BUYING YOUR HOME
While today’s buyers have unprecedented access to real estate data via countless online portals and home improvement television shows, we believe buyers should have representation to ensure their interests in any transaction. Our backgrounds as a real estate attorney and CPA, respectively, coupled with Villa Real Estate’s capabilities, make Lucas Real Estate stand out. The Lucases combine their own objective acumen and outside the box capabilities with Villa Real Estate’s unparalleled servicing, insight, professionals and opportunities that come with the area’s leading luxury residential brokerage.
To discuss buying your home:
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Buyer Guidance. We love helping buyers – from first-time buyers selecting a starter home to established professionals, executives, investors and celebrities furthering their seven and eight-figure real estate dreams. We ensure the best representation, dealmaking and abilities such as LLC formation and maintenance.
Local Knowledge. The Lucases know their markets. Devin Lucas and Courtney Lucas are highly involved in the local REALTOR® community. Devin Lucas is on the Board of Directors of the Newport Beach Association of REALTORS® where Devin and Courtney are active with various committees and organizations. We work with local agents and brokers, attend weekly brokerage meetings, receive early email blasts, word-of-mouth, information on “pocket listings”, networking events and special “broker preview” events to ensure we remain at the forefront of knowledge, connections and abilities to make deals in the real estate industry.
How to Get Started Buying A Home. Unless you are buying with all cash – Pre-Approval, Pre-Approval, Pre-Approval. You simply cannot have a serious discussion about buying a home without a serious consultation with a lender. A preliminary determination of how much money you can borrow is key to starting your home search. Sitting at the computer and crunching numbers, presuming what you can, or cannot, afford, is not the same. You need to sit down with a lender, preferably a local lender, go over your finances, and have an educated discussion about what a lender will, or will not, loan you to buy a home. Your lender (and their underwriting department) are the only ones who ultimately know what you can afford – because they are the ones lending you the money. A real lender pre-qualification will typically require your last two years of tax returns, last two years of W2 statements, authorization to check your tax returns, authorization to run your credit, two months worth of bank statements, documentation of savings, last two pay check stubs, and potentially more. Consult with your local bank, local credit union or other local financial institution. Best of all, it’s a free process with no commitment required.
Competitive Markets Require Preparation. Well-priced homes in desirable areas are rare – and thus a precious commodity. Some homes in sought-after neighborhoods are selling like hotcakes, above list price, with multiple offers submitted within days of listing. Simple economics of supply-and-demand are running the show in today’s market. Buyers need to understand this new reality. Sellers are getting premium offers, including all cash, contingency removals, etc.; so buyers need to think hard about marking their offers competitive. This is unfortunate for many first-time homebuyers and those needing a little extra assistance.
Be prepared. Any offer in today’s market must be accompanied by 1) a pre-approval from a reputable lender, 2) copies of bank statements showing where the initial deposit and non-lender money is coming from, and 3) a copy of your FICO scores to demonstrate your ability to get the loan and close. Many listings will even go so far as to mandate “cross-approval” with another lender (often claiming to want assurances the buyer can close; but also sometimes to steer to potential lenders). In those cases, be prepared to send your bank statements, tax returns, pay stubs and other lender-required items to that other lender ASAP.