Many of you may have noticed that the real estate markets have slowed and the inventory levels are up.  Homes are moving fast only in selective areas and other areas they are staying on the market long.  Those who listen to my show regularly may remember that beginning of the year, I published a video, where I indicated that the market slow down in June time frame.  So its official and the buyers are presented with multiple opportunities, if you know where to look with proper guidance.   http://goo.gl/jFv7xC

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Radio Show:" Shopping for the Best Mortgage Rates

 I get calls from many borrowers asking for the rates.  Its easy to tell today's rates based on the analysis of the over 120 lenders I represent.  However, the best interest rates are available to the ideal situation and your situation will be different than ideal most of the times.  So how does one know the best rate they can get?  There are so many situations that determine the best rate you can get.

Market fluctuations definitely hamper the rate shopping activities.  For purchase money loans, the time is so critical, rate shoppers may delay their closing and may risk losing their deposit.  What matters in the purchase money loan is to know if your loan can be completed on time?  How responsive is the lender?  You may have a complicated financial situation, like change of jobs, employment gaps, or complicated tax returns that reduce your actual income, self employment, non-steady jobs, unavailability of the down payment funds, source of gift funds and more.  So when you look for the mortgage, look for someone who can provide reliable on time service.  One of the buyers recently lost the bid, even with pre-approval from the major bank, just because, listing agent had bad experience with the bank performing on time.

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Is waiting to buy your next home helping you?

Is waiting to buy your next home helping you?

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Home Prices in Metro Area Rise in 2013 | HouseLogic Housing News
Home prices in most metro areas rose in 2013 by 13 percent, the strongest annual growth in eight years. Condo prices rose more than 15 percent.

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Radio Show: Low Interest Rates: Here is a simple rule that works most of the time….

Radio Show: Low Interest Rates: Here is a simple rule that works most of the time.  If the stock market goes up, so do the mortgage rates and if the market goes down, the mortgage rates fall.  In recent couple of weeks we have seen mortgage rates touching the 4% mark on 30 year fixed loan programs.  For many lower rates mean, refinancing their home.  However they may mean lot more beyond that to others who currently do not own or may want to look at real estate in a whole new way – as an investment.  The good thing is the home prices have climbed over past two years and now the rates have dropped.  This creates a great refinance opportunity for the many.  These are people with FHA loans, low down payment borrowers and also borrowers with mortgage insurance.  Higher home prices mean home owners have more equity in their homes.  This also means their original loan balances are low compared to current home value.  That means LOW loan to Value ratios.  That means, no mortgage insurance if the loan to value ratios are 80% or below.  That would be average savings of up to $500 per month just on the mortgage insurance alone.  Imagine what you can do with extra $6000 dollars a year.  You will also save based on the lower interest rate on mortgages.

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Radio Show: Life of an Escrow

Real Estate transaction is very complicated.  Escrow a third neutral party allows you to bring all aspects of the transaction together.  There are 43 different people from 14 different industries that I communicate with in each transaction and so does the escrow officer.  You have Seller, Seller's Agent.  You have Buyer and Buyer's Agent, You have Brokerages of the both Buyer and Seller Agents, You have Seller's Lenders-1st and 2nd-if any, you have buyer's lenders.  You have lender's loan processors, broker's loan processors, lender's underwriters, doc drawers, funders.  You have inspection companies, property, termite, roof or may be more depending on property condition.  You have geologists, natural hazard disclosure companies, home insurance companies, Home owner associations, home warranty companies, repair companies, and title officers and title reps.

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Radio Show: Pay-off Debt using home equity

Improve your cash flow. You can use equity in your home to payoff high interest, high payment loans. One can access the equity either by using HELOCs or Cash-out Refinances. Situation depends on each individual as to what is right for them. Depending on the borrower, type of loan and property up to 90% cash out can be taken based on property value in today's market. based on borrower credit, property type and loan type., maximum cash out loan to value ratios are:

Conforming O/O Cash Out to 85%
High Balance O/O Cash Out to 60%
2nd Home Cash Out to 75%
Investment Property Cash Out to 75% 
FHA Cash Out to 85%
VA Cash Out to 90%
Amit Inamdar, RE and Mortgage Broker  
CA Bureau of Real Estate #01355522, NMLS # 236574

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About Own Sweet Home

Imagine saving time, money and having a peace of mind when you know that you are being cared for by someone, like me- Amit Inamdar, who knows this business.

Whether you are a first time home buyer, repeat buyer, seller who wants to know if they can buy a new home before selling current, or you want financing, I am here to help.

Own Sweet Home is One Stop shop for Selling, Buying and Financing Real Estate. Call me today!

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Contact Us

Amit@OwnSweetHome.Net
(510) 364-6686

Own Sweet Home Realty,
California Bureau of Real Estate.
Real Estate Broker 01430318
Amit Inamdar, CA Real Estate Broker #01355522, NMLS # 236574
Main Office: 10808 Crothers Road, San Jose, CA 95127

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