Buying
Tips
What is your buying power? Buying power is financial reserves,
plus your borrowing capacity. If you give a REALTOR® some
basic information about your available savings, income
and current debt, they can refer you to lender best qualified
to help you finance your real estate purchase.
Finding The Perfect Home
Once you have determined how much you plan to invest,
your next step is to find the property or properties that
best suit your needs. Sometimes, a property is available,
but not actively advertised on the market. Using a REALTOR®
to help find the perfect home will help ensure that you
are getting access to all the listings available in the
Multiple Listing System (MLS).
Selecting
The Perfect Home
Making the final selection of the property you are going
to buy can be both an exiting and frustrating experience.
Your continued happiness with your choice is in direct
proportion to knowing what you’re getting into. Using
a REALTOR® can ensure you get the ins and outs of zoning,
utilities, school zone information, local community information,
resale value, etc., and help keep you from unpleasant
surprises. There is no substitute for the right information.
Negotiating
Most Americans are not trained to negotiate a purchase
price. In many circumstances, negotiating a price can
even be perceived to be rude. How many of us feel like
we may have been “taken for a ride” when buying a car?
A good salesman always knows when a customer is “hooked”
and really wants to buy. That’s when most people don’t
negotiate for fear of loosing the item they wanted.
Your REALTOR® knows that there are myriad factors that
can be negotiated when purchasing real estate, including:
price, financing, terms, date of possession, inclusion
or exclusion of repairs, furnished or non-furnished, equipment,
and more. Your purchase agreement should also provide
an adequate period of time to complete inspections and
investigation of the property before final completion
of the sale.
Due Diligence
Completing an evaluation of your property may include
inspections for termites, dry rot, asbestos, faulty structure,
roof condition, septic tank and well tests, carbon monoxide,
lead paint, and more. A REALTOR® can provide you with
a list of qualified professionals suited to the needs
of your property. In addition, you will want to see a
preliminary report on the title of the property. Title
indicates ownership of property, but can have limitations
on easements, for example, and may not be clear on the
status of past owners. A REALTOR® can help you resolve
issues like these before they cause problems at a later
date.
Financing
Once you have chosen a property you will need to secure
financing. Your REALTOR® can help you both to understand
the different financing options and to identify qualified
lenders.
Closing
It’s probably the most terrifying part of every real estate
transaction. Sometimes, all it takes is one little problem
to make the whole deal unravel. Remember, every area has
its own unique ways of doing things. In some places, the
title or escrow company will handle this process. In other
parts of the country, an attorney does it all. Your REALTOR®
can help guide your transaction over the hurdles to ensure
the smoothest closing possible. |
