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.
- 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.
- 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.
- 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.
- Have the remaining money for your down payment easily accessible.
- 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.
- Pay down those credit cards and keep the balances manageable.
- 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!
- 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.
- 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.
- Be aware of the dates you can move.
- Do you have a current lease where you live now and what are the penalties if you move out early?
- Can you sublet your current residence? If not then what? Know what your options are!
- How important is it to remain in your current residence until the lease expires?
- 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!