REALTOR®
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Buying Tips
No major credit card purchases.
Don't go on a spending spree using credit if you are thinking about buying
a home, or in the process of buying a new home. Your mortgage pre-approval
is subject to a final evaluation of your financial situation. Even if
you have accumulated enough savings, you should consider not making any
large purchases until after closing. The last thing you want is to know
that you could have purchased a new home had you curbed the urge to spend.
Some sellers to avoid.
There are also some sellers that you should avoid. Not every seller
is as genuinely motivated as they make themselves to be. Some possible
hints:
*they stall on having the home appraised or inspected
*is unable to clear up liens against their property
*does not own 100% of their property
*they push back the move-out date
*does not have a replacement property or back up plan
How much can you afford?
If you're not sure on the price range, find a lender and get pre-approved.
Pre-approval will let you know how much you can afford so that you can
look for homes in your price range. Getting pre-approved helps you to
alleviate some of the anxieties that come with home buying. You know exactly
what you qualify for and at what rate, you know how large your monthly
mortgage payments will be, and you know how much you will have for a down
payment. Once you are pre-approved, you avoid the frustration of finding
homes that you think are perfect, but are not in your price range.
Also, ask yourself where you want to live and what is the best location
for you and/or your family. Things to consider:
*convenience for all family members
*proximity to work, school
*crime rate of neighborhood
*local transportation
*types of homes in neighborhood, for example condos, town homes, co-ops,
newly constructed home
The importance of an inspection
As a buyer, you are entitled to know exactly what you are getting.
Don't take for granted what you see and what the seller or the listing
agent tells you. A professional home inspection is something you MUST
do, whether you are buying an existing home or a new one. An inspection
is an opportunity to have an expert look closely at the property you are
considering purchasing and getting both an oral and written opinion as
to its condition.
Beforehand, make sure the report will be done by a professional organization,
such as a local trade organization or a national trade organization such
as ASHI (American Society of Home Inspection). Not only should you never
skip an inspection, but also you should go along with the inspector during
inspection. This gives you a chance to ask questions about the property
and get answers that are not biased. In addition, the oral comments are
typically more revealing and detailed than what you will find on the written
report. Once the inspection is complete, review the inspection report
carefully.
You have to demand an inspection when you present your offer. It must
be written in as a contingency; if you do not approve the inspection report,
then you don't buy. Most real estate contracts automatically provide an
inspection contingency.
