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You are here: Home / Archives for Buying A Home

Warning Signs of a Bad Real Estate Agent

by Shakadoo Leave a Comment

8456188296_c28f171779_oLet me preface this by saying: if you are buying or selling a home, you should absolutely hire a Realtor to help you. You will save money in the long run, not to mention a huge amount of stress- they will make sure the transaction goes smoothly. However, that is all dependent on your agent being good at what they do. While almost all agents are great at their job and will communicate effectively, there are some that will exhibit warning signs that you should watch out for. Check out this article by Lisa at Mama Real Estate. If this sounds like your agent, it might be time to hire a new one:

-They don’t call or respond in a timely manner- if it takes them days or weeks to get back to you, they are not taking you seriously.

-They refuse to negotiate on your behalf.

-They tell others your confidential information without your express consent.

-They are extremely disorganized- Are they always late? Losing or forgetting important documents? Do they seem scatterbrained and all over the place? This type of irresponsible person is probably not the one you want handling a transaction worth hundreds of thousands of dollars.

Photo from Jean Pierre Gallot

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Friday Fun Video: How To Buy A House In Your 20s

by Shakadoo Leave a Comment

These are some great, practical tips on buying a home at a young age

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Before Buying A Home…

by Shakadoo Leave a Comment

26245069863_35ba80c2d2_zMost people know that it takes a lot of preparation to be able to own your own home. It requires planning and research and isn’t something that can be rushed into! To make sure that you are as prepared as possible, check out this post by L Bee and the Money Tree at Financial Best Life. Here are just some of the things you need to get done before even thinking of buying a home:

-Build your wishlist! Know what you’re looking for. Location? Number of bedrooms? Neighborhood? Fenced in backyard? Garage?

-Get pre-qualified/pre-approved for a mortgage, shop around for the best interest rates.

-Include all fees/closing costs in your budget.

-Have all your financial documents together before applying.

Photo Credit: Yann Coeuru

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Prospective Home Owner Mistakes

by Shakadoo Leave a Comment

224136833_85e898892b_zSo, you think you’re ready to buy a home! You have a steady job, you have a good amount saved for a down payment, and your credit score is good. You might even be ready to apply for mortgage pre-approval or to start looking for a Realtor. However, even if you’re very prepared, there are still some dire mistakes that may sink your prospects. If you want to be sure to be approved for a mortgage, check out this post by Sarah D’Hondt at the Lighter Side of Real Estate Blog for things to avoid:

-Not STAYING pre-approved- do not open any new lines of credit, make any late payments, or use a credit card.

-Dilly-Dallying- if you see a house you love, make an offer!

-Too low an offer

-Asking too much from the seller and nit-picking the inspection report.

Photo Credit: Frank Hebbert

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Is A Small Down Payment Possible?

by Shakadoo Leave a Comment

5857473535_1c45228777_zIn many cities, rent expenses are growing faster than actual home prices. It’s becoming cheaper to own than to rent, and people are realizing it. However, to buy a home, you do need to have some money to your name for a down payment, which is why less people are switching over. But, there are ways to buy a home with a small down payment (or even none at all!) For the pros and cons of buying a home with a smaller down payment, check out this post by Kyle Hiscock at the Rochester Real Estate Blog:

Pros:

-It lets you buy a home when you have good credit/job history, but no saved money.

-It won’t drain your savings account

Cons:

-Lack of immediate equity- you’ll need to stay in that home for more than 5 years before moving.

-Mortgage insurance required

-Higher interest rates

Photo Credit: Tax Rebates

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Friday Fun Video: Watch This Before Buying A Home

by Shakadoo Leave a Comment

These are some great points about common myths surrounding the home buying process.

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Winning As A Competitive Buyer

by Shakadoo Leave a Comment

8671374604_96f201f126_zMost buyers in the current market will be faced with this situation: either the home you liked online has already been sold, or there are multiple offers on the house you want. In that case, it can be tempting to try to spend all the money you’ve been approved for on your mortgage. However, that’s not a smart move! If your offer is then accepted, you will probably end up being house poor. Check out this post by Steven Sales at Finding Homes In Henderson for the smart way to be a competitive buyer:

-Do not ever lowball a seller. Look for homes below your approval price so you are able to offer ABOVE the asking price.

-Offer to pay closing costs or for repairs

-Consider increasing Earnest Money Deposit

-Be flexible on timing- if the seller wants to sell FAST, be able to accommodate them!

Photo Credit: Gotovan

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For Buyers: Why You Should Hire Your OWN Realtor

by Shakadoo Leave a Comment

30264438_ce02916893_zIt’s common for curious, prospective home buyers to begin their search online. I’ve done it, I admit; it’s pretty fun to look at virtual home tours and imagine myself in various houses. But, what should you do if you’re actually serious about purchasing that dream home you found online? Call the agent who listed it?

The answer is NO, you should not. Before even beginning your home buying search, you should hire your own Realtor to represent you and your financial interests. The other agent represents the seller, and has no obligation to look out for you! I’m not saying that the seller’s agent will deliberately try to screw you over, but it’s important to have someone on your side who knows the process. For more information, check out this post by Amy Kramer on Active Rain:

I don’t know about you, but I want an advocate for my home purchase (the largest purchase most people make in their lifetime), negotiating and looking out for my best interests.

It is better for a home buyer to have their own representation. And remember, the buyer’s agent commission is almost always paid for by the seller at closing!

So why NOT hire a Realtor to represent you 100% in buying a home?

Photo Credit: Nathan Esguerra

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Getting Ready To Buy? Wait Until Winter

by Shakadoo Leave a Comment

6936456397_dc7cdf10b8_zSpring and summer are the hottest home sale months; you’ll be facing intense competition, bidding wars, and will probably be pressured to make decisions quickly without fully considering them. During winter, the market slows down and is more optimal for buyers. Therefore, now is the time to be preparing! Spend the fall season improving your credit, getting in touch with a Realtor, and getting pre-approved for a mortgage. For more reasons why winter is the best time to buy a home, check out this infographic at Chris Burk at Veterans United:

-Motivated sellers: people who put their homes on the market in winter are usually looking to move out fast.

-Lower prices: you’ll be able to get more house for your money

-Less competition among other buyers

-Seasonal perspective on home- is the heating working? Are there any drafts?

Photo Credit: Porsche Brosseau

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So You’re About To Close…

by Shakadoo Leave a Comment

5417143643_1a2c03ef15_zClosing on a home is both exciting and stressful. You’re so close to finally owning your dream home (or something close to it), but there’s still a ton of stuff to do. Before you sign that final piece of paperwork, check out this post by Meaghan Agnew at the Trulia blog for a list of everything you need to get done. It’s super helpful and a great way to make sure you’re not more stressed than you need to be on move-in day:

-Book the movers ahead of time

-Call the locksmith and book them as close to your move-in date as possible

-Switch the utilities over; make the calls at least 2 weeks ahead of time

-Hire a baby/pet sitting for moving day

-Clear your schedule for closing: make sure you ask off from work, and let people know you may not be available.

Photo Credit: Will Scullin

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