- Think about it first, then shop. Ask yourselves these questions: Why are you moving? Because you need to? Or because you want to? Do you want to find a nice family neighborhood? Or a house near the beach? Are you looking for your first home? An investment property? Or a place to retire? Assess your needs ahead of time, and you will have already done half the work.
- Talk to a lender. Find out what you can afford. Then look at homes just below and just above your price range. You never know. You might find a bargain fixer-upper. Or you could come across an expensive home with a motivated seller who's willing to work with you. Try never to get too excited, or too worried, and always be willing to walk away from a home that's not right.
- Be picky when picking a real estate agent. The right real estate agent can save you time and money and spare you from unnecessary emotional stress. The wrong one will saddle you with a bad case of buyer's remorse or send you whimpering back into the rental market. Don't just chat with agents. Interview them. Hire only a licensed Realtor. Make sure the agent works as a buyer's agent, and ask for a buyer's agent contract. And most important, make sure you like the agent you choose. Good chemistry goes a long way.
- Make sure your finances are in order. Don't make big-ticket purchases, like buying a new car. Don't move money around from one bank account to another. That makes lenders suspicious. And finally, get pre-approved by a lender. They will order a credit report ahead of time and resolve any mistakes or blemishes. You'll be a stronger buyer when the time comes to make an offer.
- Find out if you're in a hot market where homes get multiple offers. Or a cold market where properties remain on the market for months. The difference is night and day. Get in your car and drive around. Locate the neighborhoods that appeal to you. Take notice of the services and the sense of community each neighborhood has. Visiting open houses is another great way to get a feel for the market.
- Having the home inspected is a must, or you could pay for it later. There are just too many unknowns when buying a house. Always get property, pest and roof inspections, and read them carefully. Inspections not only protect you from buying a lemon, they can serve as a valuable negotiating tool.
- There are different types of mortgages. Conforming loans. Jumbo loans. Fixed-rate loans. Adjustable-rate loans. Assumable loans. Two-step loans. Balloon loans. FHA loans. VA loans. GPM loans. Zero-down loans. There are mortgages and loan programs for any and every kind of home buyer out there. So don't count yourself out before you investigate your financing options.
- Get it in writing. You will be dealing with sellers, lenders, inspectors, and title officers. You'll also be spending thousands of your hard-earned dollars. Protect yourself. Have every promise and agreement put into writing. Never sign anything until you're sure you understand it. And ask for a copy of every document.
- Buying a home is one of the biggest, and perhaps one of the most important, decisions you will ever make. Few long-term investments appreciate in value quite like real estate. At the end of the tax year, you can write off the interest from your loan.
SEARCH CRITERIA
HOME SEARCH WEBSITES:
www.zillow.com
www.realtor.com
www.floridamoves.com
www.remax.com/homes
www.trulia.com
www.mls.com
www.homes.com
www.homefinder.com
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