These 5 essential real estate rules for homebuyers are a good guideline to follow if you are thinking of purchasing a home.
1. Don’t make an offer without getting pre-qualified or better yet, pre-approved: Getting pre-qualified basically means you’ve spoken to a lender, given them some information regarding your income, debts, and assets and they give you an overall picture of how much mortgage you can afford. It’s fairly simple and can be done over the phone or on the internet and there is no fee. It does not include an analysis of your credit report or your ability to purchase a home. Getting pre-approved is the next step, and it tends to be much more involved. You’ll complete an official mortgage application (and usually pay an application fee), and then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. We submit all purchase offers with proof of pre-qualification/pre-approval and require the same for our listings.
2. Hire a Realtor®: Buying a home is one of the biggest investments you’ll make and as a Buyer it costs you nothing. Our fees are paid by the Seller of the home you are purchasing. We have the expertise to negotiate on your behalf, execute contracts, help to identify any potential problems and walk you through every step towards closing.
3. Put down earnest money: Generally around 1% of the sales price for our market, it shows the Seller you are a serious home buyer.
4. Sell yourself: Sometimes in a competitive market, writing a heartfelt letter to the Seller about how much you love the home helps to tip the scales in your favor.
5. Tour the home in person: The internet is a tremendous tool in today’s real estate market but pictures, videos and 360 online tours just cannot compare to seeing the home in person.