First and foremost do get pre-qualified. Good Realtors will not show you homes until you have been pre-qualified for a loan/mortgage. Ask your Realtor for advice in accomplishing this easy task.
Ø Do select a Realtor that is familiar with the area you're interested in.
Ø Don't select Uncle Charlie (family) to be your Realtor because he is family. Buying and selling real estate is an emotional thing to do. Only select Uncle Charlie because he is good at what he does and thoroughly understands your area. Remember buying and selling real estate is a business transaction and should always be treated as such. A Family member can certainly muddy the water.
Ø Do look at homes 10-20% below or more of what you are qualified for. Lenders use a formula that will stretch your budget far more than you will actually want to re-pay.
Ø Don't buy a home that backs or sides to a busy street if possible. If you buy a home in this category, it should be priced below the comps. I can assure you that when you sell this home you will most likely get less than the house across the street assuming the homes are equal in other regards.
Ø Don't buy on impulse! This is one of the biggest financial decisions you will ever make. Ask your Realtor his/her opinion! Make sure this is right for you!
Ø Don't look at more than 4-5 homes in one day. They all start looking the same and it is difficult to remember one from another.
Ø Do not be afraid to poke around by opening doors and closets and cabinets. This could be your home soon, find out as much as possible before you make an offer to purchase.
Ø Don't ever begin negotiations with a seller that is present during your visit. Be cordial and friendly, ask questions if you feel comfortable, but do not talk about any facet of the future contract or stipulations. Allow your Real Estate Professional to handle these matters.
Ø Do request a second showing on any home you are considering buying.
Ø Do have the home inspected by a certified home inspector. It's the last chance you have to find flaws that are not noticeable to the naked eye or require and expert to identify.
Ø Do have pools and filters inspected! Normally the home inspector for a nominal fee will do this for you. Remember, pool equipment is expensive to replace.
Ø Do request a home warranty that also covers items such as pools, and AC/heating. It will bring you much peace of mind if something goes wrong after close of escrow.
Ø Do have fun with your home search-it's a very exciting time.
Follow these simple rules and your home buying experience should be a pleasurable one.
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