RE/MAX Four Seasons For Buyers: More Buyer Tips
RE/MAX Four Seasons For Buyers: More Buyer Tips
Finding the right home is an exciting and sometimes frustrating process. Expectations, emotions, financials and other hurdles all must be balanced and overcome. With that in mind, RE/MAX Four Seasons has put together some thoughts, advice and tips to help make your home-buying experience and enjoyable one.

If you have further questions about the buying process, please contact RE/MAX Four Seasons.

Tip 1: Why Buy?


Buying a home is one of the best investments you can make. Home equity remains the largest single savings vehicle for most Americans. In addition to the tax incentives of home ownership and the ability to tap into your home equity if the need arises, buying a home is the wisest and most prudent financial investment for most people.

Tip 2: Buy for Value.


It is very important to buy a home that will go up in value. Slow, steady overall appreciation has been the rule during most of the nation's history, and many residential real estate investors became quite wealthy in that environment. They did so by very carefully analyzing the appreciation potential of their investment and they invested for the long term. Even if you plan on living in your home just a few years, you will want it to have gone up in value when you put it back on the market.

Tip 3: Use a REALTOR.


Work with a REALTOR. A Realtor can save you time and money with their expertise. Make sure you have a buyers' agent. Their job is to coordinate all aspects of your home buying process, as well as negotiate and find a home...all in your best interests.

Tip 4: Develop a Long Term Relationship with a Good REALTOR.


When selecting your REALTOR, look for one with experience in working with buyers, with knowledge of the neighborhood(s) you are considering, and who does not have a reputation for being "pushy". The purchase of a home is a serious long-term commitment on your part and a good agent will recognize that buyers need time and patience so they can satisfactorily sort out the myriad of factors involved in a purchase decision.

Tip 5: Always have a Home Inspection Contingency in your Offer.


Always have a home inspection contingency in your offer and always hire a professional home inspector to provide you with a written report, along with written "ballpark" estimates or ranges of repair costs. Don't rely solely on a friend or relative in the building trades; they may be an excellent carpenter but have no knowledge of electrical wiring. If the inspection turns up problems that weren't readily noticeable, you can use it for negotiating leverage to get the seller to make the repairs, provide you a commensurate price reduction, or cancel the contract if necessary.

Tip 6: Get your Financing in Order.


Start researching your mortgage options right away. Your Realtor can help advise you here too. You should be educating yourself while you are searching for your new home. You won't have enough time in the five days sellers normally allow for you to apply for a mortgage to get all you paperwork together.
  • Thoughtfully decide on the best kind of mortgage, who is offering the best rates, etc. before you need this information for a specific house.
  • Consider getting a contingent letter of approval for a loan, or an actual loan commitment prior to making an offer. The former is not actually a loan commitment, but rather a contingent approval for a loan up to a certain amount. While it has relatively little enforceable value, it nevertheless can impress a seller, who might be more willing to accept a lower offer because of the perceived financial capabilities of the seller.
  • It's also possible to get approved by a lender with a longer term "lock" on the interest rate in order to protect you from subsequent rate increases.

Choosing Financing


The most common mortgages today are the 30 year fixed-rate and the 1 year adjustable-rate. Check with several lending institutions to determine which one is offering the most competitive rate, and just as important today, the most competitive loan costs.

Loan Applications


Lenders are very busy today due to lower interest rates and our economy's strength, so getting a loan approved may take up to 60 days. Make sure there are no skeletons in your debt closet. Such problems can at best delay the loan process even more. Provide the lender with all the information needed as soon as possible. Missing information also slows down the process. Your REALTOR can help you to decide on the right lender and make sure you get your information in on time.

Closing the Sale


Before closing on your new home, make a walk-thru inspection with your Agent to make sure everything is in the same condition as it was when you make the initial agreement. Go over your closing statement with your REALTOR before settlement. Make sure you understand everything. Before closing is the time to solve any problems or concerns you may have.

Now its time to enjoy your new Home! Contact RE/MAX Four Seasons to start the process of buying your dream home today!

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