Costa Mesa's Neighborhood Blog

A blog about Newport and Costa Mesa with an emphasis on Costa Mesa Real Estate and Newport Beach Real Estate, written by a lifetime local resident of coastal Orange County whose knowledge of the area, combined with a strong background in mortgages, real estate and being an attorney, gives her clients many advantages.

Buying a Costa Mesa Home? - Avoid Buying Obsolescence

Buying a Costa Mesa Home? - Avoid Buying Obsolescence

 

So, you've decided it's time to buy a Costa Mesa home, and you're thinking about what you really need.

Perhaps you've been pre-approved or you know about how much you want to pay monthly, and so you've come up with a purchase price.

Now, you're trying to decide what's important to you.  I always sit down when people are considering buying a Costa Mesa home to ask several questions.

It's important to consider what's important to you in buying a Costa Mesa home, and it's also important to try not to buy obsolescence.

And, you're probably wondering what "buying obsolescence" means.

For instance, most buyers these days expect want demand at least 1.5 baths in a home, so if you're thinking that you could "live" with just one bathroom, you might consider what that might do to your pool of buyers when you're ready to sell your Costa Mesa home.

When you're buying a Costa Mesa home, make sure to consider how other buyers might look at it later when you're ready to sell it so that you don't have problems selling an obsolete home.

If you want to work with an agent who takes the time to consider things like future value and saleability of your Costa Mesa home, please give me a call at 714-319-9751.

 

 

Originally Posted at: Buying a Costa Mesa Home

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Federal Government Disclaimer (MARS) 

  1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.  
  2. Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and 
  3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Click Orange County homes for sale to view all OC homes for sale.

Buying a Costa Mesa Home - What Are Contingencies and Why are They Important?

Buying a Costa Mesa Home

What are Contingencies and Why are They Important?

 

Basically, contingencies allow a buyer who is buying a Costa Mesa home time to inspect the home and attempt to get a mortgage loan before being fully committed to the purchase of the home.

 

In California, the California Association of Realtors (CAR) purchase contract typically allows 17 days for all buyer contingencies to be removed. These contingencies usually include: physical inspection, appraisal, finance/loan, a review of title, review of seller disclosures, wood destroying pest (termite) inspection, review of conditions, covenants and restrictions (CC&R's) and any other considerations/inspections the buyer might consider important in determining whether or not to purchase the home.

 

Costa Mesa Home

This time period can be made shorter or longer, and is typically much shorter with the purchase of an REO/foreclosure/bank owned home.

 

 

 

When buying a Costa Mesa home, it is important that the the buyer complete all inspections and be ready to remove contingencies in a timely manner. The buyer needs to have all of these completed in a timely manner because once contingencies are removed, then the seller may get to keep the buyer's initial deposit if the buyer elects not to or cannot close on the purchase during the time specified in the contract.

 

In the purchase contract, there is a liquidated damages clause. If this is initialed, then it automatically entitles the seller to keep the buyer's initial deposit (up to 3% of the purchase price) if the buyer removes all contingencies and then does not close escrow for any reason.

 

If the buyer who is buying a Costa Mesa home chooses not to remove contingencies in a timely manner because he doesn't have loan approval for example, then the seller can choose to cancel the purchase contract.

 

If you have more questions about contingencies or about buying a Costa Mesa home in general, please contact Christine Donovan at 714-319-9751.

 

For more information about selling or buying a Costa Mesa home, please see:

Selling a Costa Mesa Home - Can Anything Go Wrong Once Contingencies are Removed

Please see below for homes currently for sale in Costa Mesa.

 

Originally published at Buying a Costa Mesa Home.

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Federal Government Disclaimer (MARS) 

  1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.  
  2. Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and 
  3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Click Orange County homes for sale to view all OC homes for sale.