FINDING YOUR DREAM HOME
PRE-QUALIFICATION AND PRE-APPROVAL
Meet with a mortgage broker and find out how much you can afford to pay for a home. While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. With pre-approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. There is no cost for a pre-approval and the time commitment is only an hour or so, however the money saved by not losing non-refundable deposits on contracts is the key. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan. Ask us for our preferred mortgage brokers before you get started. As with real estate agents, some mortgage brokers are more experienced and thorough than others to ensure you don’t waste your money or your time when home shopping.
LIST OF NEEDS & WANTS
Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, home office, etc.), but that are not absolutely necessary. This will keep you on track for what you are looking for. The more of an open book that you are then the easier it is for Jeff to know when the right home hits the market for you to get you in it right away!
FOCUS & ORGANIZATION
KEEP HANDY THE ITEMS THAT WILL ASSIST YOU IN MAXIMIZING YOUR HOME SEARCH EFFORTS. SUCH ITEMS MAY INCLUDE:
- Any properties that have caught your eye in the past and what you did or did not like about each of them. A file of the properties that your agent has shown to you, along with any ads you have come across yourself.
- As you tour each property, take notes and vocalize to Jeff on your likes/dislikes. This will help refresh your memory later, especially if you’re touring a handful of properties.
- Take pictures and/or videos as you tour each property so you can refresh your memory.
- Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area? Jeff will guide you through this to make sure that you are buying the right home for you today and that it is easy to re-sale in the future.
VISUALIZE THE HOUSE EMPTY & WITH YOUR DECOR
Are the rooms laid out to fit your needs? Is there enough light? Is there enough storage space? Focus on things you’re able to change. For example, an unattractive paint color or outdated appliances can easily be changed, but location in a good school district or close to a park cannot. Don’t discriminate based on poor marketing or presentation online. Everyone doesn’t market a property the way that Jeff does so this can sometimes create an opportunity if the photo quality is what is holding you and other buyers back from viewing it.
BE THOROUGH
A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:
- Include any terms that are important to you in the offer, we will talk through the items that are negotiable and non-negotiable to make sure you are getting what you want.Include inspection & mortgage contingencies in your written offer. I make sure to help my clients with this and insist that it’s in the offer.
- Have the property inspected by a professional inspector. We help with this! I have loyal, experienced vendors I recommend to all of my clients.
- Request a second walk-through to take place the day of closing within 24 hours of closing. I make sure my clients do this to ensure that repairs were completed and the house is still in the same condition before you close on it.
- You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light). In my final walkthrough, I also make sure to do this.
All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail. Jeff Lesley at 910.297.7071 or JLesley@WilmingtonC21.com