We represent buyers for their residential and commercial real estate purchases. We represent buyers for many different types of purchases including; short sales, bank owned (also called an REO which stands for Real Estate Owned), estate and trust sales and bankruptcy procedures.
The Purchase Process
No matter the type of real estate purchase, we go through the following steps to help you find what you are looking for:
1. We believe a key element in making a real estate purchase is first to determine how much purchasing power you have. Therefore, we will first work with your mortgage broker, if you don't have one we can refer you to one, to determine the amount of loan you qualify for based on your current and future finances.
2. We will estimate your monthly real estate cost and your monthly tax savings or costs to you. Actually, you can calculate it yourself. We have created an Excel worksheet that calculates the figures for you. If you are purchasing a personal residence, please click here and if you are purchasing an investment property, please click here. If you need help with the worksheets, please do not hesitate to call us.
3. We will assist you and your mortgage broker in preparing all the financial documents that are needed to qualify you for the loan such as: Tax returns, W-2s and bank statements. If you are already a client of Silkman & Associates Accountancy Corporation, then we already have a majority of the documents that are needed.
4. We will show you the areas that you are interested in. This is probably the most important element when it come to a purchase. You have to like and feel comfortable where you live or where you are making an investment. If you are a first time buyer or are not sure, we can be very broad at the beginning stages of your search so you are exposed to many areas. As you get a sense of the areas you like, we will narrow our search and concentrate on those areas for you.
5. We will look at comparable sales and other factors to determine the fair market value of the property you are interested in and advise you on what you should offer for it. We will also take into account the tax savings or expenses associated with that particular property.
6. We will walk you through, step by step, the offer process, acceptance, due diligence, escrow and closing procedures. We will inform you of all the time limits and deadlines.
7. We can refer you to inspectors, handymen, contractors, mortgage brokers, attorneys and many other professionals that may be needed during the course of the due diligence process which is to make sure that there are no hidden surprises and that you are purchasing is what you want.
8. We will advise you on the type of entity that the property should be purchased through to minimize your tax and personal liabilities.
9. We will advise you on the estate tax planning of the transaction.
10. If you would like to compare the cost of renting to the cost of buying a home, please click here. Note that there are other factors to consider (interest, property taxes, tax savings, appreciation, opportunity costs, closing costs, selling costs, etc.) and it is complicated to compare the cost of renting to the cost of buying. However, this calculator attempts to take all of these factors into consideration in order for you to make an informed decision.
For a brochure on home ownership, please click here.
For a brochure on investing in rental real estate, please click here.
For more information on making a purchase, please contact call David Silkman, CPA, MST, Broker at 310.478.9200 x301 or email him at david@SilkRoadRealtyInc.com. Thank you.