Are you buying your home for the first time? Here are some valuable tips that can make your buying experience problem-free:

Decide if buying a home is right for you. It’s important that you are certain about your decision of buying a home. Ask yourself the following questions:

• Have you given it enough thought and consideration?
• Have you weighed the advantages as well as the disadvantages of buying a home?
• Do you have a stable job that can support you for the whole duration of your mortgage?
• Have you checked your credit report to make sure you have good credit status?

Searching for the right home. Use the internet to search for possible home choices. Don’t forget to take a look at the listing of pre-foreclosure properties since you can usually get these homes for a lower rate. Make a list of the properties that you’re really interested in purchasing.

Visit the property. Make sure that you personally check out the home and the neighborhood area of the property you intend to buy. When visiting homes, it is also a good idea to have a real estate agent with you to help you analyze the value and condition of the property. If you plan on checking out more than one property in a day, be sure to bring your digital camera to take shots of the house. This way, you can remember accurately which property you liked the most. Take notes. If there are repairs that need to be done on the property, take note of it as well. It will help you in deciding the right amount to offer.

Just a reminder, if you intend to visit a pre-foreclosure property, don’t forget to call the owner of the home before checking out the house. Also, be considerate and bear in mind that the owner will understandably not be very enthusiastic about selling his home. However, if you can come up with an arrangement, you’ll more likely to get foreclosure property at a less price.

Find out as much information as you can about the property you wish to buy. When you’ve narrowed down your choices to only 2 or threes homes, get as much information as you can. If the property is due for foreclosure, find out the original purchase price, how much of the loan is left unpaid and if there are any liens on it. Make sure that the property has not been reinstated. It will also help talking to the neighbors regarding the living conditions in the place.

Make an offer. Once you’ve chosen on the home you like to buy, it’s time to make an offer. The purchase price will depend on the market value of the home. You should always make a lower offer as long as it is reasonable. If it’s a pre-foreclosure property, it will depend not just on the original purchase price but the remaining unpaid mortgage as well. In both cases, you should always deduct the repair costs if you’re going to shoulder the repairs needed.

Consult a lawyer. To make sure that everything is in done right, have your personal lawyer check on the validity and the accuracy of the contract before signing up any agreement.

About the Author

Liz Roberts is a loan consultant with NewHorizon Finance and has been providing consumers and business owners with home loans financing since 1989. For years she has helped people with home loan problems especially pertaining to home mortgage loans and bad credit home loans.

Copyright 2007

• Login or register to post comments