California Dreaming, Information on Buying a Home in CA

Hello I am Yolanda Dawan a Northern CA business owner of a company I like to call The Omega Group. The Omega Group provides information and tools that are industry specific as well as information on how to help you navigate in the world of property management, leasing and marketing. 

I have been in the Real Estate & Management Industry since 1996.  I started as an onsite manager of a 26-unit complex in San Leandro, CA.  After working there until the property was sold 6 years later; Along the way I discovered that this was the industry I wanted to be in.  With my new found career path I set out learn as much as I could about the real estate industry (and trust me there is a lot to know and the information keeps changing).  

My education includes, CSU -East Bay (formerly CSU Hayward), BOMI- Building Owner's and Managers Institute, IREM - Institute of Real Estate Management and last but certainly not least the Department of Real Estate.  Which brings me to my topic today, recently I was online searching for other information and ran across a guide for First Time Home Buyers, which can be found at www.dre.ca.gov using the Resources tab for Buyers and Renters. I have assembled some of the information to present it to you.

     Before buying a home there are some things to consider, such as the reason for the purchase, is it income property or is it the home you intend to live in.  Changes to your taxes, financial burden, maintenance and long time effects of home ownership.  There are some benefits such as taxes that you can claim at the end of the year, mortgage interest and the equity that is being built up over time.  Home ownership is not for everyone so consider whether this is something you would like to to before you get stuck with a 30 year mortgage you can't afford. 

CREDIT

     Having a good handle on what your FICO (Fair Issac and Company) score is and that of your Spouse or other responsible party that is buying the house with you will help in the buying process.  Too many times people think their score is either higher or lower than it actually is.  Either way can get you into trouble if you are solely relying on the banking system to tell you what you can afford. Credit card debt, income, past transactions or charge offs, Evictions and Judgements all play a role in that number. 

For about $10 - $20 you can order a credit report by mail or by phone.  Here are the 3 credit bureaus to use.

Transunion - www.transunion.com 

Equifax - www.equifax.com

Experian - www.experian.com 

In addition these bureaus can help you clean up any bad stuff or remove any false information. Always seek out a certified credit counselor who specializes in credit clean-up. One final thought, once you are ready to move forward with a home purchase, selecting the right real estate professional is very important. A few things to consider is the company the agent works for, is the agent familar with the area you want to purchase in.  Do they have a valid current real estate and/or broker license?  Remember you are the boss and you can hire or fire them at will if your needs are not met.  Spend some time in your search and ask friends and relatives for referrals. 

That's it for now, more on my next blog.

By the way I have website MyOmegaGroup.com that has some tutorial video blogs with powerpoint presentations on general topics like Hiring a Contractor or How to Institute a Resident Retention Program.  The video blog is called Time Waits For No One Tip of the Week (a little long I know)  Feel free to check out some of the content here  - TWFNO - Tip   


 Cheers

CALIFORNIA DREAMING

 Resources:

California Department of Real Estate (2003) - Property Quest: Guide to First Time Home Buyers - http://www.dre.ca.gov/pub_propertyquest.html