Our Commitment is to You.
Buying a home is often the most significant purchase a person will make in their lifetime. At The Dreyfus Group, Golden Gate Sotheby’s International Realty, we understand the importance of this decision not only from a financial perspective but also as an investment in your future.
Our exemplary real estate professionals are experts in their field possessing deep market knowledge and keen insights into local communities and will guide you throughout each step of the home buying process acting as your trusted advisor. We will ensure you have the information you need to make informed decisions that are aligned with your own individual goals and needs, resulting in a seamless experience and a successful transaction.
Top 3 Reasons to Buy a Home
Determining if the time is right to buy a home is your first step in the home buying process. Here are some reasons to consider buying now rather than waiting for a future date.
1. There are Substantial Tax Benefits
Homeowners are able to deduct mortgage interest and property taxes from income. Talk to your CPA or tax professional to understand your particular situation.
Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
3. It’s the Right Time in Your Life
Other factors to consider when deciding if now is the right time to buy can include life events and/or stages.
Stability: Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.
Budgeting: Fixed mortgage rates, unlike rents, do not fluctuate allowing you to have more predictable yearly costs which can prove beneficial for budgeting purposes. Other costs of homeownership may be subject to increases however, like property taxes and insurance, which you will want to factor into your budget.
Freedom: Ownership allows you to have the freedom of choice to decorate and/or do renovations based upon your own tastes and desires. The latest National Housing Pulse Survey from NAR reveals that 80% of consumers believe that purchasing a home is a good financial decision.
Reasons to Work with a Professional
With all of the information available to consumers today it is tempting to consider representing yourself when buying a home. Here are reasons why working with a professional is the best choice.
1. Expert Guidance in a Complex Market
The Bay Area real estate market is exceedingly complex and factors affecting the market change daily. We at The Dreyfus Group will be your guide using our in-depth knowledge of area communities, current and past market conditions and indicators to assist you in numerous ways. We can help expedite your search, identify the neighborhoods and communities that best fit your lifestyle and meet your needs, negotiate the best possible deal, and avoid delays or costly mistakes.
2. Expanded Search Power
Sometimes properties are available but not actively advertised on the market or the MLS. Through our network we have knowledge of and access to these “off-market listings” not accessible on search sites and will also have access to more detailed property information than publicly available.
In addition, as a member of the Sotheby’s International Realty global network, The Dreyfus Group, Golden Gate Sotheby’s International Realty has exclusive access to our global search portals and connections with local representatives worldwide.
3. Negotiation Prowess
There are many factors to be considered when making an offer on a house in today’s swiftly moving market; The Dreyfus Group can help prepare you so that you are able to make decisions in a timely manner and will pay attention to the details of an agreement to ensure that your best interests are protected before you are bound to complete the purchase.
The Buying Process
Most homes are purchased with financing, and with the historically low interest rates today, even buyers with cash may be better served by financing their home. We can recommend you to a lender that provides a wide variety of options that can assist you in financing your home purchase.
Working with a lender will help you:
• Determine the price range that you can afford.
• Understand the different types of loans available and the types of programs you may qualify for (particularly if you are a first-time home buyer).
• Determine what your monthly housing payment will be.
• Estimate the downpayment and closing costs on a house you are interested in.
• Get prequalified so that your offer is more attractive to sellers and you are able to move quickly.
Obtaining a Loan
The Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-Lending disclosure statement (TIL), itemizing the rates and associated costs for the loan. You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.
Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.
Loan Approval (Underwriting) - Loan approval, or underwriting, requires that all documents have been submitted and generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.
Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.
Making an Offer
Once you have found the home that you wish to purchase, The Dreyfus Group will apply our professional training and do all the necessary research to help you structure an effective offer.
This is where our negotiation skills come into play. When an offer is made, the seller will have the option of accepting, rejecting or counter-offering. We will negotiate the best possible terms for you. In the case of multiple bids, we will work with you to structure the best offer you are comfortable with.
Your Sales Associate will draft the purchase agreement, advising you of protective contingencies, customary practices, and local regulations. Home warranty, title and escrow arrangements will be detailed in the offer. Although your Sales Associate will give you advice and information, it is your decision as to the exact price and terms that you wish to offer.
Managing the Escrow
When the purchase agreement is accepted and signed by all parties, The Dreyfus Group, Golden Gate Sotheby’s International Realty will open escrow for you and your earnest money will be deposited. The escrow company is a neutral third party that will receive, hold, and distribute all funds associated with your transaction.
Inspections & Disclosures
Your Dreyfus Group agent can assist you in finding resources for inspections of all types as well as a company that can provide you with Natural Hazard Inspection Reports. The findings and reports can be reviewed by you as well as any disclosures or documents provided by the sellers or recommended for the transaction based on current real estate practices.
Prior to closing escrow, all contingencies of a Purchase Agreement must be met. Your Sales Associate will help you understand each contingency and will help coordinate this process.
When all conditions of the purchase agreement have been met, loan documents and closing papers can be signed. You will deposit the balance of downpayments and closing costs to escrow and your lender will deposit the balance of the purchase price. Once these steps are complete, the deed can be released for recording. In the state of California, an escrow is considered “closed” on the date that the Grant Deed, transferring title from seller to buyer, is recorded at the County Hall of Records. When the deed is date-stamped and recorded and you will take ownership of the home.
Your Dreyfus Group Golden Gate Sotheby’s International Realty Sales Associate is a valuable resource. We connect you with our network of service providers and can provide tips for planning and coordinating your move.
Everyone deserves the extraordinary, because luxury is not about price point— rather it is about an experience. And when it comes to real estate, experience matters.