I love cool tile floors on a hot day, or a gorgeous mosaic in a kitchen. I enjoy a wonderfully created pattern, attention to detail, and worry-free craftsmanship. But wait, what does this have anything to do with home buying? Well, as much as I enjoy a quality Spanish or Italian stylings, and have a general idea of how to lay tile (my brother is a wizard with masonry), I am no professional!
Similarly, most people know what they like, and a general understanding of the home buying process, but they want to do it right! Folks want to find the right house, negotiate the best purchase scenario, secure the best loan, and so on. Making the right choices can save time, money and potential headaches. Regardless of if this is your first home purchase, or practically an expert, process is pretty much the same:
- Discuss financing with a lender
- Determine your needs
- Choose the right Realtor
- Find the property
- Make and negotiate an offer
- Remove any contingencies (ie, inspections)
- Close & move in
Talk with a lender. Regrettably, some people (even experienced buyers) skip over this step. They find a terrific house, only to realize they can't obtain a loan or afford the payments for that property. Lenders have tightened their criteria re. This important first step is sometimes skipped over by even the experienced buyer. Nothing can be more disappointing than finding a home that you love only to realize that you either cannot obtain a loan or you cannot afford the payment for that property. Lenders have tightened their criteria in the last year. Even if you currently own a home it may be difficult to obtain a new loan with a payment you can afford.
Consider your needs vs. your wants. This includes location (where do you need to live vs. how far are you willing to commute). Do you need a garage can you get by without one? Is a pool a must or would you like to have a pool? Some “wants” can be difficult to locate in some price ranges. Knowing what you cannot live without can be very helpful when beginning your home search.
Choose a Realtor. Choosing the right representation can make all the difference! Not all real estate agents are created equal. My tagline, "Thousands of realtors... only one Ruben" was created by my wife. She HATED Realtors because of bad professional service she and others she knew had endured (prior to ever meeting me, of course). Experience, expertise, and yes, even honesty, can vary greatly. Is your hairdresser's, cousin's, agent neighbor really the best choice for you? Experience and reputation matters!
Another common mistake is that a potential buyer will locate the property before locating an agent. Or viewing a lot of properties with several different agents. Once you have been shown a home by an agent, that agent is considered to be working with you for that particular property as "procuring cause". This can be a difficult situation if you locate the perfect home but you you don’t feel comfortable working with the agent that showed you the property.
I'll be discussing the remaining steps in Home Buying - Step Dos
I'm here to help! For FREE online resources, visit Only1Ruben.com and HelpForHamptonRoads.com today. Or you can email me at only1ruben@hotmail.com or call me directly at 757-581-9058. Put my expertise to work for you!
