6 THINGS YOU NEED TO DO BEFORE SEARCHING OUT HOMES

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Real Estate Agent with Realty Preferred DFW Lic. # 0594357- 0622512

Home buying is a complicated process. Sometimes you get lost in the mirage of processes involved. Hence it is important to approach your quest for a new home with purpose and direction in order to save time, money and unnecessary hassles. Before looking around at homes for sale, you need to do these six things to remove the ambiguity from the home buying process:


1. Carefully check your credit.
This means you need to request a credit report from at least two credit reporting institutions. For example, one from Experian and one from Equifax or Transunion. In that way, you offset any mistakes made by one with the other. Credit reports by any of these three institutions are usually free once a year. Most mortgage lenders will require a score of at least 550. Having a higher score qualifies you for a lower interest rate on your mortgage.


2. Consult with a mortgage broker.
You should seek out a trusted mortgage broker. You can ask for referrals from your friends, associates or relatives. You can also ask for recommendations from a trusted real estate agent. Your goal shouldn’t be to get pre-qualified but make sure you’re pre-approved for mortgage. Getting a pre-approval will make your home search easier. You’ll get information as to the price of real estate that is affordable to you and the type and price ranges of houses you should look at.


3. Know what you can carry.
For a loan that stays with you for 20-30 years, you should not have to rely on assumptions. Because you qualify does not mean you will be comfortable carrying a certain amount each month. Assess your options and select a loan that will be comfortable for you.


4. Know your needs and desires.
How many rooms do you need? How many bedrooms, bathrooms, etc? Is it going to be a starter home, or one to stay in for a long time? Differentiate between what you need and what you want, and understand you will never find a perfect home! Overlook colors of the walls and doors, because you can and most probably will change them. Do not be swayed by staging!


5. Hire the real estate agent for you.
Interview real estate professionals and ask about what they will do, how they will negotiate, if your relationship will be one of a client or a customer, etc. Many factors go into that decision, but it’s how you communicate with the realtor that is most impactful!


6. Set Realistic Expectations.
Do not look at million dollar homes, if you can afford a $750,000 one! If you have realistic expectations and know what you can afford, want and need, the journey will be easier. The better prepared you are, the easier the house - hunting project becomes!

 

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Rainmaker
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Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

Totally agree with all points.. and they are all very important for buyers to do before going out looking for a new home.  I think #2 and #6 are the one I would select as most important. When you see a mortgage broker for a pare-approval you will find out how much ou can carry....and exactly how much you can afford,  but expectations must be realistic, and some buyers have difficulty with that one...

Jan 13, 2017 03:57 PM #1
Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Cutberto & Rhonda Salas Excellent tips before searching for homes.

Jan 13, 2017 04:29 PM #2
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MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

All of these are good steps for first time buyers who are looking to purchase a first home.

Jan 13, 2017 08:02 PM #3
Rainmaker
142,596
Diana White-Pettis
Bennett Realty Solutions - Upper Marlboro, MD
GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale

First time home buyers should not start searching until they have covered all these points.  Thanks for sharing.

Jan 14, 2017 09:54 AM #4
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Rainmaker
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