Nine_Rules_To_Follow_When_Buying_A_Home
Wednesday, March 02, 2011
Okay, so you want to buy a home. Where do you start? What should you do to insure as smooth of a transaction as possible?
Here are 9 get ‘rules’ to follow when you decide it is time to buy:
1) Commit yourself to live in your new home for 4 or more years.
2) Build a nest-egg. You need to have down payment money, money available for closing costs (yes the Seller may pay for some or all…but it is best to be prepared to pay these costs yourself), and some reserves.
3) Clear up your credit. Get a copy of your credit report from the top 3 credit bureaus (experian, equifax, and transunion) and if you find errors, take steps to correct the errors now, before you get started on the home buying experience.
4) Get pre-approved for a mortgage. I am not talking about calling a lender and giving them ‘numbers’; go in a actually start a loan application so that the lender will pull your credit and then is capable of giving you factual information of the best mortgage options, and actual loan amount, for you.
5) Determine a location that works for you. Pick a spot on the map that you want to be able to commute to within “x” minutes each day (your workplace, school(s), church, family/friends). The commute time to that place of interest will dictate where your home would ideally be located. However, be prepared to expand that driving-time-parameter!
6) Create a list of ‘must-haves’ and ‘want-to-haves’. And be mnidful of resale values. (Working with a knowlegable REALTOR is paramount!)
7) Research online at 14west.com for homes in your desired area and with your desired characteristics. (But know not every available home can be found online. Consult with a knowledgeable REALTOR!)
8) Secure the help of a knowledgeable REALTOR. Once you have found the professional you think is best capable of assisting you, sign a Buyer Agency Agreement so they are then permitted (by Georgia Law) to give you their opinion/guidance and worthwhile assistance. Then, give them your lender’s contact information and what you have learned online about your desired location, and let your advocate (REALTOR), research and preview properties so that no stone is left un-turned.
9) Set time aside to look at prospective homes and, once you’ve found the one that fits your wish list best, allow your REALTOR to assist you in writing and negotiating an offer.
- Scott Askew
Posted in: Tips for Buyers