Let's Face it, buying a home is both exciting and stressfull. Here I would like to give you some tips to make it a little less stressfull. First and foremost check your credit scores since that will be the initial item your mortgage company will use to determine your credit worthiness and will have a major bearing on how much you will be paying each month for your home. If there are negative comments from an institution or any unpaid bills from collection agencies address them to clear them up. Contact these companies and come to an agreement with them on any outstanding bills or loans as they will have to be taken care of before you go can get your final mortgage committment. Ask your lender for a written pre-approval before you start looking so you will know what you can afford. Nothing is harder than falling in love with a home and finding out your lender will not approve the loan.
After doing your homework on the internet ( www.bradyhometeam.com can be a huge help) checking neighborhoods, schools, taxes, travel time to work focus in on one particular area so you do not become overwhelmed with potential homes. Next establish a relationship with one realtor. Calling and emailing multiple realtors will cut down on the service you receive. Realtors can tell which clients are focused and committed and will work harder for clients they feel are ready to buy in the near future. Communicate your wants and needs via email and for goodness sake call your realtor so both of you can get a feel for each other and find out if you are a good match. Let the Realtor do the work for you. They have a vast array of tools to find the home you want. Do not waste time looking at every home on the market. Let your agent sift through the homes available and find ones that match your request and go see 4 or 5 in a day. After your agent sees your reaction to the homes they picked they will know what you are looking for.
After finding your home ask to see comparible homes in that neighborhood that are on the market and homes that settled in the last six moths to determine your price. The actual settled price is a better comparison as a home's value is really only what the buyer is willing to pay. Put your offer in with a timeline of 24 to 48 hours for an answer so you are not left hanging. A little back and forth on the final price is part of the process so be prepared for it and have a number in your head you are willing to pay and let your realtor know it. Reserve the final say to any agreement and do not sign any contract until you are comfortable with the agreement.
Get your inspections done quickly and as we say do not sweat the little stuff and focus on any major repair like roof, electric, plumbing, heat, termite damage etc. Do not lose the home you want over something minor. Most sellers are prepared by their agents to either fix a legitimate repair or arrange a cash credit to the buyer. The seller will just have to fix the problem for the next buyer anyway and everyone knows that.
Stay in touch with your mortgage broker so they can meet the committment date. Prior to settlement ask for a written copy of your HUD statement which will detail all charges involved with settlement. Once you get to the table it is harder to get something changed. Ask your agent to go over the settlement sheet prior to the final day so they can explain everything to your satisfaction.
Call your lender the day before and ask if they are ready to go and find out when they are delivering the papers and more importantly the cash to the title clerk at the settlement office. Wiring money takes a few hours so make sure it is done the day before.
Go to settlement informed and relaxed and enjoy the day. It will take a couple hours so be prepared. Everyone there will be professional and focused on making the transaction as smooth as possible. We have seen sellers and buyers who did not get along at all during the negotiations hug and kiss at the settlement table. Get your keys and enjoy your new home with your family. I hope this helps relieve some of the stress involved in the purchase of your dream home.
No comments:
Post a Comment