Home sale dealings could go sour even after you sign the contract and feel that you have completed the home buying process. You should heed to your realtor’s counsel because their experience helps them to know when you risk losing. Often, they play their part, write offers and find interested traders. From an expert’s perspective, you should follow the following guidelines before buying a home:
- Choose A Competent Realtor
It always helps to use realtors that your friends, family members or other associates recommend. Upon receiving referrals, you should invest in vetting the several realtors using your scale. It is not an offence to inquire. Therefore, you should visit the realtor’s website and go through testimonials from their former clients. You can also ask the realtor’s past client and listen to their genuine opinions of the realtors before you trust one.
You require a single competent realtor. Hence, if you are convinced of their expertise, you should commit yourself to them. This is through signing in the agent/buyer agreement.
- Securing Loan Approval
Purpose to ask your real estate property for sale realtor to recommend suitable mortgage lenders. They will more likely present a better lender compared to the one whom you prefer. Ethical lenders will deliver decently and timely while respecting your directives and procurement agreement. You cannot take chances when choosing a lender. Therefore, you should verify the clarity of your approval letter. It should summarize the loan program clearly stating the terms and conditions of the loan including purchase price, interest rates, down payment cost and loan amount. You should also ask the lender to provide you with estimates of your total house payments per month (PITI) including HOA when necessary. Getting a loan approval prior makes sellers to treat your offer seriously. In fact, preapproved loans make homebuyers to compete well against competing buyers.
Above all, the loan approval makes you aware of the kind of home that you can afford in given sites.
- Inquire about miscellaneous costs associated with buying a home from both your realtor and lender. Often, buyers must pay appraisal fees, lender fees, inspection fees and points just to mention a few. Then, you should weight the financial burden of owning a home. For example, you must pay for repairs, gas, light, gardeners and cable & water expenses upon owning your home.
- Analyze prospective cities and areas that interest you with your real estate realtor in order to choose the best home. It is important to come up with a list of the must-haves for your home and issuing it to your realtor.
- At this level, you can tell whether you are ready to own a home
- You will want to consult with school boards to clear your doubts and concerns about the regions educational system before you move in.
- Give an ear to the professionals of your choice in order to avoid mistakes
- Ask as many questions as you want without fear
- You should prepare for competing multi-offer markets on discrete properties
- Exercise patience and cooperation with your realtor
- Allow your realtor to take care of all that he can do.