Across the nation there is a tremendous foreclosure rate due to the matured ARMs(Adjusted Rate Mortgages) and well as income changes. However, this can simply be a wealth tranfer or receiving for anyone. Even though the news continues broadcasting fearful events about realestate there are an abundant of opportunities in real estate. True opportunities are those that benifit both parties in my opinion! For those that live in Florida, we are experiencing a buyers market. Which is a way of saying that there are too many homes on the market for the number of buyers. Normally when this happens, homes take longer to sell and prices fall. Well, since we are in a buyers market I want to take the time to share a few steps on buying a house.
The first step would be to get pre-approved. This will determine what type of loan you will obtain as well as the type of loan needed for the sales contract. Once the loan process has started your lender will give you a “good faith estimate” indicating how much money is needed for purchase. Once pre-approved, it makes your offer stronger when seller is reviewing.
Now you need to decide what you must have in your new home. Can you wait on what you want? Determine if you want a fixer-upper, like new home, or one that has never been occupied (are you willing to change paint, carpet or other things on your time schedule and at your own expense?). Search for your new home.
If necessary choose one agent to work for you. Working with many agents can lead to duplicate homes being given to you, confusion on what you have seen with whom & both buyer/agent want trust & loyalty.
Once you have received a list of homes, drive by them before you make an appointment. If you are interested in purchasing the home after the appointment, Make an offer. Be prepared by having a copy of pre-approval letter to submit with your offer. Have an offer price in mind. Have an alternative offer or home in mind – in case this particular home cannot be negotiated or another buyer outbids you. Keep the offer clean. Are you making a really low offer, asking for an overabundance of seller concessions and an unreasonable possession date? Decide what is most important for an initial offer and then adjust while waiting to hear an answer, just in case the seller decides to reject your offer or counter it. This was a brief overview in buying a home! If you want information on finding properties below market value, Click Here!