Home Buyer Tips ~ #7 - Be a good little Scout....Be Prepared!

Here's Home Buyer Tip #7 of the Top 10 Tips To Take the Stress Out of Homebuying:

7. Plan ahead. Don't wait until you've found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

I'm going to focus on the mortgage part of this tip. Getting homeowner's insurance and knowing your exact move-in timetable are definitely important, but in the end, it all comes down to $$$.

In today's market, sellers are more cautious than ever when it comes to the offer they accept on their home. The mortgage crisis has made everyone leary, and it is in your best interest to be as prepared as possible.

Once an offer is accepted, the seller's home is taken off the market - the status is changed from "Active" to "Contingent" or "Pending". Contingent will keep it visible in most MLS searches (usually waiting for the home inspection to be completed & repair issues ironed out, and sometimes still allowing showings to other buyers), but Pending means the sale is in the home stretch (no pun intended!) - waiting for the final mortgage and title work to be completed - and is removed from the market. No more showings "just in case" the deal falls through.

My point is this: If a seller accepts your offer, the inspection goes well and now everyone's waiting on your financing...and you can not get a mortgage to buy that house...the seller has just lost valuable market time. They have to put their house back in the MLS, and prices may have fallen in the 2-3 weeks it has been "Pending", waiting for your financing...that now isn't going to come.

Visit a lender (or 2 or 3) before you even begin your home search and get pre-approved.Then when you and your realtor find the perfect home, your offer will be that much stronger!

Home Buyer Tip #1

Home Buyer Tip #2

Home Buyer Tip #3

Home Buyer Tip #4

Home Buyer Tip #5

Home Buyer Tip #6 

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