-
Use the
services of a professional Realtor - In most cases commission
compensation is paid by the seller or the listing agent. Therefore
use of this valuable service is free to the buyer. An experienced
Realtor will utilize the multiple listing service to locate a home
for you in the area of town you are interested in. The Realtor will
also prepare purchase offers, and skillfully negotiate contract
terms.
-
Know
the different types of real estate brokerage relationships that
are available - some of the ones that may exist are seller
agency, buyer agency, or transaction broker. Determine which one
is best suited for your particular situation. For example, a buyers
agent would negotiate and advocate strictly on the buyer's behalf
whereas a seller's agent owes a fiduciary duty and loyalty only
to the seller.
-
Be pre-qualified
before looking at a home - determine your credit status
and know how much of a home you can afford before you start looking.
Taking this important step can prevent a future disappointment.
-
Know
your contractual rights and obligations - make sure you
understand the terms and provisions of your sales contract. Vague
or omitted provisions can become future problems.
-
Don't
delay your home buying decision - waiting for interest
rates to come down or waiting for events to occur that you have
no control over is a mistake. Usually the amount of money you'd
save from an interest rate decrease is small, compared to lost appreciation
and the tax advantages of home-ownership.
-
Ask your
mortgage professional what types of special programs are available
to first time home buyers - there are many low or no money
down financing options available. This alone can save you thousands
of dollars.
-
Choose
a fixed rate mortgage when rates are low
-
Utilize
the services of a professional home inspector - it's well
worth the money. A few dollars spent up front may save you thousands
of dollars in future repairs. Often the seller will pay for some
or all of any needed repairs.
-
Don't
buy a home with structural damage - unless you have a report
from a licensed engineer and know exactly what the costs of these
repairs are and the probability of reoccurrence.
-
Ask your
Realtor to run a comparative market analysis - this will
tell you what comparable homes in the area have sold for in the
last six months.
-
Never
buy a fixer-upper unless you know the cost of repairs -
you may end up paying more than market value for the home after
costly repairs are completed.
-
Save
your closing statements - points paid by either party may
be tax deductible. For further details check with your tax advisor.
-
School
districts are important - even if you don't have children;
the desirability of a particular district may affect resale value.
-
Don't
get blind-sided by your emotions - buyers and sellers have
different agendas. Be aware of them. Be reasonable and fair in the
negotiation.
-
Contact Us
- If you want your loan done right call or email United Mortgage
Funding (303) 220-0444
4info@umf4loans.com
United
Mortgage Funding is an Equal Housing Opportunity Lender