Things To Think (Worry) About When Buying A Home
Talking Points with Your Realtor
The Credit Crunch - Financing
is not as easy to get as it used to be
-good credit is not enough
-you need at least 20% down maybe more
-a pre-approval does not guarantee you’ll get the
loan
-the property may not appraise
-expect your lender to intrude into your personal
life
-loan approval depends on the strength and
stability of the homeowners association
(i.e. delinquency rate,
reserves, law suits etc)
Finding A Home
-if you like a particular home, other persons will
too – you will probably face a multiple offer situation
-if you can’t handle frustration, don’t make an
offer on a short sale
-narrow your search by price, size and location
-sometimes the information of a listing sheet is
not correct
The Home Inspection
-expect lots of problems
-the seller does not have to make any repairs
-the seller will usually correct major problems
-inspectors miss things sometimes
Making An Offer and Negotiating
the Price
-Americans hate to haggle – do you?
-offer about 5-8% below the fair market value &
expect to
compromise
-offers must be in writing accompanied by a deposit
check
-make your offer contingent upon seeing a seller’s
disclosure
Your Realtor
-has 1 important reason to do a good job – he
depends on your future referrals
-has a life so find out his/her days off and work
schedule
-has to follow many real estate laws & a code
of ethics
-does not know everything about all properties but
can usually find the answers to all of your questions
The Closing
-you’ll be a little nervous. After all, this is a
big investment
-you get to choose the lawyer
-the lawyers important job is to make sure you have
a clear title
-you will sign a lot of silly forms most of which
protect the lender from being sued by you
Other Considerations
-real estate is local. Prices and inventory vary
widely from one area to another
-12,474 homes sell every day
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