These Real Estate Tips Really Apply to YOU?
learned these tips through my experience as a REALTOR®.
But I know that your situation might be different. That's why I'm
my job to personally advise homebuyers and sellers. Ask me if any
tip that I've included here really applies to your situation.
any of these tips raise questions for you? Didn't find what you're
looking for? Let me know! I am happy to answer ANY questions. It's
my job! There's no obligation, and I promise to get back to you
you still writing those checks every month to keep a roof over your
head, but which don't gain you any equity? If you are still renting
because you think you still need a fortune to get into your own
home, you should investigate today's real estate market.
Interest rates are still low, which means very affordable payments,
perhaps in the range of your current monthly rent. Qualifying for a
loan was never easier, especially since lenders have increased in
large numbers and are competing for your business. Even if you
couldn't qualify to buy a home just a few years ago, you may be able
to qualify today. Home prices today are relatively stable, so you
might be surprised at the number of homes available in your price
range. There are a number of government programs and mortgage
packages which require small down payments, in the three to five
percent range--and we haven't even started talking about the tax
advantages! Think about it the next time you write a rent check.
1, Get Your Finances in Order
credit reports are an ongoing look at how you manage your finances.
You must know exactly what your credit reports say about your
financial history before you apply for a home loan. Why?
Because they play an important role in the mortgage approval process
and in determining the interest rate and other loan terms that a
lender offers you.
you haven't looked at your credit reports, you might be surprised at
their contents, because errors are common.
2, Get Familiar with the Mortgage Industry
Finding the right loan
and lender is crucial to your home buying success. It's up to you to
determine which lender is best for your needs, and it's always a
good idea to have at least a bit of background about the loan
process before you talk to a lender.
Step 3, Get Pre-Approved for a Mortgage
Do you know how much
house you can afford? Probably not, unless you've talked with a
Consider this scenario.
A home seller gets two similar offers. One is accompanied by a
letter from the buyer's bank that states she is pre-approved for a
mortgage in the amount of the offer. The other has no supporting
documents. Which offer do you think will considered first?
4, Determine Your Wants and Needs
Buying a house isn't as
difficult as you might think, even if you're short on funds, but the
process will go a lot smoother if you get familiar with your real
estate market and narrow down your wants and needs before you start
looking at homes.
Step 5, Learn to Work with Real Estate
Real estate agents
represent buyers, sellers, or both--and in some states they can work
as neutral facilitators for either party. It's essential to
understand agent duties and loyalties before you make that first
6, Start Searching for a Home
Your agent will give
you multiple listing sheets to study. I'm sure you'll also pick up
House For Sale magazines and read classified ads in your local
newspapers. You'll probably spend time surfing the Internet for
homes. You might even plan afternoon drives to preview
neighborhoods. Those are all excellent ways to see what's available.
Here are some tools to help you narrow your search.
Step 7, Handle Pre-Offer Tasks
Deciding whether or not
you want to buy a house involves a look at its structure and its
features, but there are many other topics that are every bit as
important to your purchase.
Step 8, Make an Offer
There's no one set of
instructions that can cover all the differences in real estate laws
and customs that exist throughout the United States, so the
mechanics of making an offer and its specific contingencies depend
greatly on your location. However, there are some tips that can help
you fine-tune your offer, no matter where you live.
Step 9, Home Inspections and Other Tests
In some states, home
inspections are accomplished before the final offer to purchase; in
other states, inspections take place after an offer is finalized. No
matter when you do them, it's critical to decide which inspections
and tests you want to perform.
Talk with your real
estate agent or other advisor to find out when inspections should be
handled and if additional types of testing are important for your
Step 10, Avoiding and Correcting Last
As your closing date
nears, everyone involved in your real estate transaction should
check its progress on a daily basis, because staying on top of
things means you'll know immediately if there's a problem that must
be dealt with. Here's a bit of information that focuses on a few
common problems that home buyers must deal with before they close on
Step 11, You're on the Way to Closing
Most of the problems
are behind you now and you're on your way to closing, also called
settlement, the event that transfers ownership of the property to
you. Just a few more things to learn, a few more things to do, and
Ready?... Call me and
let's find your dream home!