|
|
|
|
|
 |
6 Steps to Buying a Home Buying Historic Homes
Buying Short Sales & Foreclosures
|
1. Research
Knowing trends in your local real estate market will put you ahead of the curve in your home search. Ask questions like: is it a buyers' market or a sellers' market?, which neighborhoods have high demand (and high prices)?, and what areas have the types of homes you like? Which areas will be close to work, school or social networks? These questions will help you develop a strategy for your home search. Click here to research Southern Arizona communities Research the availability of downpayment assistance, tax credits (such as the new $8,000 tax credit!) and special mortgage bonds that can help you get in the door of your new home sooner or for less money. A real estate agent can also be extremely helpful in answering these questions. Contact me for assistance. Ask your friends and family for a referral or find an agent who specializes in your area. This is also the best time to research your agent. Check with the Department of Real Estate and the local REALTOR® association to see if any complaints have been filed against him or her.Click here to check my record with ADRE. |
|
2. Get pre-approved
Ask your agent for a referral to a local lender. It's important to select a mortgage consultant who works in the city or county you plan to purchase in, because local customs can vary even within a state or region. Then gather your financial documents and be prepared to talk about how much you make, how much you owe and what your credit looks like. The mortgage consultant will tell you how much you can afford based on that information, and help you determine the best loan program for you. Ask the mortgage consultant what their record is for funding loans on time and if they have any sort of written guarantees, because a bad lender can put an entire transaction in jeopardy. Make sure to get a Good Faith Estimate, which gives you an idea of how much your closing costs and payments will be. It is important to look at not only the interest rate and payment, but the fees you will be charged to obtain that rate. If a lender does not want to give you one or hesitates when you ask, find another lender! Last, remember that rates can change every day until you find the right house, so if you are comparing Good Faith Estimates provided by lenders on different days, the difference in rate and payment may just be that rates have changed. Learn more about the loan process or Start a free, secure application with Long Mortgage for a pre-approval. |
|
3. Find your dream home
Once you know how much you can afford, it’s time for the fun part: looking at homes. The more feedback you give your agent on each property you visit, the closer you will get to your perfect home. Once you've narrowed your choices, spend time driving around the neighborhood at different times of day, talk with neighbors, research crime statistics if that is important information to you, and spend plenty of time at the property looking not just at the brand-new kitchen counters, but also for red flags like stains, large cracks or obvious flaws. Start searching for properties. |
|
4. Write an offer
Rely on the expertise of your agent to help you write a good offer. Your agent will help you research home prices in the area to determine an appropriate offering price, as well as inform you of common practices regarding closing costs, closing date and other steps of the home buying process. You will likely also have to write an earnest money check, which shows the seller your good faith intent to complete the purchase. |
|
5. Get an inspection
Get a licensed home inspector to help you determine the health, safety and function of the home. If you are concerned about items such as environmental issues, ability to upgrade systems, etc., call a qualified specialist. Your agent will likely be a good source of referrals for these types of people. Spending a few hundred dollars up front on inspections will help you ensure the quality of a multi-thousand dollar investment. Trust me, it's money well-spent. |
|
6. Move in!
After repairs are negotiated, documents are signed and the loan is funded, you will be ready to get your keys and move in to your new home! |
 |
|
|
|
|
|
|
|
|
|
|
|
|
