Best Realty's Lake Oroville Real Estate Blog

Senate OKs new tax credit closing deadline
Congress is riding to the rescue for all of you in the Lake Oroville and Paradise California real estate markets who have qualified for the first time home buyer tax credit  by having a home purchase contract in place before the April 30, 2010 deadline, and are in danger of not being able to get the purchase closed by the deadline of June 30, 2010 because your lender is overwhelmed by the backlog of paperwork created by the frenzy.
With just two weeks before the expiration of the tax credit program ,an amendment to HR 4213 was added which, if signed by the President, will  extend the closing deadline to September 30, 2010. The extension was requested by the mortgage industry will allow a backlog of over 180,000 purchase transactions that were begun before the April 30th deadline to be completed. While this is a wise, and fair move on the part of Congress to agree to extend this deadline, it is important to understand that it THE EXTENSION IS NOT YET OFFICIAL.
With only 2 weeks to go before the original expiration date of the program, it is important for you, if you are one of these 180,000 transactions that has not closed, to keep pressure on your lender to get your loan done.  In this political environment it would be foolish to think that the proposed deadline extension of September 30th is a done deal. 
I will keep you updated as new information becomes available.
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Senate approves home tax credit extension  seattletimes.nwsource.com)
Home-Buyer Tax Credit Update: Senate Moves to Extend Closing Deadline  blogs.wsj.com)

So your agent has shown you a bunch of  houses and you might be getting a little frustrated if you havent found the right one.  Be patient! Sometimes it takes a few showings to really fine tune what it is that you REALLY want. 
 Then, you finally find it! Let the flood of emotions and questions begin!
In my opinion, it is good idea to educate the buyer as to what the process is and what decisions we will have to be made when finally making the offer.  However there are still little things that will need to be addressed and especially if there are going to be multiple offers on the property.  Thats where you will need to really listen to what your Realtor advises you to do. They have the experience and negotiating skills that will put your offer in its strongest possible position.
Although there are many part to the purchase contract here are a couple examples of things to think about:
The  purchase price. What is the amount you really want to offer? This will usually be a number you come up with according to the sold comps your agent has provided to you. Keep in mind this is probably the toughest part. There are a couple of factors to consider when finalizing the price. Is the seller being asked to give a credit for your closing costs? Are you asking for the seller to pay for all the inspections? How long is your escrow period?  These are things that need to be considered and your agent  will help you fine tune the numbers to make it attractive to the seller.
Escrow Period- How long of an Escrow do you need? Generally the normal time period is 30-45 days. Its a good idea to check with your lender regarding the time period they may need to complete the loan process.
Inspections- What type of inspections do you want to do? What is customary? What do you want the seller to pay for and which ones will you as the buyer pay for?  Your agent will be able to advise you on what the different types of inspections you can do and the importance of them. Your lender may also require certain inspections depending on the type of loan you have.
Here is an example of what a Califonia Purchase contract will look like.

Let the Home Search Begin!
When buying a home, it’s important to think carefully about what it is your looking for in a home. You have heard it before, location location location!  Most people have an idea of the location or area they prefer, whether it is for a certain school district, close to work or to be near family. This would be in my opinion, the first priority of buyers. Then the search begins to find a home with the features you want in that neighborhood. Here is a sample of the Realty World Home Buyer System that seems useful to our buyers.
Where do you search?
Typically when you get together with your real estate agent, they will make a list of your criteria. That can become a search in the MLS system that can be emailed to you daily. There are also many websites available to search on such as Realtor.com and Trulia.com, Trulia gives a lot of  good information such as maps,schools,recent solds,etc…  The listings you are interested in can be emailed to your agent. The agent can then get more information and make an appointment for you to view the home. Some agents have websites that have a customizable search for buyers. The real estate agent and the buyer receive an email when a property that matches the buyers search comes up.
Keep in mind once you have hired an agent work with you, they are spending alot of their time looking for a property and setting up showings for you. If you see a property in the paper or while out driving around, call your agent about it. They will usually have the property info available to them and can give you the information that your looking for.
Happy House Hunting!