Properties that are priced correctly are going fast. Be as prepare as a cash buyer so you will come out ahead! This is one of the most important and largest investments you may make in your lifetime the more information you have, will make the process less stressful and exciting!
- Know what your credit score is and what mortgage programs are available to purchase a property (15 year, 30 year fixed, Conventional, Jumbo, FHA, etc.), as well as, understanding how much you will have to bring to closing to purchase the property and how much your monthly payment will be. When a credit score is pulled a Mortgage Banker/Broker will be able to give you a Good Faith Estimate within 72 hours, which will be used when closing on your home to ensure you are receiving the same information when you started your buying process.
- Know how your Real Estate Broker is representing you. Are they a Transaction Broker or Buyers Agent or are you a Customer? Be clear so that you know how the agent can best help you during the buying process.
- Know that when you write an offer on a home, the “form has legal consequences and the parties should consult legal and tax counsel before signing.”
- Understand what Megan’s Law is and if you are concerned about the crime rates and sex offenses, look up the neighborhood statistics before your start looking at houses.
The past few years has brought extreme changes to our Real Estate world. Five years ago, people didn’t have to put down any money on a property, they had many choices of different loans and banks to choose from, basically almost anyone could buy a house. We have had a couple major changes this year that will require more details from buyers, so don’t be offended that you are required to give more information, it is in your best interest to find out the details before you fall in love with a house.
Knowledge is Power.