Buying a home in Raleigh differs from buying a loaf of bread.Â You can avoid pitfalls and benefit from the following 6 tips.Â Some are unusual.
Tips apply to both the first-time homebuyer and the repeat buyer.
1.Unless you're buying with cash, you will need credit to buy a house.Â Get copies of your credit reports.
a.Â Â Â Check to make sure reports are accurate.Â Be thorough.Â
b.Â Â Â Don't concern yourself with negative items at this point.
2.Â Â Â Quit:Â Until the purchase is complete, all paperwork signed and the money changes hands heed the following.Â They impact on your credit rating and your ability to borrow.
a.Â Don't open or close any accounts
b.Â Don't make any major purchases
3.Â Â Â Studies show that most home buyers start with real estate searches on the internet.Â First you need to know how much house you can buy.Â Compare how much you're willing to spend versus how much mortgage you can get.Â The two figures often differ.Â This saves time.Â Look only at homes you can afford.
4.Â Â Â Be aware that real estate agents on the yard sign and internet ads work for the seller.Â Pick your own agent.
5.Â Â Â Prepare to meet with real estate agent.
a.Â Â Â Get plenty of rest the night before.Â Looking at homes takes a lot out of you.
b.Â Â Â Eat before you meet.Â It will be a while before you eat again.
c.Â Â Â Be prepared to discuss your wants and needs.Â This will improve home selections agent presents to you.
d.Â Â Â Present agent with Mortgage Pre-Approval Letter.Â Show agent you can buy now.
6.Â Document homes you visit.Â Nothing elaborate.Â A picture or two and a quick note of your reaction to the home.Â Believe me when I tell you that they all start to blend together after a while.
It doesn't take much preparation to buy a loaf of bread.Â Choosing the wrong bread can be easily and cheaply corrected.Â Buying real estate differs.Â Mistakes are costly and difficult to correct.Â Preparation improves your chances of avoiding pitfalls and benefitting from your actions.Â Follow the 6 tips above.
Kathy Godin, Award-Winning Loan
Officer and Branch Manager