Are you planning to purchase a new home? Here's the checklist for first time home buyers in short: Determine how much you are able to afford. Get pre-qualified. Search for a home with the average mortgage rates. Check out foreclosed homes and tour potential homes. Visit open homes and apply for a mortgage. Find a real estate broker. Open a new checking account and set up a direct deposit. Apply for a mortgage with the lender of your choice. Get a home appraisal done. Get an appraisal on the price of the home. Prepare for the recent buyers' market. Buyers typically have a period of three to six months during which they can save more than half the cost of the house. If you have not saved more than half, talk to a real estate agent who gives the cash for my home offer service. The real estate agent will help you find a better deal. You'll be in a better position to negotiate the terms of the contract if you know how to prioritize the issues. Get the right agent. Real estate agents specialize in the process of selling homes. Some sell FSBO homes sold by sellers and others specialize in selling commercial properties. Check for an experienced seller with plenty of local contacts. The agent's marketing strategy should include advertising homes that have recently been sold, keeping tabs on local buyers, locating sellers and potential buyers, finding appropriate tenants, scheduling property inspections, preparing inspections and listing properties for sale. Be sure that your emergency fund is sufficient. Many people are surprised to discover that they need to use their emergency funds before they close the deal on the purchase of their first home. To prevent a run on credit during the course of the transaction, keep your emergency fund in a separate account than your other debts. When the time comes to close the deal, you'll be able to pay off the loan using the money you've saved. This will help ensure that you don't fall into the same trap again after you close your first home. Negotiate the price range of your FSBO homes. Real estate buyers often try to obtain a higher price than they really want to pay. They are aware that they cannot get into a true buyer's market until late in the game. In an attempt to bring a lower price down, these buyers will compromise on features, size and location. Before you sign the purchase contract, put pen to paper and list your home at the price range you want to purchase it at. If you want to get quick house sales, see these sell my house fast buyers. Don't assume that FSBO homes are exempt from local market fluctuations. Real estate markets always move up and down. Don't make the mistake of assuming that a listing price obtained several months ago will still hold true. It is the job of the listing agent to analyze the local market and find out what homes are selling for currently. Once the realtor has this information, he or she can match it with the information received from lenders on loans offered for the purchase of similar properties. With the assumption that the present value of your home is higher than your initial offer, you can either negotiate a lower price or wait to sell if you are convinced your offer is the best one available. Don't make the mistake of trying to convince home sellers to accept offers lower than what they really want. This would defeat the purpose of listing your FSBO home in the first place. Home buyers, real estate professionals and lenders will respond appropriately once they are made aware of your attempts to bargain. The ultimate goal of any seller is to recoup the money she or he has invested in the home. If you want to be competitive, be reasonable! If you want to learn more about this topic, read this article: https://en.wikipedia.org/wiki/Real_estate.
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