FAQs
How long does the home-buying/selling process typically take in California?
The process can vary depending on the property and market conditions, but on average, it takes about 30-45 days from the time an offer is accepted to the close of escrow.
What are the typical closing costs for buying/selling a home in California?
Closing costs vary, but buyers can expect to pay about 2-5% of the home's purchase price, while sellers usually pay 6-10%, which includes agent commissions and other fees.
What is the role of a real estate agent in the buying/selling process?
A real estate agent helps buyers find suitable properties, negotiates offers, and guides them through the closing process. For sellers, agents provide marketing, pricing advice, and representation during negotiations and throughout the transaction.
Do I need a real estate attorney when buying or selling a home in California?
California does not require a real estate attorney for home transactions, but some buyers and sellers opt to hire one for legal advice and added protection.
What is the difference between pre-qualification and pre-approval for a mortgage?
Pre-qualification is an estimate of how much you may be eligible to borrow, while pre-approval is a more formal process that includes a credit check and verification of your financial information, resulting in a specific loan amount.
Can I buy a home in California with a low down payment?
Yes, there are several loan programs, like FHA loans and VA loans, which allow for lower down payments. Some first-time homebuyer programs also offer down payment assistance.
How does the home inspection process work in California?
A home inspection typically takes place after an offer is accepted. A licensed inspector examines the property, identifying any potential issues or necessary repairs. Buyers may negotiate repairs or price adjustments based on the inspection findings.
What is a contingency in a real estate transaction?
A contingency is a condition that must be met for a transaction to proceed. Common contingencies include financing, appraisal, and inspection. If a contingency is not met, the buyer or seller may choose to cancel the contract.
Are there any special disclosure requirements when selling a home in California?
Yes, California law requires sellers to disclose material facts about the property, including any known defects, environmental hazards, and other issues that may affect the property's value or the buyer's decision to purchase.
What is the difference between a fixed-rate and adjustable-rate mortgage?
A fixed-rate mortgage has a consistent interest rate and monthly payment throughout the loan term, while an adjustable-rate mortgage (ARM) has a rate that may change periodically, affecting the monthly payment.