Tips For Purchasing A Home

A few months before you start searching for a new home, obtain copies of your credit report and fix any problems that may show up. Ultimately, you want your credit history to appear as clean as possible. Also consider canceling any unused credit cards as they count against your credit score.

Meet with your loan officer to discuss your financial status. The loan officer can "prequalify" you for the home you are interested in or determine what the maximum price is that you can qualify for. You may be issued a certificate to present to a seller when you are negotiating. The certificate gives the seller confidence that you are prequalified and gives you a big advantage over other buyers.

Location of the property is the #1 factor to consider when purchasing a property. Good schools contribute a large portion to maintain resale value. This is why experts recommend that you buy in a good school district even if you do not have school-age children. Also find out if flood insurance is required for the specific property, you might be surprised at flood zone boundaries.

Consider looking at the property more than once and at different times of the day. You may notice something different about the house or neighborhood at different times of the day or week.

Ask the seller or agent how the asking price of the property was determined. The most accurate reflection of market value is how much comparable properties in a comparable neighborhood have sold for in the past few months.

How long has the property been offered for sale, have there been any price reductions and have there been any other offers on the property. Answers to these questions indicate the seller's willingness to negotiate.

Ask for a list of recent improvements that have been made to the property. This provides a good understanding of how well maintained the property has been. Specific areas to focus on are; the furnace and air conditioning, water heater and roof. Without an understanding of the age/maintenance of these items it is difficult to form an accurate opinion of their condition. Also review the Seller's Disclosure Statement carefully.

If we can be of any assistance in the home buying or selling process, please feel free to Contact us. Good Luck with your purchase! Hit Counter

This page contains basic opinions of buying and should not be considered a complete

This page contains basic opinions of buying and should not be considered a complete checklist.