Get Ready To Buy

Looking around and exploring real estate will help you get an idea of how sellers are pricing their homes. Then, take it one step further and find out how much the homes you looked at eventually sold for and how long it took for the seller to get an offer. If possible find out what the terms were such as AS-IS, cash, short escrow period, or did the seller pay for repairs. If you notice the buyer used an FHA or VA loan, chances are the seller had to do a lot of repair work before closing. After viewing what has sold in the area you are looking, you can shape what you are willing to put into a home to get it updated, decorated, landscaped, and finished according to the way you want it. If you want move-in-ready, be clear as to what that means for you and if it is realistic in the areas you are looking. Some older communities have not been updated or just barely.

You don't want to make an offer and suddenly be bound to deadlines you don't quite understand and risk your earnest money so my advice is to do some reading ahead of time. CAREFULLY review a purchase contract LONG before you make an offer. Know the process from making an offer to the close of escrow and getting the keys to your home. Discuss with your Realtor the details of an inspection, usual length of time for an inspection, the appraisal process and when to do it, the buyer's inspection and notification response time and how your earnest money is protected. Understand your warrant-able items and personal items and everything you are buying. Knowing all of this in advance will allow you to feel comfortable and confident about the deadlines and what you have obligated yourself to do. When you see something you want, don't hesitate. Make the offer.

Now, before any of the above begins, see a Lender about your qualifications for a loan. There are many different types of products out there. When you make an offer, you will need to show proof of your ability to obtain a loan or if you are buying with cash, you will need proof of funds. This information will be in writing and placed with your offer. Without it, your offer doesn't stand a chance of being taken seriously. If it is a short-sale or Lender owned property, no matter how good your offer looks on paper, without proof of funds it isn't worth the paper it is on. So, make sure you are ready.

Allow time to buy a house. It takes time to inspect a home. Negotiation doesn't end with the purchase agreement. In fact, I think that is the easiest part. The inspection period can bring up a lot of information that may change the worth of the home. There is more to negotiate. Getting to a final close isn't simple. Make sure the person who represents you is persistent and available by phone. However, you too must make yourself available and able and ready to make decisions and meet with your Realtor to go over details throughout escrow. This is an important financial investment so be ready to invest your time as well.