Buyer Goals

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I recently read an article regarding tips for buyers and sellers to avoid common mistakes in real estate. I have decided to expand on that article a little bit and state what I see as top goals for a buyer.
1. Get a loan pre-approval before starting to shop for a home. Often buyers are reluctant to have their credit run and commit to a lender before finding their dream home. It is extremely important that buyers get prequalified for many reasons: to be sure they are looking at a price range with which they qualify and are comfortable, to check to be sure there are no "surprises" or mistakes on their credit report and to get that all-important pre-approval  letter. If you as a buyer find a home that you want to offer on, be prepared by having that letter to accompany your offer. It shows you have done your homework and are prepared if the offer is accepted.
2. Shop mortgages. There are many fees involved with mortgages and interest rates must be considered. On a loan of $100,000 a 1/2 percent of interest can make a $30-$35 per month difference in payment. On a 30 year note, this can really add up. But another big thing to consider when shopping mortgages is the track record of a lender. I cannot stress the importance of choosing a lender who can get the deal closed on time! A good rule of thumb, use one of the lenders your buyer's agent refers to you! Most agents refer people because they can trust them.
3. Use a buyer's agent. Do not call the listing agent on each and every home. The listing agent works for the seller. You want and need an agent who will represent your interests! The agent you select will be working on your behalf. You need to establish good rapport and have a high level of confidence  in your agent. You and your agent may privately disagree on some minor points but you want confidence that your agent goes to bat for you when needed.
4. Be aware of contract terms. That is again where your buyer's agent can assist you greatly. Know deadlines and understand your responsibilities.
5. Spend the money on inspections. Don't think you can save a little bit by just waiting to see how things go. Inspectors are trained to be an extra set of eyes looking at the details that are important in the home but you may not have noticed because you just "loved" the house.

Finally, if you want a good buyer's agent, the Knott Team is here to serve you. Carol, Erol and Russell will represent your interests and "Work 4 You!"
Categories: Home BuyingGeneralEducation
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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