If you've never purchased a home
before, or if you're thinking of moving to a new one the following
tips will help you to outline the steps needed to get started.
Don’t forget that there are helpful professionals to help you
along the way:
- SELECT
an agent with whom
you can identify, trust, share confidences, feel comfortable
and who will go the extra mile for you. Ask for references.
Have your agent explain the search process. Who you select
often determines how successful your home search will be.
Then...
- IDENTIFY
to the best of your ability the important elements of
your "dream house". Clearly identify your resources
to be applied to the purchase (i.e., savings, cash from the
sale of your present home, stocks, bonds, gifts from family,
etc.). Remember, be open and honest. A good agent is not out
to squander your resources. Then...
- MANAGE
the process. There is absolutely no reason why home
buying should be anything but fun and exciting. It is an
adventure and a new beginning. Take charge and control the
process to meet your need. Expect your agent to assist and
counsel you. Then...
- PLANNING
is essential. Plan
your resources to be invested in a new home. Plan to spend a
reasonable amount of time reviewing a reasonable number of
properties. Plan to negotiate toward a win/win purchase. Plan
for success and setbacks. Plan to reach your goal. Then...
- LEARN
what is available
at what cost in which neighborhoods? What financing
alternatives are available to you? What neighborhood amenities
are present? What amenities are really important to you in a
home and neighborhood? Then...
- EXPECT
decision-making
time. Expect to spend time and energy talking and thinking
about which home is best. Expect to negotiate the contract.
Expect your agent to keep you informed. Expect your agent to
assist you to the best of his/her ability. Expect
SUCCESS!!!
Reminders:
Before you start house hunting, it
would be helpful to know how much home you can afford. A good real
estate agent can usually make some quick calculations and give you
a ballpark estimate of the amount of a loan you are most likely to
obtain. A lender may also "pre-qualify" you with a
similar estimate. However, their ability to pre-qualify you in
this manner is no guarantee you will be able to obtain a loan.
A brief appointment with a lender
can get you pre-approved for the maximum amount of mortgage you
can obtain. This procedure includes running a credit check and
verifying your income and expenses. Your lender may then provide
you with a certificate of approval for the amount of the loan for
which you qualify.
Armed with this information, you
and your Realtor can start hunting for your new home with
confidence. Your Realtor will be able to save you a great deal of
time by searching for homes that meet your needs in your price
range. You will also be in an excellent bargaining position when
it comes to negotiating the best price for the home you choose.
Pre-approval of a mortgage can also help your transaction move
forward to a speedy close.
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