Andrew & Associates

Andrew And Associates

           Seven Costly Mistakes
Every Homebuyer Should Avoid

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 If you follow a few simple steps as a new homebuyer, you can literally save yourself thousands of dollars, plus you will eliminate a lot of time and stress. Here are the seven steps you should follow.

1. Disclose Any Credit Problems. Always be upfront and honest about your credit history with your Realtor and lender. If you have any credit problems, take the time to fix them before you apply for financing. Your credit score and history determines everything from your down payment to your interest rate. Ask your Realtor and/or Mortgage Broker to help you clear up and eliminate your credit problems. They will be glad to assist you.
    
2. Get Pre-Qualified for a Loan First. Before you start searching for a home, get a pre-qualification loan from your mortgage broker. This will let you know in advance exactly how much you can afford to spend on that new home. You’ll also learn the length and terms of your mortgage. When you make an offer on your new home, the seller will know that he/she is dealing with someone capable of purchasing their home. It’s a win-win for both the seller and yourself.
    
3. Get a Home Warranty. As you get ready to make an offer on your new home, ask your Realtor to include a home warranty as part of the purchase agreement. A home warranty is relatively inexpensive to the seller, but can save you thousands of dollars in repairs. A good home warranty should cover heating, plumbing, electrical and air conditioning systems, as well as all the major home appliances.
    
4. Get a Comparative Market Analysis on your New Home. Before you consider purchasing a new home, ask your Realtor to provide you with a comparative market analysis. This will show you what similar homes in the neighborhood have sold for in the past few months. A new home will be one of the largest investments you’ll ever make. Therefore, take time to review the sale of multiple homes in the area before you make a purchase agreement. This will increase your confidence in your purchase.
    
5. Get a Home Inspection. When completing your purchase offer, make it contingent upon an inspection of the home. Too often, people fall in love with the home before they are aware of problems in the home. Ask your Realtor to help you find a professional home inspector to check out the home before you make the purchase. A good home inspector can give you the information you need to negotiate any repairs before you purchase the home. This can literally save you thousands of dollars and extreme stress. It will also insure that your lender feels confident about loaning you the money for your purchase.
    
6. Go over your current status as a Homeowner or Renter with your Realtor. If you currently own a home and must sell it before you purchase a new home, ask your Realtor to give you a Comparative Market Analysis on your current home. This will help you plan how much money to expect from the sale of your home before making an offer on a new home.
   
   If you’re renting, how long is the agreement for? A careful review of this will help you develop an appropriate time frame for purchasing a new home. This should be done as quickly as possible. The timing of the sale and purchase of a home are critical in real estate.
    
7. Select your Realtor carefully. You will save yourself a lot of time and headaches by working with a competent full-time professional real estate agent. Ask your potential agent about the homes and price ranges of homes in the area you are considering. Does he/she know a reputable lender that offers excellent customer service and competitive mortgage rates? Does the agent ask questions to help better understand exactly what you are looking for? After everything is said and done, do you feel confident about the agent and trust him/her to help you get the most home for the money?
    

Do you have questions or need advice you can count on or just want to discuss this further?

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