6 Tips For Buying A Home

Moving is an exciting step towards something better. But it is not without uncertainty. Knowing as much as possible about the process of finding and buying your next home will help keep the excitement high and the stress low. Plus I'm here to guide you along the way and make suggestions to ease the tension and help things flow smoothly.

1 How much can you afford?

Determining how much of a house you can afford is probably the most important step and will control how you proceed from here. Looking at your own finances, your personal cash funds, and how much of a mortgage payment you can afford comfortably, you will be able to determine roughly what your upper limit is for home prices. If you will be financing your purchase, you should also be aware of homeowner's insurance premiums and property taxes as well, as they will be factored into your monthly payment.

2 Get approved by a lender.

If you are paying all cash, you can skip this step. Otherwise, like the majority of home buyers, you should concentrate on finding a lender before you begin your search. It is important that you get prequalified so you will know what your price range is limited to, and you will likely need to submit a financing approval document with any offers. Most agents are connected to at least one mortgage broker if you are unsure how to get started here.

It is important that you start this process early because it typically takes about 3 to 6 weeks to get cleared for closing. The fewer bumps you encounter means it will be less likely you will need to reschedule the closing.

3 What are you looking for?

Knowing what you can afford now, it's time to think about your taste, likes, and areas you are interested in. Commute time is often one of the most important factors influencing your target area. Do you like quaint neighborhoods? Or maybe you prefer the conveniences of living close to downtown or near the beach. There's a lot to consider, but being flexible will help you with your options.

Also do you prefer small and cozy, or modern and elegant? What are the neighbors like? Do you need a big yard? There are just so many things to think about. This is where your agent's experience with the general area will become invaluable.

4 Select your perfect home.

Although you have many options for looking at homes online, you still need an experienced agent that knows your area. Agents have access to tools such as MLS (Multiple Listing Service) that have thousands of home listings every day. Plus they have access to listings from other agents in their brokerage, even those that haven't been listed on MLS yet. Don't rule out open houses as they are often signs of a motivated seller.

Go with your gut feeling! Often we want to see several choices before we really begin to weigh each one, but we also tend to know which one will be perfect. Now once you know what home you want, the next step is to actually make an offer.

5 Make an offer.

This may sound like a no-brainer, but in the recent real estate boom, it can be very competitive. Many homes are getting multiple offers on the day they are first listed! So, depending on the area, it might be a good idea to be prepared to offer above the list price. For homes that have been on the market for a while, there is room for coming in under list price. It all depends on the timing and the specific area.

6 Prepare for the closing.

Now that your offer has been accepted (congrats!), you are officially under contract. You need to be aware of your obligations. One such obligation is the Earnest Deposit. This is usually due within a few days of the contract going into effect. Also continue moving towards completion of your financing.

Here are some common necessities that happen at this point.

• Earnest Deposit
  A good-faith deposit usually held by the title agency or attorney.
• Home Inspection
  Required when financing with upfront costs, but recommended anyway.
• Appraisal
  An official valuation of the property often needed when financing.
• Negotiation
  Some contract provisions may be negotiable.
• Closing Date
  Allow enough time for due diligence and the mortgage origination process.

Whew! That seems like a lot to worry about, but much of it can be coordinated by me, your experienced and dedicated agent. From managing the contract to coordinating inspections and appraisals, I do this all the time.

Let me take care of much of your burden. I have connections with mortgage brokers, inspectors, and insurance agencies. I want to root you on all the way through the process. It doesn't matter whether you're moving locally or across the world. Call me, Vanessa Akins, at (727) 418-9078 and let's get started.