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- Pre-Qualification:
Meet with a mortgage broker and find
out how much you can afford to pay for
a home.
- Pre-Approval:
While knowing how much you can afford
is the fist step, sellers will be much
more receptive to potential buyers who
have been pre-approved. You’ll
also avoid being disappointed when going
after homes that are out of your price
range. With pre-approval, the buyer
actually applies for a mortgage and
receives a commitment in writing from
a lender. This way, assuming the home
you’re interested in is at or
under the amount you are pre-qualified
for, the seller knows immediately that
you are a serious buyer for that property.
Costs for pre-approval are generally
nominal and lenders will usually permit
you to pay them when you close your
loan.
- List of Needs
and Wants: Make 2 lists. The
first should include items you must
have (i.e., the number of bedrooms you
need for the size of your family, a
one-story house if accessibility is
a factor, etc.). The second list is
your wishes, things you would like to
have (pool, den, etc.) but that are
not absolutely necessary. Realistically
for first-time buyers, you probably
will not get everything on your wish
list, but it will keep you on track
for what you are looking for.
- Representation
by a Professional: Consider
hiring your own real estate agent, one
who is working for you, the buyer, not
the seller.
- Focus
and Organization: In a convenient
location, keep handy the items that
will assist you in maximizing your home
search efforts. Such items may include:
- One or more detailed
maps with your areas of interest
highlighted.
- A file of the
properties that your agent has shown
to you, along with ads you have
cut out from the newspaper.
- Paper and Pen,
for taking notes as you search.
- Digital or video
camera to help refresh your memory
on individual properties, especially
if you are attending a series of
showings.
- Location: Look
at a potential property as if you
are the seller. Would a prospective
buyer find it attractive based on
school district, crime rate, proximity
to positive (shopping, parks, freeway
access) and negative (abandoned
properties, garbage dumps, source
of noise) features of the area?
- Visualize
the house empty and with your décor:
Are the rooms laid out to fit your needs?
Is there enough light?
- Be Objective:
Instead of thinking with your heart
when you find a home, think with your
head. Does this home really meet your
needs? There are many houses on the
market, so don’t make a hurried
decision that you may regret later.
- Be
Thorough: A few extra dollars
well spent now may save you big expenses
in the long run. Don’t forget
such essentials as:
- Include inspection
and mortgage contingencies in your
written offer.
- Have the property
inspected by a professional inspector.
- Request a second
walk-through to take place within
24 hours of closing.
- You want to
check to see that no changes have
been made that were not agreed on
(i.e., a nice chandelier that you
assumed came with the sale having
been replaced by a cheap ceiling
light).
- All
the above may seem rather overwhelming.
That is why having a professional
represent you and keep track of all
the details for you is highly recommended.
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