Buyers

Tips

With a little preparation, finding and purchasing your home can be a positive experience. But, if you stumble into some common pitfalls, the process can turn into a nightmare. This special report will help you avoid seven common mistakes buyers make.

Pleading Financial Ignorance

A little preparation goes a long way. Be a smart consumer. Learn financing basics before you start shopping. Explore your options. Ask questions. Know how to shop for a home loan that’s right for you.

And it’s always a good idea to get pre-approved by a lending institution. This simple step takes very little time and lets you know the price range that fits your lifestyle.

Buying On Impulse

The last thing you need is to close a deal and realize you bought a house you don’t want or like. Ask yourself what you’re looking for in a home, before you shop. Think about size, commute time and necessary repairs

Running Up High Debt

Don’t make major purchases until after you buy your home. Pay down credit cards and don’t apply for new ones. Remember, financial institutions evaluate your financial situation on your gross monthly income. Your total monthly house costs shouldn’t exceed 28 percent of your gross monthly income.

Taking Too Much Time

Sometimes homes sell quickly, so be ready to make fast decisions (this is why you prepare before you start your search). Be accessible to change terms and have easy access to your agent. Instant communication can mean the difference in purchasing the property of your choice.

Submitting A Weak Offer

Sellers want a fair price, and they want to know a potential buyer is serious. Submit a strong offer and include a substantial earnest money deposit. Sometimes offers are accepted based on the amount of the deposit.

Being Too Picky

Fewer contingencies mean a stronger offer

Neglecting The Homework

Skipping a few easy steps in the buying process can be disastrous in the long run. Make sure you know what you’re getting – before you buy.

Buyer’s Check List:

  • Hire a professional building inspector or appraiser. Make sure the house is in satisfactory condition.
  • Check zoning regulations and covenants. Good residential neighborhoods are zoned to keep out commercial and industrial users. Read any restrictive covenants; make sure they fit your lifestyle.
  • Request an updated property survey. Be sure it clearly marks boundaries. Check for problems.
  • Make sure you know what stays or goes.
  • Your contract should be very specific about which items (appliances, etc) are included in the sale.
  • Get agreements in writing. Make certain verbal agreements are written into the final contract to avoid any stressful and expensive issues later.

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First Time Buyers

Dreaming of owning your first home? Tired of shoveling out rent for a home or apartment that doesn’t feel like yours? Take heart, changing from renter to homeowner may be easier than you think. We’re here to help.

Where Do You Start?

First of all, learn the financing basics. Get pre-approved and become a smart shopper.

When you buy your first home, making monthly payments probably won’t be a problem. After all, you’re already paying rent to your landlord each month. It’s coming up with the lump sum needed for a down-payment that may seem impossible. Fortunately, there are options to make buying your first home a happy reality.

Program For First-Time Buyers

There are several local or federal government programs that help first time buyers get into the housing market. Ask us about these options.

Your Lender

Your bank or credit union may help as well. Are you debt free and own something free and clear, like a car? Your lender may lend you the down-payment by securing it against this asset.

Private Contracts

Look for a seller to help you buy and finance your home. Some sellers are willing to carry the contract themselves and will waive the down payment. You may only have to pay the monthly mortgage installments.

Need Financial Solutions?

Credit or tax problems. Do you have problems with your credit rating or owe money in taxes? Buying your first home is still a possibility. Check with your lending institution about options, such as paying a higher down- payment.

If necessary, contact a financial advisor or tax resolution service.

Neglecting The Homework

Skipping a few easy steps in the buying process can be disastrous in the long run. Make sure you know what you’re getting – before you buy.

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