Buyers

Found 67 blog entries about Buyers.

Appraiser inspecting a property

Once you are under contract, your lender will send out an appraiser to make sure the purchase price is in line with the property’s value.

Appraisals help guide mortgage terms.

The appraised value of a home is an important factor in the loan underwriting process. Although lenders may use the sale price to determine the amount of the mortgage they will offer, they generally only do so when the property is sold for less than the appraisal amount. Also, the loan-to-value ratio is based on the appraised value and helps lenders figure out how much money may be borrowed to purchase the property and under what terms. If the LTV is high, the lender is more likely to require the borrower to purchase private mortgage insurance.

Appraised value is not a

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Southwest style adobe home

Where you live should reflect your lifestyle. These questions will help you find the best community for you.

Is it close to my favorite spots?

Make a list of activities you engage in and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engage in your most common activities.

Is it safe?

Contact the police department to obtain neighborhood crime statistics. Consider not only the number of crimes but also the type and trend. (Is crime going up or down?). Pay attention to see where in the neighborhood the crime is happening.

Is it economically stable?

Check with your local economic development office to see if household income and property values in the neighborhood are stable

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Women searching using binoculars

House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.

1. Know thyself.

Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2. Research before you look.

List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop

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Calculator alongside budget

The first step in getting yourself in financial shape to buy a home is to know exactly how much money comes in and how much goes out. Use this worksheet to list your income and expenses below.

Income                   Expenses                      
Total Take-Home    Total Rent/Mortgage  
 Child    Child Support/Alimony  
 Pension/Social   Health Insurance  
 Disability/Other    Life Insurance  
 Interest/Dividend    Other Insurance  
 Other    Vehicle Insurance  
     Vehicle Payments  
     Vehicle Upkeep  
     Other Loans  
    Utilities  
    Credit Card
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Group stands outside home for sale

How long have you been in residential real estate? Is it your full-time job?

Like most professions, experience is no guarantee of skill. But much of real estate is learned on the job.

Do you have any designations or certifications?

Real estate professionals have to take additional specialized training in order to obtain these distinctions. Designations and certifications help define the special skills that an agent can apply to your particular real estate needs. One designation buyers should look for is the ABR®, or Accredited Buyer’s Representative.

What’s your business philosophy?

While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals

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Couple house hunting on tablet

Know that there’s no “right” time to buy.

If you find the perfect home now, don’t risk losing it because you’re trying to guess where the housing market and interest rates are going. Those factors usually don’t change fast enough to make a difference in an individual home’s price.

Don’t ask for too many opinions.

It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of the people who will actually be living in the home.

Accept that no house is ever perfect.

If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top

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Couple reviewing financials

Talk to mortgage brokers.

Many first-time home buyers don’t take the time to get prequalified. They also often don’t take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely.

Be ready to move.

This is especially true in markets with a low inventory of homes for sale. It’s very common for home buyers to miss out on the first home they wish to purchase because they don’t act quickly enough. By the time they’ve made their decision, they may find that someone else has already purchased the house.

Find a trusted partner.

It’s absolutely vital that you find a real estate professional who understands your goals

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