Orange County CA. is one of the most desirable counties in the country to call home. With the wonderful year round moderate weather, beautiful coastline and beaches, high paying local job market, and numerous local recreational choices, Orange County real estate has been in high demand for many years. Due to this strong demand and limited supply of land, the cost of lots to build on has reached extremely high prices. With the Median asking price of a detached home in Orange County now standing at about $804,000, buying a more affordable Orange County Condominium is a great alternative to a more expensive detached home. The process of buying a Condo can be broken down into four basic and very important steps.
Step 1 - Get pre-qualified for a loan. This process is often overlooked but very important. The pre-qual letter accomplishes three things. One, it tells you how much the mortgage bank will loan to you, which added to your down payment, will determine the maximum price you can pay for a Orange County Condo. Two, the pre-qual will also give you a very accurate estimate of your monthly payments, so you can determine that is something you are reasonably comfortable with. Finally, the pre-qual letter will bring legitimacy to your purchase offer when presented to the seller of the Condo.
Step 2 Before the Condo hunting process begins. It's always a good idea to obtain the services of an experienced and professional local Realtor to work with at this stage. Ideally, the real estate agent will make use of modern day technologies. You'll also want to work with an agent that works a lot with Buyers, versus the local neighborhood Listing Agent specialist. Once you have found this Buyer's Agent, have them set you up on an email Alert service which will send you an email when a new listing comes on the market. Although it sometimes happens, don't expect to find the perfect Orange County Condo on the first outing. The first 5 to 10 Condos you'll preview are an education process for you to familiarize yourself with the pluses and minuses, features and locations, and price differentials of each Condo. Plus it's an opportunity for your real estate professional to find out exactly what you do and don't like in a Condo. If after a month or two, you haven't found that Condo that inspires you to take action, it may be time to re-evaluate your search parameters and make some adjustments such as: Number of bedrooms, 1 or 2 or No garage, add some other cities, change the year built, condition, or possibly increase the price a little bit with a different loan option from your lender.
Step 3 The purchase offer stage. Here is where an experienced Realtor really comes into play, for a good Buyer's Agent may save you several thousands of dollars. Make sure you review with your Realtor the comparable sales and homes currently for sale in nearby Orange County communities to evaluate if the seller is asking a fair price. If it seems that they are asking a premium, where non is justified, dont be afraid to make a lower offer. All the seller can do is say no, but most likely you'll get a counter offer. On the other hand, if the asking price seems low compared to comparable properties, then don't look a gift horse in the mouth and have your Agent immediately write up a full price offer.
Step 4 - The Condo investigation process. A good Buyer's Agent is also valuable at this stage. Here, you will be reviewing many documents from the seller which discloses details of the property to you, which you'll review with your agent. An appraisal will also be conducted so as to insure that a neutral third party professional agrees with the contract price. Another important item, is hiring a professional and local Orange County home inspector who'll investigate the current condition of the Condo and deliver to you a written report for your approval. Last but not least, is you be given numerous documents that pertain to the Condo home owners association. Here you want to review with your agent to see if there are any pending or current lawsuits, the funding of the association, inspect the 12 months of the board of directors meetings notes, and other such details. |
