5 Tips for Buying Your First Home in Carmel Valley
Whether you are a first time buyer, or it’s your first time buying in Carmel Valley, here are 5 tips for buying your first home in Carmel Valley.
Tips for Buying Your First Home in Carmel Valley | Tip #1 – Get Pre-Approved
Before looking into properties in Carmel Valley, it is important to get pre-approved from your lender. If you are unsure of who to use for a lending company, we recommend Chad Hawker with Princeton Capital. The reason for this first step is that in this market, there is a huge buyer demand to be in the Carmel School District, and if you find a property that you are ready to make an offer on, you might lose it during the time it takes you to get pre-approved after visiting the property. So gather your tax returns and pay stubs, call your lender and get that letter in hand! If you are a cash buyer, you may skip this step and go look at homes!
Tips for Buying Your First Home in Carmel Valley| Tip #2 – Scan the Market and Narrow Your Search
Once you are pre-approved, your agent should be sending you properties for your review so you can narrow your search to homes that make sense for you and your needs. Set up a property tour with your Realtor to go see homes. Make sure to allocate a few hours for viewing and drive time as you may have interests in various neighborhoods.
Tips for Buying Your First Home in Carmel Valley| Tip #3 – Ask Questions!
When you have found the right fit and you are ready to present an offer, consult with your agent on the nature of the sale. Some questions to ask your agent might be:
- What is the seller’s situation and motivation level?
- How long has the property been on the market?
- Have they received any offers?
- Are we competing against any other buyers that you know of?
Tips for Buying Your First Home in Carmel Valley | Tip #4 – Consult with Your Agent for the Best Approach
Once you have discussed the offer with your agent, draft the offer and submit. You may receive a counter offer, so be thinking of how high you want to go to purchase the property and what you might respond with. Consider the terms of their counter offer. Are they reasonable? Aside from price, do the terms make sense with your timeline, immediate and long term needs? Is this the right fit?
Tips for Buying Your First Home in Carmel Valley | Tip #5 – Proper Due Diligence
Once you and the seller have come to an agreement with the seller, you may begin doing conducting any inspections. Sometimes inspections are presented with the listing, other times not, just depends on the listing. A home inspection will call out anything that would require further evaluation from a licensed specialist who operates in that field – for example, further evaluation from an electrician, a roofer, a contractor etc. . . You should also have a pest inspection done. Discuss with your agent an appropriate strategy moving forward on further inspections or evaluations if necessary.
As your due diligence comes to a close, it is time to negotiate repairs with the seller. Work with your agent to construct a repairs request or credit request based on items found in the inspection. Consider the most important things to you, and submit your request.
Once you and the seller have negotiated repairs and credits, it is time to remove physical contingencies. Shortly after, it will be time to remove your loan contingency. Consult with your lender during the due diligence process to make sure you are on track with your loan timeline. Once all contingencies are removed, the loan is funded, and the title documents are signed, you have successfully purchased your first home in Carmel Valley.