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March 1st, 2010
5 Home Buyer Mistakes That Could Cost You a Bundle – Day 4
Use professional help
Sure, You can buy a home without the aid of a professional real estate agent.
But your home purchase is so much more than getting online and finding your home. Your agent has access to what is currently for sale, as well as what is currently under contract or recently sold. Your agent will be able to take this information and schedule time to see the properties, determine pricing, and negotiate on your behalf.
Your home purchase will be one of the biggest investments you will ever make. Your agent is someone who knows the contract, has experience negotiating, and will walk you through the entire process to ensure that your transaction closes, and you get the house you want!
February 22nd, 2010
5 Home Buyer Mistakes That Could Cost You a Bundle – Day 3
Yesterday, we talked about getting pre-approval. After being approved, and starting your home search:
Know how much you can afford
If the housing crisis proved anything, it’s that just because a lender says you can afford something, it doesn’t necessarily mean you can. No one can be responsible for your finances but you. To avoid this mistake, create a budget, and try to stick to it. A good rule of thumb is to devote no more than a third of your monthly household income to housing costs (which include mortgage principal, interest, taxes, and insurance).
In addition to your monthly budget, be sure to keep in mind that there are closing costs, appraisal fees, homeowner’s insurance, utilities, and repairs, and maintenance. Keep in mind these expenses before you commit to more than you can afford.
February 21st, 2010
5 Home Buyer Mistakes That Could Cost You a Bundle – Day 2
Day Two – Yesterday, we talked about credit scores. Today, your task is to investigate:
Getting Preapproved
After you’ve cleaned up your credit as much as possible, it’s time to contact a lender and determine how much you can afford. You will have to provide your credit report, your W-2’s pay stubs, and bank, and investment statements. By getting preapproved, you will save yourself the time and disappointment by looking at homes you know you can afford, rather than getting your heart set on that “perfect” home that is our of your price range. Also, it will put you in a better position to negotiate when you find that right home.
If you have any questions, please contact us. We are always happy to answer your questions or point you to a professional who may be able to help you in your individual situation.
Mike & Amy Mewborn Real Estate Specialists
Mike: 858.205.2000
Amy:760.213.6653
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