One of the biggest investments in your life will be a home purchase. Whether you are a first time home buyer, an investor, or you're looking for a vacation home there are five things you need in order to be prepared for a successful home search!
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There are many different variables to consider when you are thinking about a move. Many of these variables are tied to a significant life event such as a job relocation, a wedding, a baby, or retirement. It is so important to time your move so that you can maximize your home search and get the right home to suit your needs.
2. A Real Estate Agent
Do you know the proper steps to secure a home? Are you familiar with the legal forms? Do you have good relationships with title companies, home inspectors, and other brokers? A great agent is one that will take the time to listen to your needs and will represent you in negotiations. They will guide you on your home search to keep you focused on purchasing the right home for you. A real estate agent should be able to tell you what the market conditions are, inform you of each step of the purchase, and should provide excellent service. Your agent should be someone that you will want to refer all your friends, family, and co-workers to!
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Are you looking to spend $1,000 per month or $4,000? What is your household income compared to your expenses? It's imperative to know your numbers. If you don't know a loan officer personally, I would recommend reaching out to friends or family for their recommendations.
I have been working with Marketplace Home Mortgage and I have been very pleased. They have a 5 day commitment which means that once you fill out an application and provide the necessary documents, they will underwrite your loan in 5 business days to determine if you qualify for a loan based on your income, credit, and assets. This is a huge advantage as a home buyer and can help address any issues that could surface prior to closing.
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We all know money makes the world go round and it certainly helps to have money saved when you are purchasing a home. The two things buyers pay for are a home inspection and earnest money. A home inspection is something I recommend doing as the inspector will tell you about the age of the appliances and mechanicals. The inspection will also go into further detail about the home and will show any items that may need attention.
Earnest money is something you submit with your written offer to show the sellers that you are interested in the home and that you intend to purchase it. Earnest money shows that you have "skin in the game." This is not the same as a down payment. A down payment is money that you bring to the closing table in order to close on the home. The earnest money you provide with your offer will be deposited into an account and credited to you at closing.
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The most common things that are important to people are the location and the details in the home such as the number of bedrooms, baths, finished square footage, and style of home. Based on the location, interior details, and price, you may not get everything you asked for. A home is a place where you can feel relaxed and safe. It may not have the granite counter tops you were hoping for or the perfectly landscaped yard, but those are things you can add yourself to make it yours! While shopping for a home is a serious task, you should also have fun with it.
To find your dream home or investment property, please contact me!
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