PREPARE YOURSELF FOR THE HOME BUYING PROCESS

By
Real Estate Agent with Leisure American Realty/Jakus Realty Team

          Your home is one of the largest investments you will make in your life.  In order to make sure that the transaction goes smoothly it is of vital importance that you choose the right agent to represent your interests. The right agent will be someone whose experience and personality makes you feel comfortable; one who has honesty and integrity; one who is working for you to make sure that your transaction is accomplished in the least amount of time with the least amount of stress to you.

 Here are a few helpful tips to make your home buying process go a bit smoother.

 GET PRE-APPROVED:

          Do you already know how much home you can afford?  There is nothing more frustrating than looking for a home, finding the perfect home, and then discovering that it is out of your price range. I can recommend a lender(s) who can determine the different financing options available to you. When you find the right lender, have them get started on the paperwork process right away so that you are ready to buy when you find the home of your dreams. With the current economic condition, this is a necessary step, as most purchase contracts are not being submitted unless the prospective buyer can provide pre-approval from a qualified lender, or proof of funds for a cash buyer.

If you think you may have difficulty in obtaining conventional financing, I may be able to help you with Seller and/or Owner Financing. 

 AVOID MAKING MAJOR PURCHASES:

          To determine the cost of the home you can afford, a lender uses your debt-to-income ratio. This ratio is based on the percentage of your gross income that you spend on debt. Your debt ratio will include:

  • monthly housing costs
  • car payments
  • credit cards
  • student loans
  • any other installment debt.

 If you take on more debt just before buying a home it is going to have an impact on the amount of the loan that the lender will finance.

 SIGN UP FOR PROPERTY WATCH SERVICE:

          In order to make an educated decision you need to know what is available and the current market value.

 You can sign up for a free Listing Book Account at

 www.jonigordon.listingbook.com  

            New listings will be e-mailed to you in a daily report. This account gives you access to the same database that we use in the Real Estate industry - and you can access it 24/7 from any computer!! 

 Listing Book will provide you with up-to-the minute data on all of the properties on the market that are of interest to you.   The best homes move quickly so you need to make sure that you are aware of the available inventory at all times.  DON'T MISS OUT !!

HAVE A HOME INSPECTION:

          Your purchase contract will usually have a clause that states that the contract is contingent upon the buyer's acceptance of  a satisfactory home inspection.

 The last thing you want to find out after you have bought a home is that you have purchased a home with problems. By that I mean a home that is full of defects that are going to end up costing you a lot of money. Save yourself a lot of time in possible lawsuits and/or renovations by bringing in a licensed home inspector before you buy. Your buyer's agent will be able to suggest at least 3 inspection companies for you to choose from.  Keep in mind that the payment for this inspection is paid up front and is non-refundable even if the inspection is unsatisfactory.  Depending on your area, it may also be advisable to include a pest inspection for wood boring insects.

 If any problems are found it will keep you from making a bad decision or help you negotiate a better price.

 REMEMBER:

 

          When you have any questions I am always just a phone call or email away.

Joni Gordon

Prudential Florida Realty

239-826-7322

Email:  gordonjoni@yahoo.com  

www.jonigordon.listingbook.com

 

 

Comments (2)

KARIN SMITH
SMITH REALTY GROUP - Slidell, LA
BROKER/REALTOR

Great tips everyone can benefit from reading!  A very well laid out step by step plan for first time home buyers is essential. Thanks for posting.

-K :)

Sep 30, 2009 05:26 AM
Donna Yates
BHGRE - Metro Brokers - Blue Ridge, GA
Blue Ridge Mountains

Joni:  All of these are great tips but I especially echo the one about not making any major purchases.  I'm in a second home market and I still advise buyers not to make any major purchases until AFTER closing.

Oct 04, 2009 09:39 AM