Do Your Research Before You Make an Offer
Nov 18, 2016
Buying a home is an exciting time and it is easy to get wrapped up and forget about what you really need from your new house. While it may be possible to rescind your offer to buy a home, it is best to do as much research before putting in your offer to make sure you are comfortable purchasing the home. But how do you make sure that you are truly interested in a home before you make an offer to buy it?
Research the House, Neighborhood and Region
The first step to buying a home is to hone in on what you want. Make a list of “must-have” features you need in your home and set a strict budget. If you have a large dog, a home with a large backyard may be on your list of must haves. If you have children, your home search may be restricted to certain neighbors due to preferred school districts. When you find a home you love, drive around to see how long it will take you to get to work. Driving around the neighborhood will also allow you to see if the community fits with your family dynamic.
Giving Yourself Time to Make a Decision
Don’t rush with a big decision like purchasing a new home. You don’t need to say yes the moment you see the house. If you are a first-time home buyer, you may want to spend a few hours to mull over whether the home actually fits your needs. Even if the house is in demand, the owners usually take a little time to review their options before they choose an offer.
Make Sure That You Do an Inspection Before Buying
When you make an offer, it is should be contingent on getting a mortgage and inspecting the home before closing. While the home may boast a new roof or an updated kitchen, you may not be able to spot a possible termite infestation or water damage without a professional inspection.
The inspection can uncover potential issues that you will want to bring up with the seller prior to closing. You may be able to negotiate to have the repairs done prior to closing or reduce the price of the home to set aside money to make the repairs once you move in.
Once you have found your new home, contact one of our mortgage consultants who can give you a custom rate on your home loan. Whether you are looking for a traditional loan, a jumbo loan or a government loan, we offer some of the most competitive rates and terms in the nation. Call us today at 1-888-546-2634.