How To Buy A Home
Buying Real Estate Prepare Like so many things in life, when it comes to
buying Real Estate, proper preparation is one of the keys to success. Don't want
to find yourself in a neighborhood you don't like? Don't want to be making
mortgage payments on a house in which you are uncomfortable? Don't want to waste
your time falling in love with houses you can't afford? In a word, prepare! One
of your most important tasks will be determining your needs. It can help to
avoid either a nasty disappointment or the pain of buying more house than you
need (or can afford). Distinguishing needs from wants will go a long way in
preventing expensive mistakes in the house buying process. Establish some basic
parameters and stick to them. When house hunting, it is easy to get swayed by
the emotion of the moment--and end up with more house than will be financially
comfortable. Do your mortgage investigation early. Odds are strong that you will
be working with Real Estate Agents when you buy a house. Before you go on a
house search, familiarize yourself with how Agents work and most importantly,
who they represent. Thousands of buyers have made the huge mistake of assuming
that the Agent with whom they were working represented them in the transaction,
when, in reality, the Agent represented the seller. Determining Needs Want to
save a lot of aggravation and possibly a great deal of money when you buy a
house? Spend a few hours determining precisely what your needs are before you
begin your house search. Examples of NEEDS Examples of WANTS · Enough square
footage for comfortable living · Carpeting color, paint color, exterior color,
roof color, etc. · Enough bedrooms to accommodate your family · Pool or Jacuzzi
(unless for medical reasons) ·
Adequate number of bathrooms · Wood floors ·
Eat-in kitchen · Bay windows · Garage or basement for storage needs · Built-in
entertainment center · Lot size to accommodate children's play area · Brass
lighting fixtures · Adaptation for Handicapped · Skylights · Proximity to a
specific school · A pretty view Gameplan If you haven't already done so,
investigate your housing needs and wants to determine what types of houses you
should be considering. Learn who The Players are in a Real Estate transaction so
that you will know who is responsible for what. Get your financial picture in
focus as soon as possible. Get a copy of your Credit Report to see if there are
problems or disrepencies that you need to deal with. Familiarize yourself with
the mortgage process. Get Pre-Qualified from a Mortgage Lender. Do this first.
Your Agent will need your mortgage qualification, and it will significantly
strengthen your offer when you find a home. At LendingTree, you can submit a
quick application, and within 2 business days get up to 4 offers from lenders so
that you can compare terms and rates. Find an Agent that you trust. It is
important to do this before you go rushing off looking for homes or you may end
up with no representation. See the Agent Representation section for an important
discussion regarding who represents whom. When you find an acceptable house,
write a contract. Negotiate your best deal. Make a formal loan application.
Arrange for home inspection. Arrange for closing agent or attorney. Make moving
plans--for an innovative and money-saving approach to moving, click here. Secure
final loan approval and commitment from the lending institution.
