Tips for Buyers

Many of the buyers are first-timers, thanks to historically low interest rates that make it affordable to own a first house. And many of the sellers are first-timers too, because they can buy bigger houses with low monthly payments. With so many first-timers entering the market, what are the most important things you should know?”

Get pre-approved for a loan. Most real estate agents say buyers should pre-qualify for a mortgage before beginning the search for a home. Others recommend a pre-approved loan.
Is there a difference? Yes.
Being pre-qualified means only that you are eligible for a loan. It does not include the amount you can spend. Pre-approval gives home-buyers a price range – all they need is to find the right house. Too often home-buyers find a home they like only to discover it is out of their price range because they were not pre-approved for a loan. This creates more work for everyone involved.
Choose a real estate agent with care. A good agent can smooth the sometimes-bumpy buying process. But finding the right agent for you can be hard. An agent who understands the in and outs of the real estate industry is important, but also try to find someone whom you connect with. Once you choose a real estate agent, stay with him or her. Calling five agents to find a home is counterproductive. For an agent to do their best work for you, you must have established a mutual trust.
Choose a lender with care, too. It is also important to shop around for a loan, because many lenders include higher-than-normal fees. With so many loan types available – from short notes with balloon payments to 30-year mortgages – borrowers need to learn more about their options.
Know what you want, but be flexible. Once you have decided to start shopping for a house, make a list of what you want. Because most homes for sale are listed on the internet, your agent will be able to determine quickly which houses meet your needs and eliminate those that do not. This list should include basic needs: overall house size, number of bedrooms and bathrooms, the size of storage areas and size of the garage.

Location, price and your lifestyle are usually the determining factors as to where you buy your home.

Often your financial situation sets limits on your choice of neighborhood. A good real estate broker starts off by helping you analyze your financial situation to give you an idea of which areas fit your budget. If you are moving across town, you probably know what area suits you best. Coming into a new community or city, however, requires some research.

One good way to learn about a new community is to subscribe to its local newspaper - read it carefully for a few weeks, and you will begin to get a feeling for the various neighborhoods. Write to the chamber of commerce and ask for information.

What is most important to you?

Make the house hunting process easier for you with some advance consideration about what sort of home you want. Before you begin looking, accept the fact that you may give up something you now consider important: the fancy kitchen, the large lot, the landscaped yard. You will fall in love with one particular house and suddenly realize you can live without a powder room after all.

To prepare for you search, look through several magazines that feature homes. Drive through neighborhoods. Note what you like and what you dislike about your home and your friends' homes.

Make a list of what matters most to you. Having an organized list of criteria will help tremendously in remembering what is extremely important to you in a home. The list will also help you keep your mind on your goals. Rate items such as proximity to shopping, work major highways, city, schools. Are these important to you? Do you want a creative challenge such as buying a fixer-upper, or is a new home more to your liking? Do you require a top school district or might you wish to sell at a later date to others who would consider that an important factor? Even if the quality of the school district doesn't matter to you now, remember it might some day to another buyer.

With an older home you may well get more space and larger rooms for your money. On the other hand, you may hove more maintenance costs than with a new home. With a just-built home, you often have brand new appliances and state of the art heating and cooling systems. You should expect low repair and maintenance costs.

Moving can be costly, so don't buy just for today. Consider how your needs and desires may change in the years ahead.

Besides helping you find your dream home, I can help with your financial planning all along the way. My service starts with the initial analysis to estimate what price range you can comfortably afford. Often, the figures will show you can afford more than you think.

How I help you:
I can estimate driving time to work, shopping, schools and other important locations for you. I help you narrow your choices if you are ever to settle on that one particular home. Rigorously regulated by human rights law, however, I cannot characterize neighborhoods or give you my opinions on school systems. I will not offer assumptions on factors such as race, color, religion, country of origin, age, disability, or familial status. I can, however, furnish solid data such as: per-pupil expenditures in various school systems, location of churches, fitness centers, museums, parks and whatever amenities are important to you.

I always advise you to have a home inspection, even on new construction. The inspector will go through the home and up in the attics checking all the major systems. They will find defects a normal buyer could not reasonably expect to discover and often the seller doesn't know about them either. A few hundred dollars invested here can save you thousands.

The lender will also be sending out an appraiser. The appraiser's job is to make sure you are not paying more than fair market value for the property. Then it's time to work on turning on the utilities, transferring medical records, registering for schools, etc. while the lender is processing your final loan paperwork.
I will conduct a CMA (Competitive Market Analysis) of the homes you choose to view. I will disclose known material facts concerning the property and accurately answer your questions.
I explain local real estate procedures, including typical closing costs and purchase agreements and will review all contract documents and buyer qualifications.
I assist you in the preparation of a purchase agreement. Furthermore, I provide and complete all paperwork pertaining to the purchase of your property.
I negotiate with the owner or agent to get the best deal for you and will assist in arranging mortgage financing.
Upon acceptance of an offer between you and the seller, I will monitor all pre-settlement (escrow) activities throughout the closing process as permitted by law or local practice.