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Whether you’re a young professional looking to invest in your future, a couple ready to settle down and start a family, or someone starting a new chapter in your life, buying a home is a significant milestone. But, it can also be an overwhelming and complex process. That’s why the Department of Real Estate has created this podcast, First Home California – to provide you with knowledge and insights. Our goal is to help you get to a place where you know what to expect during the homebuying process, and to help you make sure you’re ready to make informed decisions about what will likely be the biggest purchase of your life. Each episode will focus on a specific part of the homebuying process and provide consumer protection tips.
Episodes
Wednesday Nov 15, 2023
Wednesday Nov 15, 2023
In this episode we talk about one of the most stressful and exciting parts of the homebuying process, making an offer on a home.
Topics covered include:
- The mindset a first-time homebuyer should have about making an offer
- What’s an earnest money deposit, how much should you put down for this type of deposit, and what are the advantages/disadvantages of putting down more or less than that amount?
- The advantage of not selling a home before buying a new one
- The types of contingencies are involved in offers
- After successfully bidding on a home, how long it should take to close escrow
- The pluses/minuses of renting back to the seller after you buy a home
- If there are any contingencies a first-home buyer should think about waving
- What the process of making an offer looks like, including timelines the steps should take
- What happens when there are multiple offers to buy a home
- What the terms “best and final” really means
- What the term “escalation clause” means
- Should the first-time homebuyer make bids on multiple properties at the same time
- What’s a “love letter” or “offer letter” and why there’s risk in sending one
- Tips on how to survive the stress and emotions of making an offer
Our Guest:
- Mike Shenkman, Licensed Real Estate Agent and lecturer at Department of Urban Studies and Planning at U.C. San Diego
Other Resources
Love Letters / Offer Letters
- New York Times https://www.nytimes.com/2021/12/17/realestate/you-love-that-house-but-should-you-write-a-love-letter.html
- Orange County Register https://www.ocregister.com/2021/03/11/do-homebuyer-love-letters-violate-fair-housing-laws/
- CBS News https://www.cbsnews.com/losangeles/news/no-more-love-letters-to-home-sellers-calif-realtors-advise/
- CNN https://www.cnn.com/2021/05/19/homes/love-letters-from-home-buyers/index.html
- Money https://money.com/home-seller-love-letter/
- National Association of Realtors https://www.nar.realtor/fair-housing-corner/love-letters-or-liability-letters
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