t-c
Brilliant_Rock
- Joined
- Jan 22, 2017
- Messages
- 723
Don't ever waive inspection unless you are ready for a fixer-upper, because you just never know.
Having a real estate agent with expertise in the area really helps. Don't use someone whose territory is San Jose if you're looking in Redwood City, for example. There are so many little niche neighborhoods that prices can vary by a lot within a short distance. My search area was fairly narrow (Burlingame & San Mateo), but I knew what I was looking for and didn't waiver much from it. It fell on my lap within a month, beat out other offers, paid 15% over ask, and I thought it was still a great buy.
As for down payment, the requirements are usually set by the lender. The seller doesn't care as long as you waive the mortgage contingency; the only thing that will beat you is an equal or higher all-cash offer. It's not clear to me whether you're pre-approved, but you should be if you're seriously looking.
Once you have your budget (which may not be the max loan amount) focus on houses within that price range. Looking at more expensive houses will just frustrate you, unless you set your range artificially low. C'mon, be realistic, you're not going to find a hidden treasure unless your taste is eccentric. Decide on the max you want to spend and work with that from the start. There's no point in moving your top line little by little -- you're just wasting time. In the market that is the SF Bay Area, it's better to go all in immediately.
Good luck! If you've saved $450K already, you should be able to find something decent.
Having a real estate agent with expertise in the area really helps. Don't use someone whose territory is San Jose if you're looking in Redwood City, for example. There are so many little niche neighborhoods that prices can vary by a lot within a short distance. My search area was fairly narrow (Burlingame & San Mateo), but I knew what I was looking for and didn't waiver much from it. It fell on my lap within a month, beat out other offers, paid 15% over ask, and I thought it was still a great buy.
As for down payment, the requirements are usually set by the lender. The seller doesn't care as long as you waive the mortgage contingency; the only thing that will beat you is an equal or higher all-cash offer. It's not clear to me whether you're pre-approved, but you should be if you're seriously looking.
Once you have your budget (which may not be the max loan amount) focus on houses within that price range. Looking at more expensive houses will just frustrate you, unless you set your range artificially low. C'mon, be realistic, you're not going to find a hidden treasure unless your taste is eccentric. Decide on the max you want to spend and work with that from the start. There's no point in moving your top line little by little -- you're just wasting time. In the market that is the SF Bay Area, it's better to go all in immediately.
Good luck! If you've saved $450K already, you should be able to find something decent.