Troy Reeves & The Reeves Team would love to help you find your dream home. Before you start your shopping on that perfect home there are a few initial steps to take.
As you begin looking at homes both on the internet and with your agent, you need to be prepared when you find a home you want to not only look at, but put an offer on.
Once you are ready to make that offer, you as a home buyer will need to provide information to the home seller that you are qualified to purchase their home.
As you are excited to purchase, they are excited to sell and move on to the next stage of their real estate endeavors.
Below are some things you as a buyer should take into consideration to be prepared to make that offer?
• Where is your mortgage coming from?
To show sellers that you are a serious buyer you want to get “pre-approved” for a loan. Having pre-approval lets the seller know that you have met with a banking individual and it shows what you are qualified for and if seller assistance is needed. It also provides a guideline as to how long it will take to finish the loan.
It is recommend that when you review the various loan programs that you make sure you have a clear understanding of the terms so no surprises arise during the loan process. When you meet with a mortgage adviser, be prepared for them to run & review your credit score. They may suggest some items you might need to take care of in order for you to increase your credit score. Here at The Reeves Team we have seen when buyers are all set to purchase a home go under contract and along the process make a purchase that should have waited, that purchase causes their credit score to drop and then no longer qualifying for the home they were in the process of buying.
• How much do you want to spend on a house?
Besides thinking about how much you want to spend on a home, you should take into consideration how much your monthly payment will be. You want to make sure you have enough to not only make your house payment, but enough available funds to pay all your financial commitments.
When meeting with your lender you may find out that you are approved for more than you had thought about spending. Troy Reeves & The Reeves Team wants to remind you that while you receive approval for a certain amount, doesn’t mean you need to spend that full amount. You want to decide on a price & payment that will keep you in budget with all your other financial commitments.
• Do you have a “dream” location you would like be live near?
You may have a desired location you would like to be near. Here at The Reeves Team we have implemented various search tools that will help you look for homes at your price range in your desired location.
• How important is keeping on schedule?
Once you are under contract and have a scheduled closing date. You want to make sure you do what is necessary to insure that closing date is met.
There are certain deadlines that your Realtor will help you keep when it comes to inspection periods. As a buyer you want to work closely with your lender to make sure you meet their deadlines as well. Often times we see buyers not submitting paperwork in a timely manner, which in turns requires the lender to ask for additional time to finish the loan.
• Is it possible to agree on everything?
During a real estate transaction there are many terms to come to agreement on. At times buyers & sellers will need to be ready to make comprises in order to get the deal to go through. All parties involved will need to come to an agreement on the closing date. All repairs items will need to be agreed to in order to move forward and complete the sale.
• What condition home do you want to purchase?
Are you thinking about purchasing a home that needs some TLC? As a home buyer before choosing a home that needs some fixing up, you want to think about how much time & energy you have to focus on those items.
Purchasing a home that does not require repairs may cost a little more, but it also leaves you time and possible additional expenses if you choose getting a home that needs TLC in the condition you want.
If you are a person that loves to make the home your own, purchasing on that needs TLC will allow you to add your personal touches and make it a project of love. Just make sure you do your research on remodeling guidelines in your area of purchase. Before making an offer on a home that requires some improvements there are some things to take into consideration. If there is a mortgage involved there could be lender required repairs that might be required prior to closing. Also, if you are thinking about making some drastic changes to the home, there could be some community rules or town laws that would have to be followed.
Troy Reeves and the Reeves Team wants to help make sure your home purchase experience is as enjoyable and stress free as possible. As a buyer you want to make sure all your concerns and questions are answered by not only your realtor, but by your lender as well.
Purchasing a home is a team endeavor.
Make sure you have a strong educated team working with you.