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 Get Pre-Qualified - Meet with a mortgage broker and find out how much you can afford to pay for the property you will be purchasing.
Get a Letter of Pre-Approval - Pre-qualifying is the first step - and an important first step at that - but sellers will be more receptive to an offer if it's accompanied by a letter from the lender stating that you are approved pending certain items. Pre-approval simply means that you have met with a lender and they are willing to give you a letter of commitment for the amount you are requesting. It also will eliminate potentially looking for a home out of your price range. Costs for pre-approval are usually nothing and the lender will almost always waive any fees until closing.
Write Down Your Needs vs. Wants - That means two lists. The first should include needs, the second your wants or wishes. Needs should be defined as number of bedrooms, bathrooms, neighborhood, schools, rambler vs. two-story, etc. Wants and wishes are things such as a pool, formal dining, an office, or shop...things you might could do without. Since these things are different for everyone, it's important for you to know going in exactly what you're looking for (and your Agent will appreciate it too!).
Hire a Pro - Interview several Agents before hiring, but hire someone who knows the market, has the experience necessary to get you what you need, and who is an obviously committed professional. Ask for references.
Stay Focused - Keep your list with you always. Though you may be actively searching for the property of your dreams, your life doesn't stop. Carry things with you, including:
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Detailed maps of the areas you are interested in
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A file or folder containing homes and properties your Agent has shown to you, along with any advertising for homes you would like to see
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A notepad (and your favorite pen!)
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A digital or video camera so you can remember which property is which (they WILL start to run together after a while) - especially if you're scheduled for a long day
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Be objective. It's easy to "want" a home or property based on what you see, but be certain that you view the property from a logical perspective...consider schools, crime rates, freeway access, and potential resale value. Then, write it down.
Visualize the House Empty - Hard to do sometimes, especially if the seller has it stock-full of their own belongings. But, be creative and imaginitive (and taking pictures will help when you get home and discover that maybe that huge armoire WON'T fit in the master bedroom after all).
Be Prepared to Be Sure - A few extra dollars may save huge expense later on. Don't forget about:
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Home inspections
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Mortgage contingencies
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A second walk-through within 24 hours of closing
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Make sure the seller hasn't taken out that great light fixture or custom draperies they promised to leave in the contract (movers may get over-zealous, as well)
Leave the Stress to Us - The above may seem overwhelming, but having a seasoned pro will make a big difference in the amount of headache you'll have to withstand. Let us worry - you enjoy the ride! |