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Some of the Costs Associated with Buying and Selling a Hemet - San Jacinto, CA Home

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Services for Real Estate Pros with AZ Veteran Notary Services CA BRE 01444168

It does not matter if you are looking to buy or sell real estate in the Hemet - San Jacinto CA marketplace, there are going to be costs associated with the transaction.  There are times when the seller will cover the costs for the buyer or perhaps the buyer may even be eligible for a grant, such as the one that the City of San Jacinto is currently offering for First Time Homebuyers.  I have a local expert, Hilary Wilkinson form Patrion Mortgage (Altura Credit Union) that knows more about all of the various programs and assistance available than anyone I have ever met - this is her passion and she is always on top of the changes as they take place.

Besides the costs related to making repairs and improving the overall appearance of the home, as the seller you will also need to pay the following:

·         A real estate commission, if you use an agency to sell
·         Advertising Costs, Marketing Materials, and Other Fees if you sell the home yourself
·         Escrow, Closing or other Professional fees
·         Title Insurance
·         Excise Tax for the sale
·         Prorated costs for your share of annual expenses, such as,
          o        Property Taxes,
          o        Homeowner Association Fees,
          o        Insurance and
          o        Fuel Tank Rentals
·         Any other fees normally paid by sellers in your area, including points, survey, and appraisal fees

What are Some Costs Associated with Buying a New Hemet - San Jacinto, CA Home?

Basically, the costs are no different from when you purchased your existing home. They include

·         Moving Expenses,
·         Loan Costs,
·         Down Payment,
·         Home Inspection,
·         Title Work and Policy, and
·         Paying for a New Hazard Insurance Policy.

In the current market, if a buyer is planning on buying either a Short Sale or a Bank Owned (REO) home for sale, they should also have funds available to cover the basic cosmetic repairs (paint, flooring, landscape renovation, etc) and have a contingency fund for unexpected repairs or structural issues that may not be detected during the inspection process. 

Your lender will give you a disclosure, or a ‘Good Faith Estimate (GFE), of estimated costs when you apply to be pre-approved for a home loan.

Is an Attorney Necessary to Buy or Sell a Hemet - San Jacinto, CA Home?

When people migrate to California, and the Hemet - San Jacinto Valley from other parts of the country they are often confused because we have our own way of doing things...and real estate here is about as different as everything else we do.

Throughout most of this country, buyers, sellers and the agents sit down at the "closing table" with their attorneys to sign the necessary documents and exchange the purchase money for the keys to the home being bought and sold.  In some ways, I wish we had some sort of formal ceremony here . . . but we don't.

In California we do not use Attorneys to transfer real estate - we use Escrow Officers in Escrow Companies.  The Escrow Officer is responsible for making sure everyone's side of the agreement is lived up to and when all conditions are met the Escrow Officer causes the funds to be released to the buyer and the Deed to be Recorded at the office of the County Recorder.  Once this is done, we are looking for a phone call - usually at 4 or 5 in the afternoon to "confirm recording".  Once we have confirmation, the buyer owns the Hemet - San Jacinto home.

So to answer the question about needing an Attorney, the short answer is NO.  However, this does not mean that either a buyer or seller should not seek legal advise for issues that have a direct bearing on the transaction or the parties involved.

Some experts say it is a good idea to be represented by an attorney, particularly if you are selling on your own. You should choose one with expertise in real estate transactions. Before hiring someone discuss all the details of the transaction, including all legal costs you will incur.

A good attorney will assist you in completing the deal swiftly and with confidence.

For more information on preparing your Hemet - San Jacinto home for sale, please email me with your specific questions or to schedule an appointment to review your personal situation..

MORE HELP & GREAT IDEAS

For More Tips from The Excellence in Real Estate Team Home Selling Guide, just click here...

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Until Next Time, Have a Blessed Day,

John Occhi, ePRO, REALTOR®
DRE Lic No: 01444168


ePro,John Occhi,www.johnocchi.com,realtor      Certified Probate Real Estate Specialist Logo Awarded to John OcchiFive Star Logo,Certification,REO,Five Star Institute     

Excellence in Real Estate,Team Log,John Occhi,www.johnocchi.com,hemet,san jacinto,CA  

This blog and the contents written here is the intellectual property of John Occhi, Temecula - Murrieta, CA REALTOR® in the South West Riverside County region of the Inland Empire of Southern California.  The views and opinions expressed are just that - views and opinions of John Occhi and those who comment.  Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance. 


I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

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