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Pre-Approval:
While
knowing how much you can afford is the first step, sellers
will be much more receptive to potential buyers who have
been pre-approved. You'll also avoid being disappointed when
going after homes that are out of your price range. With
Pre-Approval, the buyer actually applies for a mortgage and
receives a commitment in writing from a lender. This way,
assuming the home you're interested in is at or under the
amount you are pre-qualified for, the seller knows
immediately that you are a serious buyer for that property.
Costs for pre-approval are generally nominal and lenders
will usually permit you to pay them when you close your
loan.
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List of
Needs & Wants:
Make 2 lists. The first should include items you must have
(i.e., the number of bedrooms you need for the size of your
family, a one-story house if accessibility is a factor,
etc.). The second list is your wishes, things you would like
to have (pool, den, etc.) but that aren't absolutely
necessary. Realistically for first-time buyers, you probably
won't get everything on your wish list, but it will keep you
on track for what you're looking for.
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Representation by a Professional:
Consider hiring your own real estate agent, one who is
working for you, the buyer, not the seller.
1. One or more detailed maps with your areas of interest
highlighted.
2. A file of the properties that your agent has shown to you, along
with ads you've cut out from the newspaper.
3. Paper and pen, for taking notes as you search.
4. Instant or video camera to help refresh your memory on
individual properties, especially if you're attending a series
of showings
5. Location: Look at a potential property as if you are the seller.
Would a prospective buyer find it attractive based on school
district, crime rate,
proximity to positive (shopping,
parks, freeway access) and negative (abandoned properties,
garbage dump, source of noise) features of the area?
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Be
Objective: Instead
of thinking with your heart when you find a home, think with
your head. Does this home really meet your needs? There are
many houses on the market, so don't make a hurried decision
that you may regret later.
1. Include inspection & mortgage contingencies in your written
offer.
2. Have the property inspected by a professional inspector.
3. Request a second walk-through to take place within 24 hours of
closing.
4. You want to check to see that no changes have been made that
weren't agreed on (i.e., a nice chandelier that you assumed came
with the sale having been replaced by a cheap ceiling light).
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