How to buy a home in Palm Springs
Lets face it, you've dreamed of owning a home in Palm Springs and having your own desert paradise. It can be an exciting and fun experience, whether its as a primary home, vacation home or investment property. However if you're new to this, it can also be a bit overwhelming.
Not to worry! This is where we come in at The Paul Kaplan Group. We've been holding home buyers' hands through this process thousands of times over the past 20 years. So grab a comfy seat, some freshly brewed coffee (or your favorite umbrella cocktail), and learn how to be a smart and savvy home buyer in Palm Springs.
Are you ready to buy now? Or are you just home BUYING curious? Whether you're doing research, still dreaming about it, or ready to make an offer, we're here to help you.
One of the components we discuss with our Palm Springs Home buyers is that we want you to know how to buy a house in Palm Springs and be as educated in the process as a top producing real estate professional. It is not easy, but with a good education, you will win at this process where others fail.
Steps For Buying a Home in Palm Springs
- Find Your Guide: Find an experienced Agent that knows the local Palm Springs real estate market, is super savvy and will be your ultimate navigator. Too often we see buyers working with out of area agents, friends, or relatives, that don't understand the unique aspects of the Palm Springs market. The results can be disastrous! Be proactive, go with the right agent from the start of your real estate process.
- Choose Your Priorities: Size, Condition, Or Location? Are you not all that familiar with Palm Springs? A knowledgeable agent can educate you on the various neighborhoods of Palm Springs, and highlight the pros and cons, to help you make your decision.
- Home buyer consultation: Sit-down meeting with you and your Agent to dive into what you want in a Palm Springs home. What's most important to you? How do you see yourself using the home? Will it be a full time resident? something you'll rent for a while before retiring? a vacation rental property? Determining how you'll be enjoying your home, will help your agent find the best property that meets all your wish list desires.
- Education - Your agent will explain the difference between Fee Land and Lease Land; provide an overview of neighborhoods, educate you on what to look for in a vacation rental home; understand micro-climates, plus more
- Financing: Get your financial house in order. and (for gods sake) do not make any huge purchases that may affect your credit, while you're house hunting! Your agent will explain the importance of going with the right lender that understands the market here in Palm Springs. Are you considering lease land? a coop? a pre-fab home? There's a lot to know when it comes to financing, and not all lenders can loan on all properties.
- Start the home search: Your agent should be able to homes best fits your wishes. They can narrow down what neighborhoods appeal to you in your price range, and show you the best homes on the market. This isn't House Hunters where you'll only look at 3 homes before making a decision- however there's no need to look at 100 homes either! That's what your agent is for, to sort through the inventory and pick out your best options.
- Making an Offer: Know what you need and how to prepare yourself to make an offer.
- You Are In Contract: What now?! Time to really start working! Your agent will walk you through each step.
- Open Escrow! What's escrow? Don't worry, we'll explain that.
- Inspections: What to look for? how to hire an inspector? and how to respond to the inspection? We'll explain it all to you.
- Review The Title Report: The title report is often the most overlooked portion of the buyer’s review.
- Reviewing the HOA and Lease docs (if applicable): Also an overlooked portion of the buyer’s review process. Look at the rules, the CC&Rs, the pet policy, the vacation rental policy, the financials- knowledge is key, and you want to know what you're buying into when purchasing in a community.
- Appraisal Process: When a home is purchased with a home loan, the appraisal determines final value by your lender for your home. Sometimes the appraisal is just wrong! Now what? Your agent will explain your options.
- Final Loan Approval: All kinds of things can come up during the final loan approval process, so be prepared. Your agent will be tracking the status of the loan in underwriting, watching deadlines and make sure everything is moving forward on schedule.
- Final Five days of the Process: Final Walk through inspection resolution,
- Signing Your Final Homeowner Documents: You made it!
- Closing Day: You get the keys and access to your home.