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The Formula For Home Buying: Preparedness + Opportunity
= Success
At this time in your life you're making many decisions.
Some are easy. Some are a little more difficult. Sometimes
you need a professional to help guide you to the right resources.
No cost to you
Did you know that realtors for by the buyer and the seller are
compensated by the seller? Typically 6% of the sale of the
house goes toward realtor fees, whether or not you allow a realtor
to do the work for you! In fact, using a realtor can actually
save you money, as his/her knowledge of the market will you better
negotiate a fair price.
Choosing a realtor
For a first time home buyer choosing the right Realtor can make
all the difference in your experience. A good agent will
help you through all the steps of the home buying process so you
are prepared for success.
How do you find an agent? Go to open houses, look at local
advertising. Don't be afraid to take suggestions from lawyers,
lenders, financial planners, friends, etc. DO interview
Realtors before making your selection. Although your relationship
with your Realtor may not be the longest professional relationship
you experience, it may be one of the most important. A good
agent will be with you every step of the way. Make sure
you are totally comfortable with the Realtor you choose.
A good Realtor will let YOU do all the talking. In
order to best serve you, your Realtor needs to know what YOU want.
This is true whether you are buying or selling a home.
Financing
Your next step is making sure you are financially prepared.
There is more to buying a home that paying the mortgage.
There are many costs associated with buying a home and a little
solid guidance will prove invaluable.
Good credit history is one of your most important tools.
It will open up many different financing options. For
at least one year prior to purchasing a home you should assure
that every credit card bill, rent check, car payment and other
debt is paid in full and on time.
Many Realtors will recommend that their clients start the mortgage
process before bidding on a home. This is called "pre-approval".
Not only does "pre-approval" let listing brokers know you
are financially able to go through with the purchase, it enables
you to set your monetary limit based on solid financial knowledge,
not guesswork.
Getting the right home for you
Alright, you are finally ready to look at homes! But Wait....don't
forget your lists! "Now come on", you're thinking,
"I've done the bank thing, I've found a Realtor I like and now
I need to make a list?" Well, yes. Actually, you should
have two lists. The "NEED" list and the "WANT" list.
Each buyer is different so it's important that you list the features
and benefits you want in a home. Number of bedrooms, bathrooms,
yard size, garages, square footage, distance to schools are all
things you should consider. Also, keep in mind what your
needs will be several years down the road and how this should
influence your decision. At this point utilizing your Realtors
web site, such as www.Mckinneyrealestate.com
, you can search the MLS and find houses which interest
you.
Allow your Realtor to help you refine your search. By prioritizing
your needs and wants you'll be able to eliminate those homes which
will be unsuitable for you. By using basic standards like
general location and affordability, you can focus on homes that
offer the features which are most important to you.
Your realtor will walk you through the entire process
Once you've found "The House", your Realtor's work really
begins. Your Realtor negotiates your sales contract.
Once a price has been agreed on you will need to apply for a mortgage
and hire an attorney. If you are not sure who to use your
agent can recommend lawyers and lenders they have had success
with in the past. Then your Realtor will schedule inspections
and help you resolve any issues which might arise afterwards.
As the entire process moves along you will need to prepare for
your big move. Be prepared to be flexible as your closing
date approaches. This date is flexible and is often not
set until the day before the big event. Your Realtor can
guide you on issues such as giving notice to landlords, how to
transfer utilities, etc. Your attorney will inform you where
and when your closing will take place. Make sure that you
arrive with your picture ID and you signing hand limber and ready.
Congratulations!!!! The closing is over and the house is
yours!!
Remember, the right Realtor can make your home buying experience
one of expectations and excitement. Make sure you choose
someone who will listen and guide you through every step of the
process. Your Realtor will prepare you and present you with
opportunities so that you will be successful in your search for
a home. Preparedness + Opportunity = Success!
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