Tasks to Take Care of BEFORE You Buy

If you're thinking about purchasing a Southern Maryland home, here are a few tasks to take care of BEFORE you buy:

• Check out the prices of comparable homes in the neighborhood.  You can do this online at places like Zillow and Trulia.  However, it's best to consult your REALTOR® because they will have the most recent sales figures.  Online website figures may be several months out of date.
• Get a copy of your credit report from AnnualCreditReport.com, the only government sanctioned, absolutely free online credit report company.  Once you receive your free copy, go over it and take care of any mistakes that may be on it.  A lower credit score can mean a higher interest rate or a declined loan altogether.  To get a good interest rate, you need a credit score of more than 700.
• Being pre-qualified is NOT the same as being pre-approved.  When it comes time to negotiate a price on a home, having a pre-approved loan gives you a stronger edge with a seller than someone who is only pre-qualified.  Another plus: you know EXACTLY how much you can spend on a home when you go looking for one.
• There is a good inventory of newly constructed homes for sale.  These homes also have some "wiggle room" to negotiate on the price.  Make sure to research the builder's reputation as well.
• Always get an inspection done, even if it's a brand new home.  Brand new homes are just as likely to have problems as older homes.  An inspection will help point out any potential problems before you buy.
• Don't forget to read the title report.  You want to make sure that those renovations or additions on the home you want to purchase have been properly permitted.  This can also affect your list price when you decide to sell it.

Don't go into a Southern Maryland home purchase blind.  These are some of the important tasks to take care of before you buy.  And, always consult your REALTOR®.  That's what they are there for!

Bonnie Augostino, your Southern Maryland real estate specialist