|
How Much Can I Afford? |
|
|
|
|
|
Don'ts for the Home Buyer
|
-
Don't wait for the perfect house. Compromising & prioritizing are
essential elements of the buying process.
-
Don't buy before comparison shopping - especially if you-re new to
the area.
-
Don't write an unrealistic offer or you will simply be helping
someone else's offer look good (too low of a price many
contingencies).
-
Don't feel a need to negotiate if a property is new to the market,
priced right and popular. the good ones often go quickly and at
full or close to full price.
-
Don't think all real estate agents and companies are created
equal. Find a
Realtor
(like me) who is passionate about what they
do and works to ensure your best interest in the deal - not theirs.
-
Don't be afraid to write an offer above or below the asking price.
Offer what it is worth to you. Remember...everything is
negotiable.
-
Don't work with more than one agent. Find one you like and stick
with them (like
me).
-
Don't wait for the perfect time to buy. The best time to buy is
when you have found the right home - and you'll know when the time
comes.
-
Don't get too many people involved in your buying decision. Many
transactions are lost while you're busy soliciting other people for
their opinions. Act quickly to get the property you desire.
-
Don't wait until you find a home to start looking into mortgage
loans. Being prepared with a mortgage will give you the upper hand
to submit a solid offer by letting sellers know you are very serious.
|
|
|
|
Tips for First Time Home Buyers: |
-
Be pre-qualified by a lender.
-
Obtain a mortgage pre-approval.
-
Have the necessary funds available to write an initial earnest
money check.
-
If you are receiving a "gift letter" for a portion of your down
payment, be sure to have the money transferred into your savings
account.
-
Have the remaining money for your down payment easily accessible.
-
Pay balances on revolving credit cards.
-
Never make a big purchase (such as a car or new furniture) prior to
getting loan approval and closing on your new home.
-
Have a credit report run by a mortgage lender or credit agency so that you can clear up
any potential problems.
-
Find an attorney to review an offer to purchase agreement.
|
|
|
Common Closing Costs: |
-
Down payment.
-
Loan Origination fee and points.
-
Appraisal fee.
-
Credit report.
-
Flood letter.
-
Private Mortgage Insurance (PMI) premium.
-
Home Owners Insurance premium.
-
Mortgage Insurance escrow.
-
Property taxes escrow.
-
Closing fees.
-
Recording fees.
-
Mortgage Title policy.
-
Mortgage interest adjustment.
-
Survey.
-
Owner's Title policy.
-
Termite inspection and building inspection fee.
-
Tax servicing fee.
-
Lender inspection fee.
-
Federal Express / Courier fees (if needed).
|
|
|
|
Do
I Really
Need to Use a Real Estate Agent or REALTOR® |
-
Do you have time to research the residential housing market?
-
Do you have the knowledge to integrate and understand the
information available to you?
-
Can you integrate the information available on the real estate
Internet sites into useful data that can help you accomplish your
goal?
-
Do you have the expertise to negotiate on your own behalf?
-
Do you have the ability to find a qualified home inspector?
-
Do you have the time to research the home loan programs available in
the market?
-
Do you have the time to interview mortgage loan officers?
-
Do you have the time and expertise to target market, if necessary,
for the type of property you are looking for?
-
Do you know the zoning regulations and building codes pertaining to
residential real estate in the area you are interested in?
|
|
|
Services I Can Provide: |
-
Work with you to find properties that meet your specific
requirements such as location, price and amenities.
-
Arrange for appointments and show you the properties you select.
-
Provide you with information regarding the price and value of
properties.
-
Provide knowledge of the current real estate market and how it
relates to your purchase.
-
Prepare an offer to purchase.
-
Arrange for appointments and show you the properties you select.
-
Provide you with information regarding the price and value of
properties.
-
Assist in the negotiation of your selected property.
-
Refer you to professional service providers, such as: home
inspectors, legal services, mortgage services, title services,
etc.
-
...and many other things
that no other realtor is willing to do.
|
|
|
Steps to Selecting the Right Property |
-
Approach the home buying process objectively - there is no perfect
home; the good ones sell quickly; Don't second guess yourself.
-
After viewing each property, ask yourself: what did you like about
it?; what, if anything would you want/need to change? Could you see
yourself owning the property if the price was right?
-
Use your judgment, the Market Analysis prepared by your
agent and the option of an Appraisal to your advantage.
|
|
|
