The world we live in is not getting any kinder – I must know your identity before we ever look at the first home. This lets me know who you are, that your intentions are to buy a home, that you’re serious about buying a home and it provides me and my family with some peace of mind knowing that that my safety will not be compromised. Be prepared to provide your identification up front.
You must be Pre Approved – A critical first step. As a Buyer, you need to know how much home you can afford to buy to secure a mortgage. This requires a Lender’s review of your credit, assets and income. This is not a casual conversation with your Lender about what you think your credit is and how much money you make. The Lender must have their own eyes on what you verbalize. This is the only way in which to obtain a Pre Approval.
Don’t expect to look at homes until you’ve been Pre Approved – As #1 discusses, this results in eliminating possible future disappointment for two reasons; looking at homes priced higher than what you can afford and losing the home you love because the Seller required Pre Approvals with all Buyer’s offers to purchase and you didn’t have it completed prior to your home search. we buy houses Apopka
Nothing is worse than having candy dangled in front of you only to later realize it’s out of reach and never can be yours. You would have looked at beautiful homes that were out of your price range and then you would have to adjust to look at homes priced lower, that will have features that are less than what you adore. In addition, Sellers that require Pre Approval with any Buyer’s offers, can mean you have to go back to your Lender to get Pre Approved when in the meantime another Buyer came prepared, submitted an offer and the Seller accepted the offer; meaning you lost the home you wanted to buy.
Make sure to get your ducks in a row – You must plan for buying a home. Buying a home is a major life event that requires planning. Have you maintained your credit to qualify? Have you saved enough money for a down payment, closing costs and home maintenance after you own the home? Have you considered the area you want to move to for such things as the schools? Have you planned for the actual move and what it entails? All examples of what must be part of your home buying plan.
Know that your money will only buy so much – Look at homes priced at what your money can buy. Don’t think you’ll look at homes priced above what you can afford and you’ll try to submit a lowball offer to see if it sticks. More often than not, a Seller will reject such an offer, unless of course, there are circumstances about the home that your skilled Real Estate Agent can advise you about.
The local Real Estate market must be known – What prices are homes being sold for, how fast are homes selling, what’s the inventory level, what type of market is it, where is the market headed and what benefits/disadvantages does a city hold are all important to know about the local market where you want to buy a home. Make sure your Realtor knows their local market.
Don’t make any major purchases while buying a home – You just signed a contract for your new home and you just noticed that both IKEA and Ethan Allen have home furnishing sales. Great, you thought – let’s go shopping! Hold on. Any major purchase can halt your loan approval in its tracks. No buying of furniture, cars or the like until AFTER you closed on your new home purchase.