After more than a year of headlines talking about how home prices are going to crash, the latest data shows that price growth may be starting to pick back up again. And depending on whether you;
Some Tips for Home Buyers
Dated: September 10 2020
Views: 50
Finding a home
- #1---Get your finances in order. If financing the home-Work with a lender to get preapproved for a loan. Preapproval will let you know the price range you can look in and also approximate monthly payments you can afford. You will have more leverage over someone who is not preapproved during negotiations when making an offer on a home. Your real estate agent and title company may require it if an offer is accepted on a home. If paying cash for a home a “proof of funds” letter is required. It is a statement from your lender stating that you have enough funds to cover the sale.
- Make a list of your wants versus needs in a property.
- Do internet research and find a few properties that look like they meet your needs.
- Do a drive by of the properties you select to make sure the neighborhood looks suitable. If the neighborhood does not look good to you, you won’t waste time looking at the inside of the home. Do not walk around the property or try to go inside without an agent! You are trespassing!
- Once you find 3 or 4 good prospects hire a Realtor to be your Buyer’s Agent by signing a Buyer’s Agency Agreement. They have access to all the homes for sale on the Multi List Service and can schedule appointments to see the homes. Once you find a home you like it is time to make an offer.
- Do not take out any new loans, make large purchases, get new credit cards etc. when you decide you are going to buy a home. It can affect your credit rating and adversely affect your ability to get a loan.
**Disclaimer – I am not a lawyer and this information should not be considered legal advice. You should seek appropriate counsel for your own situation. **
Joe Fester
I grew up on a dairy farm in Missouri, just northwest of St. Louis. Getting up before sunrise to milk cows wasn't exactly glamorous, but it taught me the value of hard work, keeping your word, and not....
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