ADVICE FOR FIRST TIME HOME-BUYERS
If you're actively in the market to buy a new home; I'm certain that YOU HAVE BEEN PRE-QUALIFIED by a lender (1st STEP FOR SUCCESSFUL HOME BUYING), and I'm sure that you have come across the terms short sale & foreclosure.
SHORT SALE- When a home owner is trying to sell their home for less than the amount owed to the lender....this is a pre-foreclosure process. This is when the lender allows the home owner/borrower to sell the property before fully foreclosing; or taking the property away from the borrower.
FORECLOSURE- When the lender has taken the property away from the home owner due to lack of payment. The home officially belongs to the lender.
Advice for First time home buyers
If you find a home you really love, and want to put an offer on it; here are some VERY IMPORTANT FACTORS to consider;
PATIENCE- If you think you're patient; putting an offer on a home that is a short sale will definately reveal the NAKED TRUTH. Short sales can take up to 6 months or more before there is any end in sight. A short sale may seem like a really great deal, but not always worth the aggrevation.
KEEP EMOTIONS IN CHECK- Easier said than done; I KNOW!- this is your future, time spent/moments wasted; THIS IS YOUR LIFE at stake. If you think of it as a "business transaction" you'll be fine; buying a short sale or foreclosed home can be an emotional roller-coaster if you're not fully aware of what is involved.
Advice for first time home buyers
HAVE A BACK UP PLAN- What will you do if your offer is not accepted? Try not to be discouraged- "move on" to your second option; QUICKLY; if it's still available.
CONSIDER MULTIPLE OFFERS- This can be tricky; so make sure you enlist the services of an EXPERIENCED real estate agent that is familiar with short sale and/or foreclosure process. Once your offer is accepted; IT AUTOMATICALLY BECOMES A BINDING CONTRACT. If you change your mind about a home; it must be delivered to the seller & the lender in writing before the deadline date.
BE FLEXIBLE- I'm sure you've heard that there is NO perfect home. During your home search; take the time to truly consider how you will use your home, and how practical certain "must haves" really are to your lifestyle. Sometimes "must-haves"end up being features we don't use, but merely stare at. Example- do you really need a formal living room or sitting area, or will a den be more practical for everyday use?
STAY ENERGIZED- Real Estate isn't a contact sport; but it can sure feel like it due to the intricacies of successfully making an offer, having it accepted, doing your due deligence, and having a successful close.
KEEP DISTRACTIONS TO A MINIMUM- Everyone seem to have advice for you when they find out you're buying a home. While family and friends mean well; they sometimes do more harm than good by offering advice on the type of home you should buy; where it should be; what features you can't do without etc.
Advice for first time home buyers
Buying a home is like getting that new significant other; you get advice whether you ask for it or not. At the end of the day; you will be the one living in that new house, and paying those bills; therefore; try to keep the background noise to a minimum, and do what you think is best for you.
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