What is your home buying strategy?

You have had it with your home! It is too (fill in the blank: big/small/ugly/old/close to work/far from work/other).

What is your strategy for finding your new home? Do you troll the Sunday Open Houses and hope that you find the house of your dreams? That can be a great way to help you refine your list of wants and needs. Do you hit the pavement with your Realtor and just keep going until you find the right home?  Do you spend hour upon hour online looking at listings that may, or may not, be active?

Here is my advice…if you want to be serious about your search you must do the heavy lifting BEFORE you begin your search.

Identify a lender that you trust (referrals are the best way to go here) and have an in-depth conversation with them. If you are serious about buying a new home, you need to be prepared to have your credit run (some people balk at this) and provide them with the documentation that they ask you for, including bank statements, pay stubs and account information.  If you don't want to do this, you are probably not quite ready to begin your search.

In this market, solid, confirmed financing is the way to go.  I don't take buyers out to see homes unless they have had an in-depth conversation with a lender. Most pre-approval letters are not worth the paper on which they are written, so a lender who puts you through the paces is ensuring that your transaction will be more likely to close. Honestly, who wants to find their dream house only to find  out that they can't REALLY afford to buy in that price range?

Once you have solidified your lending, you can begin the process of finding your new home. Doesn't it make sense to be certain of what you can afford BEFORE you begin looking?