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| Home Buyers - Be Realistic When Buying a Home |
Here are some helpful and realistic tips to buying a home.
Get pre-approved for a mortgage
Getting a mortgage pre-approval will save yourself the grief of
looking at homes you can't afford and put you in a better
position to make a serious offer when you do find the right one.
Don't just get pre-qualified for a mortgage, which is based on a
quick review of your finances, pre-approval from a lender is
based on your actual income, debt and credit history.
Make sure you are working with a good lender
Getting a mortgage is a very important part of the equation.
Make sure you are working with someone reputable, preferably in
the area that you are buying. When I deal with buyers who are
using out of town banks there are typically more snags in the
transacation.
Learn the market
Do your homework on where you plan to buy. Visit Realtor
websites and search through the properties for sale. Most
Realtor websites offer |
free access to the MLS. Use it and see
what is out there. Become educated on the market. Here in
Sarasota, Florida I get many requests from people who want to
buy a beachfront condo overlooking the water for about half of
what they cost. It does not exist. Be realistic about what you
can get in your price range. Realtors are not magicians. We just
show you what is for sale and do not dictate market prices.
Be realistic about home prices
Since you learned the market you should know not to look for the
property that does not exist. I am not saying just accept a
sellers price. Once you learn the market you can determine which
properties are overpriced, underpriced or priced just right.
Hire a professional Realtor
Your time is very valuable. Hiring a real estate agent will save
you time a money. Driving around aimlessly on weekends and
scanning the weekend newspaper is time consuming. Find,
preferably through referral, a professional, |
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full time Realtor
that knows the market and you will save yourself tons of time
and energy.
With a hot real estate market comes a rise in the number of
Realtors. Many of them are part time. Make sure you hire someone
who can adequately handle your transaction.
Don't try to find the deal of the century
I see too many people try to find homes undervalued or a
"steal". They have waited on the sidelines for a long time
looking for that deal of the century. In the mean time home
prices have been going up. These people would have made out
better if they just picked out the best home in their price
range that suited their needs.
Hire a home inspector
This is typically the largest purchase you ever going to make.
Spend a few extra bucks and get a home inspection. It could save
you alot of money in the long run.
Don't Let Your Emotions Take Over
Keep a cool head during the entire home buying |
process,
especially during and after a home inspection. Be realistic. No
home is perfect, especially older homes. It's not unusual for
new owners to take care of some repairs themselves. Don't let
the seller's refusal to do a small repair kill the deal on a
home you truly love.
On the other hand, don't fall so much in love with the house
that you'll buy it no matter what needs to be done--unless
you're sure you can handle it emotionally and financially.
Decide what type of repairs you can realistically tackle, then
stick with the decision.
Work with a good attorney or title company
There are alot of people that go into handling the purchase and
sale of a home. Any one of these parties can foul up the
transacation. Get referrals to find good people to work with.
About the author:
Marc Rasmussen, Realtor in Sarasota, Florida and deals with home
buyers frequently.
Sarasota Real
Estate
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