Smooth Sailing in Costa Mesa California Real Estate
As a buyer, you want your offer to be accepted and your contract to close on schedule. However, in today's climate, you should expect some negotiation, and submit your offer with the following advice in mind.
The financing contingency in your offer will state your loan total and anticipated interest rate and approval date. Strongly consider locking in that rate with the lender, as rates are still very low, and you'll avoid any future fluctuations in the market.
Reserve funds now for your settlement costs at closing. Anticipate anywhere from 2% to 6% of the amount you're financing, plus your down payment (less any earnest money you offered as a deposit), which will be presented in the form of an official (cashier's) check.
If your down payment funds are not in an immediately liquid account, keep things on track by moving the funds into your checking account at least a week before closing, so you're sure that you'll be able to access the money in advance of the closing date.
Finally, try to avoid a closing date at the end of the month or the end of the year, as these are the busiest times for lenders and could cause undue delay in meeting your approval deadline for financing. Speak with your agent about other factors in crafting your offer and successfully closing on schedule.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CA for the latest news and information on the Costa Mesa real estate market. Lic #00573423
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