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How Much Can I Afford? |
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Don’ts for the Home Buyer
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Don’t wait for the perfect house. Compromising & prioritizing are
essential elements of the buying process.
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Don’t buy before comparison shopping…especially if you’re new to
the area.
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Don’t write an unrealistic offer or you will simply be helping
someone else’s offer look good (too low of a price…too many
contingencies).
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Don’t feel a need to negotiate if a property is new to the market,
priced right and popular…the good ones often go quickly and at
full or close to full price.
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Don’t think all real estate agents and companies are created
equal. Find a
Realtor®
(like me) who is passionate about what they
do and works to ensure your best interest in the deal - not theirs.
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Don’t be afraid to write an offer above or below the asking price.
Offer what it is worth to you. Remember...everything is
negotiable.
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Don’t work with more than one agent. Find one you like and stick
with them.
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Don’t wait for the perfect time to buy. The best time to buy is
when you have found the right home - and you'll know when the time
comes.
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Don’t get too many people involved in your buying decision. Many
transactions are lost while you're busy soliciting other people for
their opinions. Act quickly to get the property you desire.
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Don’t wait until you find a home to start looking into mortgage
loans. Being prepared with a mortgage will give you the upper hand
to submit a solid offer by letting sellers know you are very serious.
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Tips for First Time Home Buyers: |
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Be pre-qualified by a lender.
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Obtain a mortgage pre-approval.
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Have the necessary funds available to write an initial earnest
money check.
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If you are receiving a “gift letter” for a portion of your down
payment, be sure to have the money transferred into your savings
account.
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Have the remaining money for your down payment easily accessible.
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Pay balances on revolving credit cards.
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Never make a big purchase (such as a car or new furniture) prior to
getting loan approval and closing on your new home.
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Have a credit report run by a mortgage lender or credit agency so that you can clear up
any potential problems.
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Find an attorney to review an “offer to purchase agreement”.
Be aware of the dates you can move on.
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Common Closing Costs: |
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Down payment.
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Loan Origination fee and points.
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Appraisal fee.
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Credit report.
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Flood letter.
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Private Mortgage Insurance (PMI) premium.
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Home Owners Insurance premium.
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Mortgage Insurance escrow.
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Property taxes escrow.
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Closing fees.
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Recording fees.
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Mortgage Title policy.
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Mortgage interest adjustment.
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Survey.
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Owner’s Title policy.
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Termite inspection and building inspection fee.
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Tax servicing fee.
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Lender inspection fee.
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Federal Express / Courier fees (if needed).
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Do
I Really
Need to Use a Real Estate Agent or REALTOR? |
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Do you have time to research the residential housing market?
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Do you have the knowledge to integrate and understand the
information available to you?
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Can you integrate the information available on the real estate
Internet sites into useful data that can help you accomplish your
goal?
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Do you have the expertise to negotiate on your own behalf?
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Do you have the ability to find a qualified home inspector?
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Do you have the time to research the home loan programs available in
the market?
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Do you have the time to interview mortgage loan officers?
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Do you have the time and expertise to target market, if necessary,
for the type of property you are looking for?
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Do you know the zoning regulations and building codes pertaining to
residential real estate in the area you are interested in?
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Services I Can Provide: |
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Work with you to find properties that meet your specific
requirements such as location, price and amenities.
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Arrange for appointments and show you the properties you select.
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Provide you with information regarding the price and value of
properties.
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Provide knowledge of the current real estate market and how it
relates to your purchase.
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Prepare an offer to purchase.
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Arrange for appointments and show you the properties you select.
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Provide you with information regarding the price and value of
properties.
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Assist in the negotiation of your selected property.
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Refer you to professional service providers, such as: home
inspectors, legal services, mortgage services, title services,
etc.
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...and many other things
that no other realtor is willing to do.
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Steps to Selecting the Right Property |
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Approach the home buying process objectively - there is no perfect
home; the good ones sell quickly; don’t second guess yourself.
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After viewing each property, ask yourself: what did you like about
it?; what, if anything would you want/need to change? Could you see
yourself owning the property if the price was right?
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Use your judgment, the Market Analysis prepared by your
agent and the option of an Appraisal to your advantage.
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