Homes, Communities And Value As for what to expect in questions, some of it will be a bit personal. By talking about these topics the buyer actually clarifies in their mind what they want in a home. It also gives the buyer's agent the benefit of getting a clearer understanding of the homes they may have an interest in and those they won't. The buyer's agent will stay busy educating you on the whole process of home purchasing. This includes helping them find a lender to seeing what type of loan they would like to get and what price range they are qualified to purchase in, to explaining the current market, how to write an offer, what escrow is and what happens during escrow, what a home inspection does, to everything I feel will make that potential buyer more comfortable about being in the real estate market place. Believe it or not, many, many properties are receiving multiple offers, and it is best to be very prepared in order to compete. Hiring your agent won't cost you a thing as those fees are paid for by the builder or the home seller.
Get yourself preapproved for a loan six months in advance. The loan letter usually lasts for up to 90 days. If you haven't found anything by the time it expires your loan officer can issue a new letter. Once you are actually ready to pull the trigger you will be confident because you are already pre-approved and you will already know your target market's price range as well as what you will need to bring to the closing table and how much your monthly payment will be. If you have gotten yourself started by speaking with your lender and getting prequalifed, and then hiring a buyer's agent to represent you, then you are off to a fine start in buying your home. Ideally, most folks would like to purchase a home in a nice neighborhood that has fun things to do nearby. For example, great restaurants, shopping, nightlife, entertainment, etc. are usually all important to a lot of buyers. Many will not prefer being in or close to densely populated areas, such as downtown. The criteria you give your buyer's agent needs to be a bit more exacting on the type of home you would want to live in and the neighborhoods that you feel would be the best fit. Every real estate transaction has closing costs, there are reoccurring and non-occurring costs that include such fees as title and escrow costs. However, when you pay cash the closing costs are generally cheaper than if you were to get a mortgage to pay for the home you are buying. Have your lender give you a good faith estimate which will provide you with a breakdown of all the fees you will be paying at closing as well as what type of downpayment you will need. The closing costs that you have can typically be negotiated in to the contract at the onset. This will free up your other cash to go towards the down payment. The way you can make sure the house your buying is priced correctly is to have your buyer's agent do a comparative market analysis for you. Valuation in Homes And Neighborhoods