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HOME BUYERS: How to Avoid Costly
There are some
simple steps that homebuyers often miss when looking for their new home. Taking the time to consider these steps can
save you thousands of dollars, but more importantly, can smooth the process of
buying a new home, saving time and money, as well as alleviating stressful
situations in advance.
by being up frontand honest with your REALTOR and lender about your credit
history. Your credit, whether good
or bad, affects everything from your down payment to your interest rates. Your REALTOR or a professional mortgage
consultant can often advise you as to how you can get credit problems
cleared up or completely eliminated from your credit report before
you apply for financing or make an offer on a new home.
pre-qualified for a loan by a professional lender before you begin your search
for a new home will allow you to know in advance exactly what kind, and
how much, mortgage you can afford.
This makes it possible for you to make an offer on your new home
with confidence that enough funding is available.
the seller does not offer a home warranty on the house you want, ask your
REALTOR to make it a part of the written offer that you make. A home warranty can save you thousands
of dollars in repairs, and can often be obtained for a very nominal annual
fee. A standard warranty covers the
electrical, plumbing, heating and air conditioning systems as well as
major home appliances.
your REALTOR for a market analysis of the home, in comparison to similar homes
in the neighborhood or throughout the city, before you make an offer. A home is not just a place where you
live – it is also an investment.
Take the time to view several homes before you make an offer so you
know exactly what is on the market.
Be certain you are making a wise investment.
your offer contingent upon a home inspection and ask the seller to make the
required repairs. Hire a
professional to inspect every aspect of the home thoroughly. This can save you thousands of dollars
in costly repairs and many headaches in the future. A good inspection can also allow you to
negotiate for any repairs prior to closing. If the seller is not willing to make the
necessary repairs, remind them that the lender will also require the home
to be in good condition before they make a loan for the purchase.
into account your present homeowner or renter status. If you already own a home and must sell
it before you buy a new one, it is best to get a REALTOR to do a complete
market analysis on your present home.
This allows you to know how much you can sell your current home for
before you make an offer on a new one.
If you are leasing or renting, the lease’s expiration date will give
you a timetable for your new purchase.
Review this with your REALTOR well in advance of when you want to
your agent wisely. Working with a full-time professional real estate agent is a must.
Ask questions of your agent. Find
out how knowledgeable he or she is about houses currently for sale in your
price range and also of houses that have recently sold. Can your agent recommend a good lender
that has the reputation of excellent customer service and low rates? Does your agent ask questions of you to
have a full understanding of what you are looking for and to help you get
the most home for the money?
Thank you for requesting a copy of
this “FREE REPORT”
For prompt, courteous, professional
service, call Jan Wilson:
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P.S. I appreciate your business, your loyalty,
trust and your referrals. It is my goal
to provide the very best counsel, advice and service possible for your real
estate needs. If I may ever be of
assistance to you, a relative, friend or co-worker please don’t hesitate to
call me. I look forward to the
opportunity to serve you.™