|Home Buyer's Guide
Things Not To
Do Before Buying a Home
When a lender reviews your loan package for approval, one of the
things they are concerned about is the source of funds for your
down payment and closing costs. Most likely, you will be asked
to provide statements for the last two or three months on any of
your liquid assets. This includes checking accounts, savings
accounts, money market funds, certificates of deposit, stock
statements, mutual funds, and even your company 401K and
Delay Buying a Home
Assuming you have the financial resources and
the desire to eventually own your own home, there are very few
good reasons to put off the purchase. You can miss out on years
of appreciation if you do.
Are you Buying
a House? Or a Home?
As you read and study about buying real
estate, you will often find the words "house" and "home"
used interchangeably. There is a huge difference between a
house and a home.
Why Buying a
Home is a Good Idea
As a fairly general rule, homes appreciate
about four or five percent a year. Some years will be more,
some less. The figure will vary from neighborhood to
neighborhood, and region to region.
for A Realtor?
When someone decides it is time to sell their
home, they interview several Realtors from different
companies to determine which one is best for them. They want
someone who will represent them and someone they feel will
do an effective job at marketing their home. However, when
someone decides to buy a home, they usually end up with
their Realtor through sheer accident. Why donít homebuyers
search for a Realtor the same way that homesellers do?
Purchase Real Estate- the Basics
Once you find the home you want to buy, the
next step is to write an offer Ė which is not as easy as it
sounds. Your offer is the first step toward negotiating a
sales contract with the seller. Since this is just the
beginning of negotiations, you should put yourself in the
sellerís shoes and imagine his or her reaction to everything
you include. Your goal is to get what you want, and
imagining the sellerís reactions will help you attain that
- Property Safeguards
Although you have toured the property, looked
at the walls and ceiling, turned on the faucets and played
with the light switches, you have not lived in it. The
seller has years of knowledge about his or her home and
there may be some things you want to find out about as
quickly as possible. For this reason, you will require
certain disclosures as part of your offer.