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Shannon M Thomas' Blog

By Shannon M Thomas | Broker in 46123

Top 5 Things to do First Before Buying a Home

Buying a home is exciting but many buyers hit the ground running without thought or preparation. 
My Top five things to do before shopping for a home are:
1. Sell your existing home first.  Can you afford two payments?  FHA  and VA loans will only allow you to have one FHA or VA  loan at a time so even if you can afford two payments there may be other considerations- so please talk to your lender about your possibilities.  There may be tax issues.   In Indiana you can only have one homestead.  You will be paying double property taxes until the other home is sold.  Also you have to be living in your newly purchased home within 60 days or the property will be considered an Investment property, again, double property taxes.  (consult a Real Estate attorney)  for legal issues and up to date legal information.
2. Get Pre- Qualified.   Even if you know your qualified,  unknown issues can come up on your credit report.  So talk with a local expert get your pre-qualification letter.  It will also inform you on how much you actually qualify for.  It will also inform your Realtor know what price of home you are Qualified to buy.
You will also be ready to write an offer.  Most sellers want proof that you can follow through with your offer.  A Prequalification letter does just that.
3.  Shop for rates.  There is a wide range of lender rates and it can make a difference of 1000's of dollars. 
4.  Get all your documents together for the purchase.  Your lender will let you know what items will be necessary in the near future.  Start collecting now, it will be easier for you later. 
5.  Use one Realtor- Interview and select then Sit down and talk with your Realtor about the home buying process. Let your Realtor know your time line to buy.  Working with a Realtor you enjoy and will work for you is in my opinion very important.  A good Realtor can be a great asset and can make the home buying process more enjoyable and less stressful. 
Building Relationships Selling Homes!
Shannon Thomas

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