A pre-approved mortgage allows you to look for a home knowing that you have the financial backing when you are ready to make an offer on a home. If you are a first time home buyer, remember, shop around for a mortgage rate and terms that you are happy with.
Not Knowing the Market and Paying too Much
Know when putting an offer in on a home what the Real Estate Market has been doing. Do your homework. Compare similar properties and see what they have recently sold for. Your Realtor is ready, willing and very capable to help you decide on a reasonable offer price.
Obtaining a Home Inspection
A home inspection is one of the most valuable tools when buying a home that you can utilize. An inspection by a qualified home inspector will ensure no big surprises in the future. A home inspection can only assist you with your purchase, there is no reason not to have one done before buying a home. Usually ranging between costs of $300-$400, clients often say this is money well spent and definitely peace of mind.
By utilizing a Realtor to help you find your home they will be able to offer valuable assistance. They can help you with your offer price, will walk you through the entire buying process, represent your best interests at all times and offer valuable advice.
Know the Hidden Costs
There are many closing costs associated with buying a home that go beyond the required down payment. Fees include land transfer tax, home inspections and legal fees, etc. Closing costs add up quickly, cost a considerable amount of money and will be required in order to purchase a home.
If the market is hot, you may not have much time to make your offer before someone else makes an offer of their own. When looking for homes you should be aware of what the current market situation is so that you can be prepared to act accordingly when you find a home that you really want.
Disclosing Information to the Seller or their Agent
The only person you should disclose certain information to is your own Realtor. Telling other people important information about your offer and your preferences can negatively affect the success of your offer. For example, telling the seller's Realtor how high of a price you are willing to pay compared to your current offer can result in the sellers signing back the offer at your maximum price. The seller's Realtor is acting in the best interests of their own client after all.
Buying a home or property can be both exciting and a bit scary, especially if it is your first time. If there is anything that we can do to make buying your home easier and more enjoyable.
Please do not hesitate to call me.
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