10 Secrets to buy real estate
1. Check your credit - Before you apply for a home loan, it is a good idea to obtain a free copy of your credit report. If there are errors or things that need to be corrected, address them now as they take time to get done.
2. Get "Pre-Approved" - Not "Pre-Qualified!" - Do you want to get the best property you can for the least amount of money? Then make sure you are in the strongest negotiating position possible by being pre-approved and ready to act.
3. Loan documents - The loan officer will need for you to: (a) fill out a loan application; (b) provide last two years tax statements and W-2 forms; (c) provide copies of last two month's pay stubs; and, (d) provide copies of last two months of all financial statements (bank, credit union, 401K, etc.).
4. Define your monthly budget - Decide how much you want to spend. This will help you define what price range to look in to find the property.
5. Sell your property first, then buy the property you want - If you have a house to sell get it on the market and sell it before selecting a house to buy! Contingency sales are not as strong as one that comes in with a ready, willing and able buyer.
6. Know what you want - Make a list of things you want in the new place. Then make a list of the things you don't want. You can use this list as a guide to rate each property that you see. The one with the biggest score wins!
7. Don't be pushed into any house - Your Buyer's Agent should show you everything available that meets your requirements. Do not make a decision on a house until you feel that you have seen enough to pick the best one.
8. Check out the schools in the area - Don't forget to check into the School Districts of the area you're considering. Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc.
9. Learn about the neighborhood - Based on your ideal criteria for a community, define the areas where you will look based on what is important for you.
10. Be prepared to act fast! - If you find something you really like, make an offer! Chances are that someone else may like it and it could be gone the next day. Do not keep looking for the sake of looking. Your objective is to find a property. Please fill out the form below so we can help make this a reality for you.