:: Buyers :: 7 Tips to Successfully Purchase a Home
Today's marketplace can be competitive and challenging. The continued shortage
of housing inventory often translates to multiple offers and competition between
buyers. This competition often pushes the purchase price up significantly over
the listing price. The following tips will enable you to be more prepared and
qualified in not only finding but purchasing your dream home.
1. Financing.
Understand the financing options that are available to you. Talk to several mortgage
brokers and lenders to determine your purchasing power. We are happy to provide you with a list of well-qualified mortgage brokers and lenders. Remember
to take into account your living expenses and lifestyle goals. You may qualify
for far more than your comfort level allows. Additionally, you should ask about taxes,
homeowners' dues (if relevant), insurance, maintenance and utilities to determine
your total monthly expenses.
2. Cost of Purchase.
We will provide you with an estimate of what your closing costs are likely to
be so that you are financially prepared for the close of escrow.
3. Educate Yourself.
Speak to us about neighborhoods that suit your needs. Know which areas are most
convenient for you and others who will be living in the home as well as the areas
that have available homes in your desired price range.
4. Focus on the Important Issues.
Know the difference between your "wants" and your "needs" as it may not be practical
to find a home that satisfies both. Focus on the important issues rather than
being distracted by minor cosmetic issues that can easily be addressed later.
To that end, imagine the home with your furnishings and decorations in it.
5. Obtain a Pre-Approval Letter.
Sellers will want to know that you are qualified for the purchase price. Submitting
a pre-approval letter with your offer puts you in a much stronger position in
the eyes of the seller. This one element alone has become a virtual requisite
component of any successful offer. Don't confuse a mortgage pre-approval letter
by an institutional lender with a pre-qualification letter. That is just an opinion
that you probably can obtain a mortgage. Pre-approval letters are only issued
by actual mortgage lenders.
6. Know the Purchase Contract.
We will go through the purchase agreement with you ahead of time. We have a thorough
grasp of all its terms and contingencies and know its intricate details. Having
a good understanding of the purchase agreement will make it much easier for you
to make important decisions quickly, which can improve your chances of success.
7. Be Accessible.
Because properties move quickly in this market, if it is possible, try to be
available to view homes on short notice. If you are not available by cellphone
or email, determine how you can arrange for us to contact you quickly when new
properties come on the market.