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CELEBRATING St. PATRICK:
Home Buying Process: Pro Strategies To Buy Your House.
Following these ideas will smooth your home buying experience and spare headaches.
Naturally when I am working with a client, things just fall in place and we work the pieces of the puzzle organically. The clients even do not need to think there is a “process” being implemented.
I divide it schematically so it is easy to understand or, on a later date, you can retrace the process in case you think any part has to be revised.
It is not really hard and after you have a good overview, you also will be able to navigate and enjoy the ride.
Let’s begin with:
I bring this first and center in the home buying process because – if you still did not hire one – it makes little sense not to do so.
Most agents work on a commission that will be paid by the seller – even if do not someone working for you, that commission is set aside…
Real estate professionals are active on the field and can get you info that mostly you wouldn’t get o
n your own or would take you a lot of time to do it.
They are also – and, almost without exception, people with passion for what they do. They are hard workers to begin with, but because they work on commission, you can count they will on the top of things, otherwise they would not earn their commission check.
All in all, my recommendation would be – do hire a REALTOR®; ”you have nothing too loose except your blues”
Where else will you get qualified help that will not cost you a penny?
The next item in your home buying process agenda should be how to pay for your home. Actually this should be first ;-)
If you have enough cash to pay all up front, congratulations!
However if this is to be your primary residence you will miss out on your mortgage interest deduction (MID) and it can substantial throughout the years.
Even for my $1 million+ buyers a recommend some thinking: You can set that money aside and apply for a loan. That way you would benefit from one of the coolest things of being a homeowner.
In case you are in the majority of home buyers and you will finance your new house, there are many kinds of loans such as FHA, VA, Conventional and ARM that you can apply for.
Also, under the right circumstances, there are “Down Payment Assistance” programs that you may qualify for. It is a matter of you searching and asking questions to the right people.
For more info, please click here “Financing Process”
This would be your next natural stop – and nothing would have prevented you for already have done so.
A home loan application deviates little from other credit application you might have done.
Except that your home buying process does require a much larger “size” of a loan and you are most likely go through a bit more scrutiny this time around.
…If you haven’t ever applied for credit, then what we may have is a little hiccup – because to attain a home loan, you do have to have a credit record and your mid credit scores must be on the 620’s
Your REALTOR® may have some lenders that he/she can recommend and you also can look up on line. Always use extra caution whenever given your personal info on line.
Also talk with your bank and see what kind of deal they might offer you.
I have much more info about this part of the home buying process – including documents required - on the “Credit Application” page, please click here
Let your home buying process begin in earnest!
The Internet has created a new and exciting chapter on home searching – I work with buyers across the state line and indeed I have worked with people who were serving in Iraq and Afghanistan. What a great tool!
However there is still room for others like keeping careful notes, fliers and, if you visit the homes in person, a digital camera or a camcorder will be invaluable when you sit down to make your final decision… specially if you take a little while to come to that point.
For more info please click here “Home Search”
Believe it or not, countless buyers begin their home buying process with no clue of which price point they would be financially comfortable.
This is a very import “fact checking” you need to do in the get go.
Again I almost always assume that you will be financing it. If so, your loan officer will be able to determine your “buying power.”
It is based in your income, assets and debt to credit ratio and other financial facts.
For more info please click here to visit my “Price Process" page
However, before you take the plunge, your home buying process has one more important stage to look at – the home comps.
Stats of recent sales of houses in the area you are interested in buying can be attained on your own or by your agent.
This extremely important to justify the price you offering – without the comps, you are blindfolded driving in the middle of the traffic: you may pay too much or you may loose the house you like.
By all means get the comps before you submit an offer.
I think that you already have noticed that I discuss each of the points in more details on the links below so you can read more on those topics you need more.
Please check ‘em out!
And you can start with reading more about “Home Comps” - please click here
When you find “the” one – and provided your financial side is all squared away, you must move in with a credible offer.
Nowadays, no seller will look at your offer without a “proof of funds” or “pre approval letter” from a reputable lender.
There should be an earnest money of around 1% of the offered price but no less than $1,000 – unless, of course, the property price is really small.
Another very important point that makes your offer “credible” is how soon you propose to close the deal – 30 to 45 days is ideal. More than that will raise the seller’s eyebrows… In a multiple offer situation this is crucial for you to emerge victorious!
That is why in my home buying process I work with my buyers to make sure the financing part is dealt with first hand.
If you heed me you will be glad you did so!
Now it is YOUR turn: Please give us your input!
Do you have some great comments on this topic you would like to share? Any question burning on your head? I would love to publish
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JC Fagundes, Qualifying Broker
EQUAL SERVICE TO ALL.
Residential. Commercial. Investments.
Ph: 404 801 4141