5 Steps for Getting Ready to Buy
Step 1. Find a Local Lender You Can Talk To in Person
Local lenders understand your market and know of loan
programs that might be beneficial to you. Check with your lender on any local
programs that might help with closing costs or in other ways. Even though the
media have pronounced the 100-percent-financing option dead, this is not always
the case. Check it out for yourself and then get preapproved for a loan so you
know how much house you're able to buy.
Step 2. Be Specific in the Area You Want To Live
Educate yourself. Familiarize yourself with the
neighborhoods you're interested in, the taxes and school districts. This not
only helps you narrow down your search when you need to move fast, but also
helps you figure out potential mortgage payments.
Step 3. Find an Agent Specializing in the Area You Want to Live
This will save you time and effort. Once you've identified
an agent, trust her to do the job. Agents who are thriving in this challenging
market have proven their worth. They have the resources and skills to help you
find your next home.
Step 4. Don't Shy Away From Houses That Need Some Work
Just because a house needs some paint or cosmetic fixes
doesn't mean it's not a good buy. Most real estate agents have an address book
full of trusted businesses they work with to help you fix up your new home.
Step 5. Be Prepared To Act
Sometimes the first home you see is the right one for you. Don't discount it. Remember, good deals still go fast. Take advantage of the electronic tools your real estate agent has to offer. In many instances, real estate agents have access to better information than what you can find in a standard Internet search.
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