How to Stop Paying Rent Forever And Own a Home of Your Own

Paying rent is like pouring money down the drain.  But it's true, buying a home can be a "hair-raising" experience.  It can be a roller coaster of emotions... finding the right place... securing the loan... moving in.  And if you're like most of us, your home will be your largest investment.  The emotions over such a large and personal purchase can often cloud good business judgment.

Many home buyers do very little research before "diving in" and investing their hard-earned money.  Before doing that, it make sense to be as informed as possible.  That's what this report is all about.  It's designed to help you avoid 10 common, critical mistakes many home buyers make.  If you follow these 10 suggestions, with the help of the right real estate professional, you'll stop paying rent and make a good sound business decision that you'll be happy and proud of for years to come.

1.     Explore Your Down Payment Options- Don't let fear of a large down payment and closing costs keep you from postponing your dream. Talk to your real estate agent or lender about FHA or VA loans, down payment assistance programs using the seller to cover your down payment and/or closing costs, community down payment assistance, using a financial gift from a relative, borrowing from a 401K or Roth IRA or working with a seller to rent-to-own or lease/purchase. All of them require at least a 620 credit score but lenders can tell you what your score is for free and then put you in touch with a credit repair program if you need help raising your score. For a low or no down payment, you will need to have 2 years of steady employment, not necessarily by the same employer. College counts as time on the Job. If you have declared bankruptcy, then it must be at least 2 years old and you will have to have good credit since then.

2.     Set up an automated Home Finder search- It's easy to learn what homes are available when you work with a real estate agent with a Home Finder Service.  Each night their Home Finder computer accesses the local Multiple Listing Service and searches through all the information on every home listed in the entire area by every real estate company.  The computers sift and sort through all of the new listings, automatically finding and matching the homes that meet your exact specifications.  The system then mails, faxes or emails you that information on a daily, weekly or twice-weekly basis. As you receive information about homes you're interested in, you can study, compare, and drive by the properties on your own.  When you find a home you'd like to see, all you need to do is give your real estate agent a call they'll show you the inside the home at your convenience.

 3.    Decide on a Mortgage Payment You're Comfortable With- Sit down with a competent real estate professional and honestly discuss your income level and living expenses.  The amount of loan you qualify for may be more than you'll be comfortable paying. Take into account future considerations like: children, add-ons, amenities or fix-ups.  Your dream home is certainly worth a sacrifice but don't mortgage your entire future and become house-poor.

4.   View Several Homes- See at least 5 properties.  Don't move on the first property you see but... don't move too slowly either.  With your agent's help, you'll be able to view enough properties to get a good overall perspective of your market.  And when you find the right property, all the legwork will be worth it.

5.    Utilize Your Team- Aligning yourself with the right real estate professional who LIKES working with first time buyers. You'll have an entire team working for you since top real estate professionals know the best lenders, title companies, inspection teams, insurance agents - an entire group of trained professionals making the whole buying experience simple and easy for you.

6.    Be Columbo- Work with your agent to check out all your costs and expenses before you sign: utilities, taxes, insurance, maintenance and homeowner dues, if applicable.  Make sure all utilities are on (gas, electricity, and water), so you can inspect everything in working order.  Ask lots of questions and be very detail conscious.

7.    Do a Final Walk-Through- Visit the property after all the furnishings have been moved out to be sure there are no surprises.  Be absolutely positive the property was left exactly as you had agreed upon in the contract.  Many times, things are unintentionally overlooked that could have been spotted in a final walk-through.

8.    Plan For Flexibility- Closing dates are not written in stone.  Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don't let these delays upset or frustrate you.  These types of circumstances are not uncommon in a real estate transaction.

9.    If It's Not In Writing, It Doesn't Exist- All promises and discussions are to be in writing.  Don't make any assumptions or believe any assurances.  Even the best intentions can be misinterpreted.  Have your real estate professional keep an ongoing log (in writing) of all discussions, and get the seller's written approval for all agreements.

10.  Be a Team Player- Be open, honest and up-front with your agent and lender.  Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to locate.  Take the time to select the right team in the beginning and your first home purchase will be a simple, easy and profitable experience you'll have fond memories of... for years to come.

My hope with this report has been to educate you and help you avoid the pitfalls many home buyers go through.  I hope you found the ideas valuable and if there is ever any way I can be of service to you or anyone you care about, please contact me.  Your initial consultation is always completely free of charge and you're under no obligation of any kind.  We'll sit down for 15-20 minutes... no high-pressure, just plain, honest talk about what it's going to take to achieve your personal goals.  Go ahead, pick up the phone and give me a call.  I'd love to hear from you!

Annette Thompson
Clear Vision Brokerage
College Station, TX
979-224-2327
http://annettethompson.com
annette@annettethompson.com