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Home Buyer's Perpective

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 "DOs and DON'Ts" for the BUYER to avoid many problems!

Do have an organized plan.  A common mistake made by home buyers that causes them to make bad decisions, and waste thousands of dollars is failing to have any plan. A good plan will include good council. We will help you through the process. An outline of your plan should include: Determining if buying a home now is smart for you. Getting pre-approved for your loan. Studying the real estate market. Identifying neighborhoods you like. Viewing specific homes that meet your criteria. Picking a home that meets the greatest number of your needs. Analyzing the value. Making a proper Offer. Negotiating the contract. Closing.

                         Following are some Specifics to consider:

Don't let your emotions get out of control!  Naturally it is impossible to completely remove all of your emotion, if you didn't have some emotion you wouldn't want to buy a home in the first place. Just remember that you are entering into a complex business deal, one that can affect your financial situation for years to come. Try to keep as focused as possible on the dollars and cents, and don't allow yourself to "get caught up in the moment", and make foolish decisions that you will regret later. 

Don't make a Blind Bid offer - Do your homework. What should you offer when you bid on a home? Is the seller's asking price too high, or does it represent a fair price. If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bidding blind. Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value.

Don't buy the Wrong Home.  What do you want in a home? A simple question, but the answer can be quite complex.  Maybe the home will stick you with a longer than desired commute to work, or a dozen more fix-ups than you really want to deal with once the excitement has died down. More than one buyer has been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small.  Take the time up-front to clearly define your wants and needs. Put a plan in writing and then use it as a benchmark with which to measure every home you look at.

 Do get a proper title search and Clear Title.  Be certain very early on in the negotiation that you will own your new home free and clear by having a title search completed. The last thing you want to discover when you're near the end of a transaction is that there are encumbrances on the properly such as tax liens, undisclosed owners, easements, leases or the like. Don't neglect the inspection.  Don't expect every seller to mention every physical detail that will need to be attended to. Both you and the seller are out to maximize your investment.  Ensure that you conduct a thorough inspection
of the home early in the process. Consider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector's report. This inspector should be able to give you a report of any item that needs to be fixed with associated, approximate cost.

Do Get Mortgage Pre-approval. Pre-approval is usually fast, easy and free. When you have a pre-approved mortgage, you can shop for your home with a greater sense of freedom and security, knowing that the money will be there when you find that right home.

Do make certain a seller Performs all agreements. Verify that the seller complies with the letter of the contract and does not neglect to attend to some repair issues, or change the spirit of the agreement in some way, this could delay the final closing and settlement. Agree ahead of time on a dollar amount for an escrow fund to cover items that the seller fails to follow through on. Prepare a list of agreed issues, walk through them, and check them off one by one.

Do look for Hidden Costs. Identify and uncover all costs - large and small - far enough ahead of time. When a transaction closes, you will sometimes find fees for this or that sneaking through after the sub-total fees such as loan disbursement charges, underwriting fees etc. Understand these in advance by having your lender project total charges for you in writing.

Don't Rush the Closing. Be careful during this critical part of the process, and insist on seeing all paperwork the day before you sign. Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted. Is the interest rate right? Is everything covered? If you rush this process on the day of closing, you may run into a last minute snag that you can't fix without compromising the terms of the deal, the financing, or even the sale itself.

Do consider talking to us before going out and looking at any property. A knowledgeable buyer should remember the following regarding new home sales: When visiting you should tell the sales people that you are being represented by a Buyers Agent when looking at New Construction, Model Homes and Open Houses. Never give your name, address, phone number or sign a register. Note: When you give your name verbally or sign a register you may have given up your rights for buyer representation. Effectively this may eliminate you from having your own agent who will represent you and help you buy that property at your price

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