n a buyer’s market or a afford and feeling comfortable
seller’s market, first time with your estimated monthly
homebuyers as well as payment could be two different
seasoned homebuyers should always things. Some people are not
be smart when shopping for a new willing to fork out on a monthly
home. In a buyer’s market where basis what the bank says they can
there is so much inventory to afford. It’s best to know that
choose from, potential buyers can dollar number and accept it
easily lose their focus. In a before entering into a contract
seller’s market, there isn’t and going into shock later. In
enough inventory and homes go addition, finding out earlier
under contract so quickly, than later that there is a credit
sometimes there’s just not enough issue that needs to be cleared up
time to really think clearly and will make all the difference in
make wise decisions. Regardless, the world once you finally find
smart buyers need to be cautious your dream home. Potential
about making an expensive mistake sellers will not wait for you to
when buying real estate. Below clean up your credit. Be sure
are my five top tips that every your final document from the bank
homebuyer can make use of. says it is a pre-approval letter
and not just merely a
1.Be sure to get pre-approved for pre-qualification. A
a home mortgage and most pre-qualification is nothing more
importantly, have it in writing. than a “maybe”.
Most buyers need some help in the
form of a mortgage for purchasing 2.Work with an experienced real
the home. The smartest homebuyers estate agent. Many new agents
get this out of the way first have entered the market in the
before even starting to look at last year and have little to no
homes. Finding out what you can experience or mentoring help from
the Broker. Check references and blemish on the selling end too.
ask friends and family for a What if the current market
referral. Call the local real changes, could this blemish take
estate office in your town and your home completely out of the
ask for a recommendation. Visit buyer’s market?
their websites. Are they well
organized and professional? Set 4.Get a comparative market
up some time with at least three analysis before making an offer.
agents and speak to them about Don’t assume every house is
your needs. Once you do that, you priced right for the market. Some
will have a good idea of who you people “test the waters” first.
trust and who you want to work Insist on a comparative market
with. Keep a supply of their analysis before deciding on your
business cards on hand with you offer. Licensed real estate
just in case you visit any open agents have all the tools to do
houses or model homes. It doesn’t this quickly and efficiently for
cost you any more or any less to you. Ask to see a report of all
have your own real estate agent, “similar” homes closed within the
no matter what you are buying, last 6 months, all homes
whether it is a newly constructed currently under contract, and
home or a resale. then all homes on the market in
your immediate area. If you are
3.Possibly bypass the home that still having trouble deciding on
has a serious defect. No home is a figure and you have the time,
perfect but some homes have ask to view a few of the similar
blemishes that no matter what you homes for comparison.
do, you can’t disguise it.
Someday you may want to sell the 5.Contingency clauses -- it
home. Ask yourself if you are depends on the market. In a fast
prepared to deal with this and furious seller’s market most
people try not to tack on any contingency clause regarding
contingency clauses such as obtaining an appraisal of less
“contingent upon my home than or equal to the purchase
selling”. With multiple offers price and the buyer’s approval of
coming in, a seller will totally a professional inspection report
bypass your offer, even if it is make good sense and should be
a full price offer. On the other considered.
hand, in a buyer’s market a
About the Author:
Robert Lipply is a licensed broker associate serving the entire Tampa Bay Florida area. Visit his website for lots of local information and the ability to search the MLS for available homes at http://www.lipplyrealestate.com/
Read more articles by:
Robert Lipply
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