Buyer Tips
Buyer’s Remorse – Oh No!
No one wants to experience a case of buyer’s remorse. It’s that feeling you’ve either paid too much, or received too little. In most cases, there is no recourse for the buyer once the contract has been signed and inspection contingencies removed. Why do people suffer from buyer’s remorse? The answer is relatively simple; such persons most likely engaged in a transaction without doing their homework.
The best way to feel good about the house you purchase is to properly prepare. The purchase of a home is a significant investment, both monetarily and emotionally. The tips below are designed to provide you with some pointers so your home purchasing experience progresses smoothly, without buyer’s remorse; resulting in you being a happy new homeowner.
Select Your Coach
Buying a home ranks at the top of a person’s largest investments. In order to make sure your investment in a home goes smoothly, it is important you select the right Real Estate Agent to represent your interests. The right Real Estate Agent will be someone whose experience and personality makes you comfortable. He or she will act as your Coach during the home buying process. You should try to find an Agent that is familiar and knowledgeable about the area you plan on moving to, as well as the price range you plan to be in.
Lender Pre-Approval a Must
Do you already know how much home you can afford? There is nothing more frustrating than looking for a home, finding the perfect one, then discovering it is out of your price range. Speak with a lender up front to learn about the different financing options available to you, as well as what they are willing to lend you (and what you are comfortable borrowing). Once you find the right mortgage lender, get the paperwork processed (pre-approval) before you start looking at homes. Your Real Estate Agent will need a lender’s Pre-Approval Letter to submit along with the offer on the house you hope to buy.
Hold On to Your Plastic!
When determining the amount of home you can afford, a mortgage lender will use your monthly debt-to-income ratio to determine the percentage of your pre-tax income that you spend on existing debt. Your debt ratio will include: estimated monthly housing costs, car payments, credit cards, student loans, and any other installment debt. WARNING: If you take on more debt before closing on your home it will have an impact on the amount of the loan that the lender will finance, which could impact your ability to buy the home you’ve chosen!
Sign up for MLS Property Watch
In order to make an educated decision you need to know what type of homes are available, and how much they are going for. You can browse all the Active Listings from my website. Once you have found some homes you like, save those searches and sign up for property watch so new listings will be emailed to you. The best homes move fast! We’ll make sure you’re on top of the available inventory so you do not miss out. Let us know if you have any questions on how this feature will benefit you.
Ask the Right Questions
No one knows their home better than the seller. However, it is not always in the seller’s best interest to disclose all information. With the help of your Real Estate Agent, you may be able to find out why the seller is selling and their level of motivation. This could help in negotiating a better price and better terms for you. Your Real Estate Agent should also inquire on the last time service was performed on the roof, furnace, water heater, A/C, etc. If your Agent is asking the right questions it could end up saving you a lot of money and/or help you get a better buy.
Hire a Pro Home Inspector
The last thing you want to discover after you have bought a home is that you now own a money pit. By “money pit” I am referring to a home filled with defects which will cost you more and more money over time. One way to avoid this possibility is by hiring a professional Home Inspector; one who is licensed and of good reputation. Your Real Estate Agent may be able to suggest reputable Home Inspectors, or you can easily Google search for Top Home Inspectors in your area. Make sure to read the reviews because there are many Home Inspectors to choose from. The Home Inspection Report can also be utilized by your Real Estate Agent to possibly re-negotiate the terms of your home purchase based upon the findings.
Jeff Scislow – with over 3 decades of experience and over 3000 home sales – is just a phone call or email away and is standing by to assist you through the Home Buying Process!