Be sure that: Repairs you've requested have been made. Obtain copies of paid bills and any related warranties. All items that were included in the sale price draperies, lighting fixtures are still there. Screens and storm windows are in place or stored. All appliances are operating. Intercom, doorbell, and alarm are operational. Hot water heater is working. HVAC is working. No plants or shrubs have been removed from the yard. Garage door opener and other remotes are … [Read more...]
If your income and savings are making homebuying a challenge, consider these options. Investigate local, state, and national downpayment assistance programs. These programs give loans or grants to cover all or part of your required downpayment. National programs include the Nehemiah program (http://www.getdownpayment.com) and the American Dream Downpayment Fund from the U.S. Department of Housing and Urban Development (http://www.hud.gov). Get the seller to provide financing. In some cases, … [Read more...]
A Buyer's Representative Will: Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications. Assist the buyer in determining the amount that they can afford (prequalify), and show properties in that price range and locale. Assist in viewing properties -- accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met. Research the selected properties to identify any … [Read more...]
They don't ask enough questions of their lender and miss out on the best deal. They don't act quickly enough to make a decision and someone else buys the house. They don't find the right real estate professional who is willing to help you through the homebuying process. They don't do enough to make their offer look good to a seller. They don't think about resale before they buy. The average first-time buyer only stays in a home for four years. Reprinted with permission from Real … [Read more...]
Find a real estate professional who's simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It's critical that the practitioner you choose is both skilled and a good fit with your personality. Remember, there's no "right" time to buy, any more than there's a right time to sell. If you find a home now, don't try to second-guess the interest rates or the housing market by waiting. Changes don't usually occur fast enough to make that much difference in price, … [Read more...]
Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income. Develop a wish list of what you'd like your home to have. Then prioritize the features on your list. Select three or four neighborhoods you'd like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, … [Read more...]
Be picky, but don't be unrealistic. There is no perfect home. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs. Don't wait to get a loan. Talk to a lender and get pre-qualified for a mortgage before you start looking. Don't ask too many people for opinions. It will drive … [Read more...]
Systematic steps to help you buy your home The home-buying process doesn't need to be scary. Our step-by-step guide will walk you through the process and answer your questions on what you should expect from your REALTOR, where to look for loans, and what to watch out for when closing the deal. Are you Ready? Get a REALTOR Get Loan Preapproval Look at Homes Choose a Home Get Funding Make an Offer Get Insurance Closing What's Next? Source: REALTOR.com Photo by: Will Hart … [Read more...]
Before you buy, contact the condo board with the following questions. In the process, you'll learn how responsive and organized its members are. 1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale. 2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a … [Read more...]
