Pre - Qualification
Have a conversation with a mortgage broker to find out how much you can afford to pay for your new home.
A. Pre - Approval
Knowing how much you can afford is the first step in the process, but as a potential buyer who has been pre-approved shows a seller and agent you are ready to buy. Also, the pre-approval letter helps the agent know what price range to show potential buyers. The pre-approval letter stats that a buyer has applied for a mortgage and received a commitment in writing from a lender. This way, assuming the home the buyer is interested in buying is at and within the price range you are pre-qualified for, the seller knows immediately that you are a serious buyer for their property.
B. You will be Represented by a Professional
The buyer has the right to choose who they would like to work with when buying a home, Do your research, your goal is to make sure the agent has your best interest at heart. Select 3 agents, meet with them and ask question to see if the agent is right for you. Always remember, the agent works you, the buyer and not the seller.
C. Make a List of Your Family Needs & Wants
Sit down with your family and make 2 lists. The first list should include all items you need in a home. For example, the number of bed and bathrooms you need for the size of your family, The second list should include your wants, these are the things you would like to have in your home. For example, items should as a pool, these are items that are not absolutely necessary but would make you happy if they were included in the home. As a first-time buyers, be aware that you probably will not get everything on your wish list, but it will keep you on track for what you are looking for. Also, try to visualize the home with your items and does the layout fit your needs.
D. Focus & Organization
In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:
01. In a convenient location, keep handy the items that will assist you in maximizing your home.
02. A file of the properties that your agent has shown to you, along with ads you have cut out from the newspaper.
03. Paper and pen, for taking notes as you search.
04. Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.
05. Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district,
crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?
E. Be Objective
Most first time home buyers go into a home thinking with their heart but think with your head. Does this home really meet your needs? There are many houses on the market, so don’t feel rushed in making a decision but your agent should present you with homes that fit within you budget and baseline needs. Don't make a rush decision you may regret later.
F. Be Thorough
A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:
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01. Include inspection & mortgage contingencies in your written offer.
02. Have the property inspected by a professional inspector.
03. Request a second walk-through to take place within 24 hours of closing.
04. You want to check to see that no changes have been made that were not agreed on (i.e., a nice
chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).
Are You Ready To
TO BUY A HOME?
You can entrust your home making decision with Richard and the team at Richm Mgmt. Richard has the insight and knowledge to ensure you make the best home buying decision for you and your family.