Home Buying Process MD DC VA PA
Be prepared to buy:
- Shopping for the best mortgage
- How much home can I afford?
- If you are paying cash, you may be able to negotiate a better deal by proposing a quick closing.
- If you are obtaining financing, meet with a lender to determine what your monthly expenses are going to be. Be sure to add in the cost of repairs, maintenance, and upgrades. " Fixer Uppers" can be a great deal if you know what you are doing. First-time buyers may want to consider homes that simply need cosmetic changes. More on the loan process: http://realestatesearchandsale.com/loan_origination_through_closing
- Provide your lender with proof of funds if paying cash or a pre-approval letter that states that your lender has received and reviewed your: Credit report, Last Two Tax Returns, W-2s, Bank Statements and Pay Stubs. If you are self-employed, you will need to provide: Last Two Tax Returns. Bank Statements and Corporation Documents.
- A pre-qualification letter from your lender will state that the above information has been verified. It is likely that the listing agent will contact your lender, so be sure that your lender is accessible.
Before you start to hunt for a home be clear about what your needs and wants are. Decide how you will use the home. While some of these issues may not apply to you, they are likely to apply to a future renter or buyer of your home.
- Home Buying Wish List
- Will you have handicapped visitors? Do you have aging parents who'll be coming to live with you?
- What is your exit strategy? It is costly to buy and sell a home. We often recommend that you purchase a home that may be a good long-term investment. You may want to buy a home that is a good home now; ideal rental and perfect for returning to, so that you may age in place.
- Are you close to work?
- How are the local schools? Whether you have kids or not, school performance often drives property value.
- Check the crime statistics and determine if there is a sexual predator living or working nearby.
- Parking: If the property is going to be used by your or future tenants, you need to make sure that you have ample parking.
- Public transportation: There is an increasing trend of people using public transportation in many cities. How convenient is your home to public transportation?
- Community Amenities: Preferred grocery stores are becoming an increasingly cited factor when buyers are considering what home to purchase.
- Use tools such as Google Earth to look at the property before you visit the home. You may find that there is an adverse factor, such as a busy road, airport, railroad tracks or commercial building close by which would not make the home a viable option for you. Don't waste your time looking at homes that won't fit your needs Conserve your energy for finding the right home. Additionally, many buyers decide to go look when there are adverse factors but then become enticed with the interior of the home. Some of these buyers will purchase on emotion, but eventually, they discover that the home purchase was a poor choice because it is hard to sell.
- Walk the neighborhoods. When you are identifying areas to purchase a home, literally get out of your car and walk the neighborhood. Are the neighbors friendly? Ask their neighbors if they like the neighborhood and if they had the choice, would they buy a home in the same neighborhood? This simple question can have a profound impact on your happiness and return on investment.
How to select an agent:
- Select an agent that you feel will have your best interest at heart.
- Will the agent be dedicated to the desired outcome?
- Is the agent honest?
- Is the agent knowledgeable? If you are considering a home that will eventually be used as a rental property, does the agent have experience identifying viable rental properties? Do they have experience managing properties?
How to work with your agent:
- Be clear and very communicative with your agent.
- Provide your agent with proof of funds if paying cash or a pre-qualification letter, if you are obtaining financing.
- Review Fair Housing and Protect Your Family from Lead In Your Home
- Review the following form "Understanding Whom Real Estate Agents Represents" sign the Buyer Agency Agreement.
- When identifying properties you'd like more information about: email your agent only the mls numbers separated by commas: MC123456, dc234567, FC345678
- Walk before you look! Walk the neighborhood BEFORE you look inside the house. You can't change the neighborhood as easily as you may be able to change the interior of the home.
Touring the property:
- If you are obtaining financing, some lenders require that the homes are in good condition. This may be a VA, FHA or USDA Loan.
- Take your home shopping checksheet.
- Be careful what you say and do while touring the home.
Making An Attractive Offer:
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