10 Essential Tips for Homebuyers

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1.Get a Home Inspection
Get a home inspection to evaluate the safety and overall condition of your new home, even if it appears flawless.

2.Get Pre-approved for a Loan
Before you start house hunting, get pre-approved for a mortgage loan.

3.Communicate Through Your Agent
When you want to ask or tell the seller something, always go through your real estate agent.

4.Put the Deal Into Writing
Get the seller to put every component of the deal and any verbal agreement into writing.

5.Include Contingencies With Offer
Include important contingencies, such as financing and property inspections, with your offer.

6.Develop a Wish List
Come up with a realistic wish list. Find out what you can afford in terms of house size, neighborhood and amenities.

7.Know Your Local Market
Know as much about the local market as you can. Use your agent’s CMA to learn about the selling price of comparable homes and the strength of the local real estate market.

8.Prioritize!
Decide what’s most important to you before the negotiation, so you know what parts of your offer you’re most comfortable giving up.

9.Keep Other Houses in Mind
When you begin negotiating on a specific property, know of other houses you’d be interested in buying. You don’t want to be so desperate to buy a certain house that you give in to whatever the seller wants.

10. Scope out Neighborhoods, Neighbors
Talk to neighbors to get the inside scoop on what it’s like to live in the neighborhoods of homes you are interested in. While doing so, gauge if you would like to live next to these people for the foreseeable future.

Just got engaged?

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Did you know that FHA allows couples to set up a “Bridal Registry Account” if they are planning on getting married soon and want to accumulate funds for their down payment to buy a home? This is a great way for “married-to-be” couples to come up with their down payment to buy a home.

Just like registering at Target or Pottery Barn, the FHA Bridal Registry program allows you to register a down payment account. Then, your friends and family are able to make gift payments into an interest bearing account on your behalf.

Not only can your gifts earn interest, but they can be used as a down payment towards an FHA Loan.

Here’s how it works:
-Open a savings account at your bank prior to the wedding.
-Give Friends and Family the banking information where the gifts will be deposited.
-The gift funds can go towards the FHA required 3.5% down payment.
-There is no requirement that you be married prior to closing on your new home.

One last advantage is that there are NO gift letters or other documentation required other than proof of your savings account named “bridal registry account.” It’s that simple.

Call us today so we can get you preapproved for your FHA loan 770.924.1111.