Drew Mobile: 858-220-3004 | Drew Email: drew@gellens.com

Christy Mobile: 858-220-3003 | Christy Email: christy@gellens.com

Preparing to Buy

Before you start shopping for your property in this current market, it is a good idea to make some preparations.

Purchasing with Cash? 

Make sure that you have contacted your financial advisor or banker to get proof of funds for your purchase.  Many sellers are requiring proof of funds to see properties.  And if you do find a home you love, you will need to provide proof of funds with your offer.

Purchasing with a Loan? 

Getting pre-approved to purchase a home is the first step when you starting thinking about buying. We do suggest that this is done prior to viewing properties. If you fall in love with a home, you want to make sure you are ready to act right away. The market moves fast, and you want to be prepared when you start looking.

Keep a Green File

A green file contains all your important financial documents. You will need it to secure financing for your property. The typical green file should contain:

  • Financial statements
  • Bank accounts
  • Investments
  • Credit cards
  • Auto loans
  • Recent pay stubs
  • Tax returns for two years
  • Copies of leases for investment properties
  • 401K statements, life insurance, stocks, bonds, and mutual account information.

Check Your Credit Rating

Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.

Be Careful With Your Finances

Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.