Tips For Buyers
A few thoughts to ponder when buying property.
Be Smart Get Qualified - Before embarking upon your property search, it is advisable to get pre-qualified with a lender. What does this mean? You will know exactly how much and on what terms a lender is prepared to offer you. This will then give you guidelines for your spending power.
Do The Math - Again before embarking upon your property search, now you have your pre-qualification figures, do a little homework. You know how much you can borrow, but how much can you afford! Get all your monthly outlay down on paper, that means EVERYTHING!! Then you can calculate exactly how much you can spend on your house payment.
Make A List - List what you need and where, what you would like, what would be nice but not essential. Take a little time to put this together, it will help you to organize your thoughts and priorities.
The Most Important Choice Of All - Your Realtor. Now you have all your information together, choosing the right Realtor for you is equally important. You want to know that you have an experienced professional looking out for your best interests, someone you trust and can rely on to identify and show you all the potential properties for sale most suited for your specific needs and requirements. Your choice should be based on your Realtors ability to listen and to negotiate, their expertise and years of experience together with knowledge of the area. See our Mission Statement
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July 2003 - Taken from a North American Precis Syndicate newspaper article - "Buying Made Easy - In the last year, mortgage rates have plunged, making home ownership more attractive than ever. Unfortunately for many, it's also a process filled with questions and options. One of the most confusing parts of the process for many prospective homeowners is closing the transaction. A number of parties may be seated with you at the closing table - it literally does take place around a table. The buyers and sellers are always there, although not necessarily at the same meeting, but title company representatives, real estate agents or brokers and lawyers for both sides may also join you. While each participant plays an important role, differing points of view, personalities and the sheer volume of paperwork each is responsible for often makes the process quite complicated. Working with reputable mortgage, real estate and title insurance professionals can help simplify the process. These three tips can make closing on a home as easy as possible :
Research and understand which is the best loan for your needs, and ask questions in advance. Weigh the pros and cons of no-fee or no-point loans vs. a fixed rate loan or a variable rate loan. Make sure you understand the associated closing costs before coming to the table.
Secure the property through title insurance. A complete title search conducted by a reputable title insurance provider offers the assurance that the real estate investment is free from any claims against the property.
Ensure that the background work is taken care of before closing day. Both buyer and seller are charged with bringing certain items to the table, including, but not limited to; last paid water and tax bills, unrecorded releases of liens or mortgages, fee payment, etc.
Working with real estate professionals to take care of all mortgage, title work, insurance and other necessary items required by law ahead of time allows closings to be well-managed, easy to understand and even enjoyable for all involved."
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Need a little help with Real Estate Terms, go to our Glossary for some quick definitions.
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