Buying a home may very well be one of the biggest events of your
life. It goes without saying that it can be exciting, scary, and
stressful (all at the same time).
While there are millions of unique scenarios, there are a few
basic tips I can offer to help make buying a home a little more
exciting, and a little less stressful:
Get Pre Qualified
Basically, what this means is knowing how much home you can afford.
or lender with a company like US
Mortgage and Loan can pre-qualify you in just minutes. Getting
pre-qualified has certain advantages:
Armed with your
pre-qualification letter, it's time to find
a home. Go shopping!
- It lets
you know your price range.
- It improves
the chances of your offer being accepted.
- It simplifies
the loan process.
- It gives
you confidence and peace of mind when home shopping.
Prepare Your Offer
Ok, so you found the home you want. Now you should make an offer.
But your offer should be an "informed" offer. That means you take
1) The average price of comparable homes in the area. 2) How long
the average home in the area takes to sell.
Once you have this information (which your real estate agent can
provide you), you can make an informed offer.
Make Your Offer
I suggest making two offers. A higher offer with contingencies (like
repairing the roof, new carpeting, etc etc); and a lower offer with
no contingencies. Most people are programmed into a "yes / no" response
mode. Making two offers breaks this pattern and instead makes them
focus on deciding which of the two offers to take.
Plus, giving a list of contingencies lowers the sellers perception
of his or her home's value, making it more likely that he or she
will accept the lower price.
Three things your offer should always have:
No matter what type of offer you are making, you should always use
the following three statements in your offer. These three statements
allow you to protect yourself, back out of any offer, or assign
an offer to anyone at any time.
assigns" - You should always write this phrase after your
name on an offer (ex. John Doe and/or assigns). Doing this allows
you to assign your offer to anyone at any time before that offer
expires. This can be very useful if you find someone that wants
to buy the home from you at a higher price. Bottom line, using
and/or assigns keeps your options open.
2) "This offer is subject to partner's approval" - This
is your escape clause out of any offer. By having this clause
in your offer you can legally cancel it at any time. Who is
your partner? It can be anyone - it really doesn't matter.
3) "Seller agrees to have the home inspected on or before
(date), with offer subject to buyers approval of Home Inspection
analysis" - Home inspections are something that many buyers
pay for, because it is relatively inexpensive; However, you
can request that the sellers pay for it by simply adding something
like the statement above to your offer. By having this clause
in your offer, you protect yourself in case there's something
wrong with the house that you weren't able to find on your own.
If the inspector does happen to find something wrong, you have
the option to walk away, have the seller fix it at their expense,
or have them lower their price.
for your Mortgage
If you're looking to buy
or refinance a home, I personally recommend US
Mortgage and Loan. Their personal service is refreshing and
quite unique. As an online mortgage broker myself, I work with
US Mortgage and Loan to help visitors get the very lowest
interest rates and best terms. Simply put, US Mortgage and
Loan tends to have superior service, is more responsive, and offers
some of the lowest
mortgage rates available.
What makes US Mortgage and Loan exceptional is they offer you
a unique service: a personal loan specialist (like me) at no cost
to you. People seem to like this feature quite a bit, because
they know exactly who they are dealing with right from the start.
Having a personal loan specialist can also help you avoid PMI
(Private Mortgage Insurance), get a better rate, and qualify even
if you have less than perfect credit. So this is a pretty significant
In closing, buying a home can be exciting and fun. Especially
if you prepare well. I hope the above advice helps you do just
for your FREE, no obligation Rate Quote today!
Personal Loan Specialist
refinance or mortgages
in California go to CaliforniaMortgageandLoan.com
Note: If you are a broker or loan specialist looking for mortgage
leads go to US Mortgage and Loan Leads at: www.usmortgageandloanleads.com
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responsible for there content.
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