Buying a home can be a complex process. Not only is it an emotional decision, but there may also be financial and legal ramifications. The process moves faster than ever, and buyers are expected to come to the table with a certain level of knowledge and research.
Obviously, the biggest question buyers need to know is “what’s my budget”? Knowing what you can afford is the most important information that you need to calculate prior to even looking at homes for sale. Using a mortgage calculator can be helpful but speaking to a qualified and knowledgeable mortgage lender will give you the proper range to start your dream home search. You’ll need to complete a mortgage application and provide documents including:
Your most recent pay stubs
Bank statements for all of your accounts
W2’s for the last 2 years
Personal and business tax returns How much can you borrow? The lender will determine the amount you are able to borrow based on many things, including your credit score, your average income, and the type of mortgage you’re getting. Some loans require at least a 20% down payment, while others ask for as little as 3.5%. To receive a preapproval letter, your lender will also ask questions about your income and debts (such as auto payments, student loans, credit cards, etc). Although a preapproval is not binding, it does show that you’re likely to get the loan and that you are a serious buyer. Once you determine what amount you are qualified to purchase a home for, it’s time to start shopping! As a real estate agent, I like to find out exactly what my buyers are interested in. I offer a free buyer’s guide with several checklists to help them determine what type of home they are looking for. Then, I simply add them to my home search program and adjust the filters accordingly. If they are interested in first floor living, I will add “ranch-style” home to their profile. I will then add their price range and specific cities where they want to live. Some other filters include number of bedrooms and bathrooms, if the yard has a fence or if there is a basement, etc. This home search will send newly listed homes for sale automatically to your email that were posted on the MLS (Multiple Listing Services). The MLS connects buyers and sellers of real estate in the U.S. through their respective agents. It is a great way to get fast results when home buying. I have seen some homes sell within hours of being listed, so being prepared with a home search is an excellent way to find the house you desire, fast.
When you go shopping for groceries or clothing, you’d never leave home without some idea of what you want to buy, right? I encourage my buyers to visit different style homes to get a better sense of layout, design and even decorating. I always enjoy viewing homes and gathering new ideas for buyers. Open Houses are also a great way to shop, you should always take your agent with you to Open Houses or let the agent hosting know that you are currently working with a Real Estate Agent. To find a list of Open Houses near you, please visit my website: www.stacypandy.com and click on “property search”, you can select “Any Open Houses” and enter your desired location.
Touring homes is like shopping for a car, you will want to get a good look of the home prior to making an offer. Bring a flashlight, a pen and paper to take notes, a tape measurer and always ask permission if you need to take a photo. Don’t forget to check out the basement walls for any cracks or “bowing”, any water intrusion, water damage to ceilings, electrical outlets near water sources, flooring issues, age of windows and more.
Of course, you can have your home professionally inspected after your offer is accepted (make sure your offer is “contingent upon inspection”). Having your home professionally inspected by a licensed inspector will allow you to learn more about the house and notify you of any issues that you may have missed during your initial visit.
I hope these simple tips to buying a home will help you shop wisely before making an offer on your home. Remember, utilize a Realtor ® to help guide you through the process. To receive a free copy of my “Ultimate Manual to Achieve Success when Buying a Home”, please join my email at www.stacypandy.com Thanks for reading.
Stacy Pandy, Realtor
Howard Hanna
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