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THE LEE TEAM | eXp Realty of California

We can help you find real estate in LA, OC, Las Vegas, buy and sell your home, lease an office, find retail space, or advise you on investment properties for asset building.

Q: Why should I buy a home I own ?
A: Of course, the joy of ownership is not something you get from renting. That and the joy of being able to call it "my home" also makes it hard to call a rental house "my home". In addition to that intangible pleasure, there are these advantages.
  • Rising home prices can build wealth.
  • There is a big tax deduction. If you remain a renter, you will not get the taxes paid back as an owner-occupier.
  • Housing costs rise more slowly than renting.
  • Since it is your own home, you are free to upgrade and renovate.

Q: How do I start buying a home ?
A: If you are thinking about buying a home, please contact David ・ Lee first. We will listen to your family situation, your income, and your needs, and then make a proposal tailored to your situation. Most of our clients have mortgages, so we can refer you to a reputable mortgage officer if necessary. We start by clarifying how much housing to look for and in what area. We will then walk you through the home buying process ( including escrow, borrowing, inspections ) and help you every step of the way to home ownership.

Q: Do I need a real estate agent ?
A: First time If I were to climb Mt. Fuji alone, I am sure I could do it because there are paths and signs. But if you climb with an experienced navigator, you will feel safer and there will be no waste. Buying real estate is similar to that. It may look easy from the outside, but it is surprisingly not. You absolutely need an agent to stand by your side when it comes to financial, legal, and covenantal matters. The goal is a "smooth and secure" real estate transaction. Having one agent on your side makes a big difference in the financing you need and in finding the home of your choice. Also, in the U.S., the seller pays the buyer's real estate brokerage fee. In other words, it is a big advantage for the buyer to receive these services free of charge.

Q: How do I get a loan and what are the best repayment terms?
A: Banks' primary concerns when granting a loan boil down to the stability of your income and your credit ( credit history ). The income stability part requires that you have a steady source of income, with a history of employment at the same company or in the same industry for at least the past two years, and the credit part requires proof of a history of monthly bill payments, and if you have other long-term mortgage payments, such as a car, you must be able to make a new mortgage payment on top of that. The ability to make payments is an important part of the process. The best repayment terms for an individual are based on key factors such as how long they plan to live in the house ? how likely their financial situation will change in the next 5 years or so ? and how long they hope to pay off the loan in the next few years.

Q: What is the cost to close and who pays?
A:
There are two types of closing costs: one-time payments and recurring costs. One-time payments include property appraisal fees, credit research fees, loan fees, title insurance premiums, escrow fees, notary fees, registration fees, remittance fees, and agent fees, while periodic expenses include real estate disaster insurance, property taxes, and loan repayment fees.
In Southern California real estate transactions, it is customary for the seller to pay many of these costs, while the buyer's costs, such as loan-related expenses, buyer's escrow fees, registration fees, and remittance fees, are usually within 1% of the purchase price.

Q: What is escrow and title insurance ?

A: Escrow is the processing time ( to verify funds and documents related to transfer of title to a property. usually 30 to 45 days ) and is performed by a third party agency ( escrow company ) separate from the buyer and seller's real estate company. The work undertaken includes the distribution of funds, processing of all documents, including the amounts required for taxes, HOA, and title insurance, instructions, retaining documents and paying the appropriate amounts to each party, and registering transfer documents that transfer title to the buyer. The advantage of escrow is that it is handled fairly in the presence of the buyer and seller who participate in the transaction because it is done by a third party.
Title insurance is an insurance policy that prints coverage for "hidden defects" that were not found during the title search ( title search ) or only came to light many years later. Examples include: unknown or unidentified missing heirs, separate actual owners, falsely signed deeds of conveyance, insanity, deeds of conveyance signed by minors, and collateral securities.

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THE LEE TEAM | eXp Realty of California - Q&A

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