Are You An Out Of SHAPE O'Fallon MO Homebuyer?

By
Real Estate Agent with Keller Williams Realty Chesterfield

Are You An Out Of SHAPE O'Fallon MO Homebuyer?

Not all homebuyers in O'Fallon MO are the same, there are those that are in good shape and can buy right now.  Then there are those that need to get into shape in order to purchase a home.  So today, I am talking to the out of shape buyer that wants to possibly buy their first home or, the out of shape buyer that has been out of the home buying market for awhile and wants to get back in.  Before I start with the exercise program for you let me just say, now is not the time for all buyers, due to their out of shape condition, to be buying a home.  You may want to wait until you get into better shape and then take the plunge into a new home purchase.  Knowing what you are getting into and what it is going to cost are very important in today's economy.

The following items are some of the keys to having you be a ready, willing and able (in shape buyer) to purchase when you find the right home.  Doing these exercises and getting your papers in order will make the home buying process much easier and less STRESSFUL.

  1. Talk to a lender and get pre-qualified.  This will let you know about what price range you will be able to purchase in or if you have things to get in order.
  2. The lender or your REALTOR® may suggest at this point that you get pre-approved next.  A mortgage pre-approval is a written document that is obtained from a lender after you have delivered all the paperwork and signed the documents necessary for a mortgage loan.  All that is left is finding your new home and having an appraisal done on the property.
  3. Have the necessary funds in your checking account to write an initial earnest money check.  A minimum of $1,000 is a good starting point.
  4. Have the remaining money for your down payment easily accessible.
  5. If you are receiving a "Gift Letter" for a portion of your down payment, be sure to have the money transferred into your savings account.
  6. Pay down those credit cards and keep the balances manageable.
  7. Do not make any big purchases, that you would have to charge, prior to getting the loan approval and closing on your new home.  This could stop the closing process!
  8. Have a credit report run by a credit agency so that you can see what might be on the report and clear up any credit problems.  This should have been done in the pre-approval stage and will be done again about 2 days before you close on your home by the lender.  If your credit has changed and your credit score has gone down this could also halt the whole process too.
  9. Find an attorney to review an "offer to purchase", if you are not using a realtor and are buying a For Sale By Owner and using their contract then by all means have your attorney check out the contract to protect and cover you're A$$ET$.  Our local and state Sales Contracts have been reviewed by attorneys.
  10. Be aware of the dates you can move.
  11. Do you have a current lease where you live now and what are the penalties if you move out early?
  12. Can you sublet your current residence?  If not then what?  Know what your options are!
  13. How important is it to remain in your current residence until the lease expires?
  14. Are you flexible on the dates?

These are all questions that need to be asked and answered to be sure that you are in shape.  Your goal is to be a strong ready, willing and able buyer when you find the right home.  Don't lose your dream home because you are out of shape.  Home buying can be a fun experience if you are in shape but, it can also be a difficult time if you are not ready.

 

If you are looking for an REALTOR® in O'Fallon Missouri or anywhere in the St Charles County Missouri area to assist you in your home buying search give Don Rogers a call at 314-954-6775 or send me an email at Don@DRogersHomes.com and we can begin the home buying process.  There are a lot of real estate agents the St Charles County area but none better to give you the RIGHT information and HELP  getting you into your NEW HOME!

Posted by

     Linkin with Don Rogers     Follow Don Rogers

 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Don Rogers is a licensed REALTOR® in Missouri.  I specialize in St. Charles County Missouri and have called O Fallon MO my home since 1993.  If you are looking to buy or sell or you are relocating to the area and would like information about the St Charles County MO area do not hesitate to give me a call at 314-954-6775 or if you would prefer to send me an email.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Missouri Saint Charles County O'Fallon
Groups:
RE/MAX Active Rain Bloggers
Almost Anything Goes
Dedicated Bloggers
"Whacked"!!!
Square Pegs
Tags:
home buyer information
don rogers
st charles county mo real estate
ofallon missouri real estate

Spam prevention
Show All Comments
Ambassador
1,726,157
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Don...

These are excellent tips for those considering a purchase. As I read through the list, I noticed some areas that I need to work on myself! Thanks, good post!

Nov 28, 2008 11:07 PM #1
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Richard,

I thank you my friend for stopping in and being the first to comment.  Just working on trying to relieve any future stress for buyers.

Nov 28, 2008 11:35 PM #2
Ambassador
589,365
Julie Chapman
DR Horton - Lakeland, FL
New Homes Sales Lakeland Florida

Don,

Excellent tips, well thought out and everyone, even an experienced buyer should read this post. 

Nov 29, 2008 12:12 AM #3
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Julie,

Thank you ma'am.  You are right every buyer needs to go about getting themselves in shape financially.  Not to mention those sellers that will turn into buyers.

Nov 29, 2008 12:56 AM #4
Rainmaker
595,326
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

I'm reading some really original posts today. This is another one. Good job. BTW, my husband wants to know how you got his photo. LOL  I know. He's a dork. Just be glad you don't have to live with him  o.O

Nov 29, 2008 01:02 AM #5
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Lisa,

Thank you for the compliment ma'am.  Tell your husband that I apologize for using the before and after pics of him without his permission, I'm not in trouble am I?

Nov 29, 2008 01:37 AM #6
Rainer
138,285
Melody Botting
Broker Associate PenFed Realty - San Antonio, TX
You Deserve The Best

There are so many things to think of when considering a purchase.  It is always a good practice to have a professional as yourself help with preparation and purchase.  Now give me twenty!

Nov 29, 2008 01:49 AM #7
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Mel,

Thank you so much for your kind words and you are so spot on.  I also thank you for looking out for my health too.  I broke a sweat in giving you the twenty now I have to go shower, Later ma'am.

Nov 29, 2008 01:56 AM #8
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
631,147

Don Rogers

Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes
Ask me a question
*
*
*
*
Spam prevention

Additional Information