Buying a home is typically the biggest financial investment that people ever make, so it is important to consider this purchase very carefully. While it can be a difficult and stressful process, there are ways to minimize your frustration and find the most ideal home for you and your family. Here are some home buying secrets and tips that can help you along the way.
Many people get pre-qualified for a loan before they start the home search, but you really need to be pre-approved for a loan. This means that you actually have sat down and met with a lender, and that person has determined an amount that the financial institution will be willing to lend to you for the home loan. The determination for this is based on a careful study of your finances and income over the last few years. Once you are pre-approved, it means that the home buying process can be faster because that step is already out of the way. Another reason to be pre-approved is because it gives you more power when making an offer, as the seller is more likely to agree to your terms if you already have loan pre-approval.
Knowing what you really need and want in a home is important, so make a list of all the things you are looking for, including size, location and amenities. While this is crucial information, don't expect that you will find a home that fulfills 100% of your list. No home is perfect, but many homes can be a great fit for your family. Resist the notion that you have to "fall in love" with a home before you buy. Often when we get too enthusiastic with a property, we tend to ignore areas of concern and negotiate poorly. It is always wise to consider the pros and cons of every house you see and create a short list of potential candidates. That way, if your first choice falls through, you will still have several others to consider.
When you are ready to make an offer on a home, there are many items to take into consideration before you decide on a purchase amount. You need take into consideration the comps in the area, as well as the location and condition of the home. Comps are important, but they aren't always showing the whole picture. For example, perhaps the home you like has a much better view than the other comps or maybe this home is completely upgraded and move-in ready. On the other hand, maybe the house you want needs some major updating while the competition includes mainly updated homes. Either way, you can certainly always ask less than the asking price, and you shouldn't feel shy about asking for less. Obviously a ridiculously low number would be insulting, but there is no harm in asking for less.
Be prepared to walk away from a home. You might really love it, but perhaps the owners will counter with an offer that is just too costly or perhaps the inspections will reveal issues that you simply don't wish to handle. Sometimes a seller will cave and give you the price you want, even if you have to wait a week for the result. Sometimes, they'll even offer to fix problems or put money in an escrow account for repairs. If not, then that's ok too, always remember that there are other homes on the market and simply keep looking.
For people looking for homes in San Francisco's East Bay and throughout Contra Costa and Alameda counties, it is a good idea to contact the real estate experts at 1stInSite.com before you begin your search. They can help you find Danville homes for sale, Orinda homes for sale, Walnut Creek homes for sale, Alamo real estate, Lafayette homes for sales, Moraga real estate and homes in all other East Bay cities.
Many people get pre-qualified for a loan before they start the home search, but you really need to be pre-approved for a loan. This means that you actually have sat down and met with a lender, and that person has determined an amount that the financial institution will be willing to lend to you for the home loan. The determination for this is based on a careful study of your finances and income over the last few years. Once you are pre-approved, it means that the home buying process can be faster because that step is already out of the way. Another reason to be pre-approved is because it gives you more power when making an offer, as the seller is more likely to agree to your terms if you already have loan pre-approval.
Knowing what you really need and want in a home is important, so make a list of all the things you are looking for, including size, location and amenities. While this is crucial information, don't expect that you will find a home that fulfills 100% of your list. No home is perfect, but many homes can be a great fit for your family. Resist the notion that you have to "fall in love" with a home before you buy. Often when we get too enthusiastic with a property, we tend to ignore areas of concern and negotiate poorly. It is always wise to consider the pros and cons of every house you see and create a short list of potential candidates. That way, if your first choice falls through, you will still have several others to consider.
When you are ready to make an offer on a home, there are many items to take into consideration before you decide on a purchase amount. You need take into consideration the comps in the area, as well as the location and condition of the home. Comps are important, but they aren't always showing the whole picture. For example, perhaps the home you like has a much better view than the other comps or maybe this home is completely upgraded and move-in ready. On the other hand, maybe the house you want needs some major updating while the competition includes mainly updated homes. Either way, you can certainly always ask less than the asking price, and you shouldn't feel shy about asking for less. Obviously a ridiculously low number would be insulting, but there is no harm in asking for less.
Be prepared to walk away from a home. You might really love it, but perhaps the owners will counter with an offer that is just too costly or perhaps the inspections will reveal issues that you simply don't wish to handle. Sometimes a seller will cave and give you the price you want, even if you have to wait a week for the result. Sometimes, they'll even offer to fix problems or put money in an escrow account for repairs. If not, then that's ok too, always remember that there are other homes on the market and simply keep looking.
For people looking for homes in San Francisco's East Bay and throughout Contra Costa and Alameda counties, it is a good idea to contact the real estate experts at 1stInSite.com before you begin your search. They can help you find Danville homes for sale, Orinda homes for sale, Walnut Creek homes for sale, Alamo real estate, Lafayette homes for sales, Moraga real estate and homes in all other East Bay cities.
About the Author:
Madeleine Glazier enjoys writing about the real estate industry. If you are looking for Alamo real estate agents, or to discover Alamo homes for sale, please go to the 1stInsite.com site now.