Buyer's Information Services

What to know before you buy

Below are many helpful links to quality information. Please feel free to find the answers to all your real estate questions. We've also included some of our personal thoughts on buying real estate, and what is the right mind set to be in before buying. If considering purchasing a home, don't forget to scroll past the helpful links to read the important buying tips below.

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When buying a home, I cannot stress enough the importance of having specific goals and an overall plan before doing anything else. I understand that the urge to look at property is very strong, and sometimes we get very emotional when buying a home, but these two things alone can damage your future happiness. Remember as children when our parents would take us to a toy store, and often times drag us out kicking and crying (was I the only one?) because we weren't able to have a certain toy or game. Well, now that we are adults, the new toys are real estate, and the same rules apply. To avoid the trauma of finding the perfect home, only to not be able to purchase it (even if you can afford it), you must have your goals and your plan determined first.

A perfect example is the person who has not been pre-approved before house hunting (I still can't believe that Realtors will allow home buyer's to be put in this position). Although it still happens with over-anxious agents that fail to understand that without loan approval (or cash verification) any offer submitted to a seller isn't worth the paper it's written on. How can you offer someone money that you don't have? Without a commitment letter stating that a bank has agreed to lend you this money, why would a seller believe that you're "good for it”? Many Realtors fail to understand this very simple philosophy, and it has become the basis of many problems that could have been avoided. Remember, this is just one example of not having your goals and your plan together first.

First step, talk with a Real Estate Professional who will help you put together your goals and a solid plan to achieve them. Second, if your goals are doable at this time (it may not be in your best interest to find a home at this time), you should immediately secure your financing (a Realtor can also help you find preferred Financial Professionals). You want to choose someone that can give you the most options that will fit your needs. Third, now that you know what price you're comfortable with; it's time to locate properties in that price range that fit your needs. This process will require a list of wants and needs from you so your Real Estate Professional can search for homes based on your requirements. As we all know, our wants and needs usually extend further than our financing will allow. This is normal, and requires slowly eliminating items until we arrive at a realistic expectation, and begin the previewing of properties. Fourth, once we narrow down our selection, we'll submit the offer with the pre-approval letter, and await the seller's decision. Fifth, (if accepted) we'll open escrow with a title company, submit our "Good Faith” deposit, schedule whatever inspections you deem necessary, and coordinate the signing of all remaining paperwork (see ‘escrow process' for more details about this). Sixth, once everything is signed, the appraisal is completed, financing monies are sent to escrow, and all other requirements are met, you will receive the keys, and begin enjoying your new home. This is the "in a perfect world” process, and there are a number of details that go on within this process that I didn't go into detail with, but if everything goes as it should, this will be what happens.

Eliminate emotion from the buying process. This is a tough one, and easier said than done, but if not removed, you will lose many hours of sleep, and major discouragement in your house-hunting process. You should be confident that when you write an offer on a home, you are pleased with the home. Although, if for some reason your offer is not accepted, don't be discouraged or feel that this home was your long lost soul-mate. Many buyers have their first offers rejected, simply because they thought they could bargain with the seller, only to find that may not have been the best idea. Sellers want top dollar, and buyers want the lowest price. These two expectations can obviously not happen without proper negotiation and compromise. Home buying is not a science, you must understand that buyers and sellers are just people, and don't always do what you expect. This is why knowing what you want, what you are willing to invest, and what your overall goals are, will determine your success in the purchasing of real estate.

Questions to ask yourself regarding your next real estate purchase:

• Why am I purchasing real estate?
• What am I willing or able to invest in this purchase, down & monthly payment?
• What specific needs or wants am I looking for?
• How will this purchase fit into my long-term goals?
• What are my timeframes for purchasing a home?
• Are my goals realistic in the current real estate market?

These are just a few questions that you might want to answer before getting too involved in purchasing real estate.
Real Estate in my opinion is the most secure investment that I've ever made. I wouldn't be where I am today if I didn't make that first investment. I thought the real estate market (when I started out) was at its peak, but I still invested, going against what other's warned me of. That first property alone tripled in value in less than three years. I took a chance, I wasn't a savvy investor, I didn't know what the market was going to do, I was warned by the "experts” around me I should wait, but I decided to just take a chance. I share this with you, because you may very well be where I was, and not sure of what to do. You're probably hearing stories from friends and family about how great the real estate market is, or maybe of how it's too expensive to buy now. Either way, this should not control your decisions; you should get involved in real estate based on your goals, with a clear head, knowing exactly what you want, and just go for it. On the other hand, if you don't get involved in purchasing real estate, you can be certain that you will always live in someone else's home and never your own, never have control to make decisions about the home, and ultimately be forced to move-out whenever the owner decides. This was not acceptable to me, and I'm so glad that I'm in a position to help other people break-free from that lifestyle, and experience the feeling of owning a home of their own.

Feel free to call one of our professionals to discuss your goals, questions, or current options. Allow a professional to review your situation, provide you with accurate professional advice, and help you develop a plan to purchase a home in the future (if you're not ready now). We provide all of our buyers services free of charge, and we have many helpful resources that we can refer you to (credit repair, financing, etc.).