Its the start of a new year. A lot of people make a decision to purchase a new home at some point in the year. This decision is typically filled with excitement and some trepidation. Excitement because big plans have been made and now big dreams will be hatched. Trepidation because even if you've bought a home in the past the real estate market is constantly changing and buyers are at a disadvantage when it comes to current laws and what current home sales means.
My advice is to find a Realtor®! I don't say that because I am a Realtor®; I say that because its always best to find an expert in the field you are needing help in. Realtors® are licensed individuals that are required to stay up to date with current real estate laws and ethics. If they are a good Realtor® they will be current in the areas real estate statistics. A good Realtor® will meet with you prior to ever going out to look at homes. They will have a conversation with you about your home needs and wants. They will touch lightly on your financial situation. They don't need the specifics of what is in your bank account but they do need to know that you are capable of paying for an inspection, an appraisal, and being able to cover a portion of the closing costs associated with buying a home. Typically a Realtor® can direct you to a lender or two or three. You will need to contact one of the lenders and get a pre-qualification of a loan. This means that the lender looks over your financial records and determines what type of loan you can qualify for and how much of a loan you can take out and not be absolutely strapped in the long term. I always suggest that a buyer speak with a lender, make a decision as to which lender they will be using and then ask the lender what documents are needed to be as close to 100% sure of loan closing as possible. There are some lenders out there that will look at your debt to income ration and your credit rating and say you are good to go; then the deal falls apart half way through the contract process because they did not do a deep dive on what is going on with your financials. There are other lenders that will get all of your information, they will gather your paycheck stubs, your bank statements and then have an underwriter look over everything to get a firm pre-qualification. I know this seems like a lot of work, but they are ensuring that they have YOU covered in the financial arena of buying a home. The fun part of buying a home is the actual home viewings. Its always interesting to walk into different homes and see how they are laid out, what did the previous owner do to upgrade the home? Are you able to see yourself living in this home? My suggestion is always this, "If you look at more than 10 homes and still haven't found the one, you need to go back and consider your "needs and wants". You may have realized that what you thought you needed initially is not what you actually need and you need to adjust the type of homes you are looking at." Always keep in touch with your Realtor®! You have hired them for their expertise! I can promise you that they have heard every question under the sun and nothing is to much for them. If you have a question, call them up. Ask the question! Always allow your Realtor® to handle the negotiations with the seller and their agent. They are negotiation experts (we literally take classes on how to negotiate!). Once you find a home and your agent starts the negotiations they will stay in contact with you throughout the process. Be sure that they have a good way to contact you because sometimes decisions have to be made within a short time frame. Once negotiations have completed and both sides have agreed to all the stipulations you are under contract!!! Congratulations!!! You have completed the first step in the process! Now we count down to closing and make sure that we have everything in order for the lender and the closing attorney.
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AuthorThree Spunky Eclectic Sassy Darling Realtors® that live in the Hollywood of the South and help people all over the east metro Atlanta area with all kinds of real estate needs. Lynn Pynckels, Dewayna Pullum, and Stepfanie Gray Archives
January 2020
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