Buying

Purchasing a new home can be stressful for many people. Here are eight tips that will help ensure you have the best experience possible.

  1. Be a pre-approved buyer. A quick and easy financing pre-approval will help to ensure you’re looking at homes in the right price range, and give you an advantage in negotiating the purchase.
  2. Get connected to beat your competition. We all know that the best stuff at the best prices goes fast, and that applies to housing even more than anything else. To get a leg-up on your competition, get yourself connected with a good Sales Representitive/Broker that knows the market, and can send you new listings quickly.
  3. Become an expert. Yes, your agent is the market and industry expert, and the one you’re paying to sell your home. But that doesn’t mean you can’t do some research and become a “home value expert”. Get a good idea of the price ranges of the kind of home you’re looking for, and how long they stay on the market for.
  4. Put your money where your mouth is. That is, prove you’re a serious buyer. Be prepared to put down 5% or more to get the seller’s attention.
  5. Present the offer personally. Whenever possible, have your agent present your offer directly to the seller in person. This will give you an edge, and help your agent pick up any critical information during the meeting.
  6. Keep a cool head. Stay reserved, cool and calculated with your decisions, especially in a hot market. A home purchase can easily be your single largest investment, and you want to be sure you’re getting the best deal.
  7. Keep it simple. Try to keep your offer to purchase as clean and simple as possible, with minimal contingencies like repairs, inclusions, etc. If you come across as too demanding you chance turning the seller off. Keeping things simple may also help you purchase the property at the best price.
  8. Use a professional. As tempting as it may be to go out on your own, a real estate professional is a wise move. They’ll represent your interests regardless of the competition or how heated the negotiations get, plus keep you from paying too much and help you maximize your investment. And, they cost you nothing – Sales Representitive/Broker's fees are all paid by the seller, not the buyer.

Need help with your home purchase? Contact me today to find out how I can help you find your dream home for the best price!

 

Home Closing Costs

Sometimes surprises are a good thing. Birthday parties, anniversaries, engagements, Christmas - all great occasions for a surprise. Buying a home? Not so much. Finding out what additional costs might pop-up at closing is a great way to avoid any nasty, last-minute surprises. The list of various costs you see below will vary depending on the area you're in, legalities, regulations, and is not an exclusive or exhaustive list by any means, but will give you an idea of costs you can expect. Contact your Realtor for full details of what closing costs you can expect for your transaction.

Downpayment: This might be one of the more obvious costs, but it's a big one. A downpayment on your new home can be as little as 5% to as much as 25% depending on where you are and the lender, as well as your employment, income and credit history.

Mortgage Processing Fee: Usually covers lender appraisal and application fees; may also include fees for lender's insurance if required.

Home Inspection: Although normally completed before closing, these are an added fee to budget for if you decide to proceed with one.

Legal Fees & Disbursements: Legal costs will vary, and include title searches, registration of the mortgage, obtaining title insurance, deed registration, and anything else that may be required to complete your transaction. Plus, you'll be billed for office disbursements like photocopies, postage, faxes, and courier charges as applicable.

Survey: Your lender or lawyer may require that you have a survey completed either on the property you're selling or buying. A survey generally is not transferrable and belongs to the person who ordered and paid for it (you). Previously-supplied surveys cannot be relied on for accuracy, which is why you may be asked for a new one to be completed.

To get a more accurate picture of what your closing costs will be, talk to your lender, Sales Representitive/Broker and lawyer, and be sure to budget accordingly.

Steve Lamont

Steve Lamont

Sales Representative
CENTURY 21 B.J. Roth Realty Ltd., Brokerage*
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