Ten Tips for Louisville Home Buyers
Enlist the Help of a Buyer's Agent
Today, home buyers can and should be represented by their own agent. The Buyer's Agent is bound by contract to do everything possible to protect their buyer's interest and always perform with their client's best interests in mind. Working with a Buyer's Agent will assure the client that they are always receiving the best service possible as well as being counseled throughout the entire buying process. This usually requires a written agreement.
Make a Commitment to the Process
Buying a home is often the largest and most important purchase in the lives of many people. The committed homebuyer should make a conscious decision to purchase, allocate adequate time off to look, keep their emotions in check, and heed the advice of the professional they have chosen to represent them.
Select the Area of Your Preference
Choosing the “location” should be the next step in the process. Buyers should consider factors such as schools, distance from work/shopping, health care, overall appearance and affordability before scheduling appointments to tour various homes.
Obtain Pre-Approval for Financing
When a Seller receives an offer to purchase there are two primary factors immediately considered – How much is being offered; and does the buyer have the financial capability? A seller has no way of knowing who you are or if you are reliable. A seller is more willing to negotiate money and terms when the question of finance is not an issue. Also, when a buyer has made the effort to establish pre-approval it establishes how much they can afford and puts them in a better position to negotiate.
Be Pro – Active
There are many details that only the home buyer can resolve to assure a timely, trouble free purchase and closing. The Buyer's Agent will counsel and assist throughout the process, however, the buyer will have the best experience possible if they are fully aware of the process and ask questions along the way.
Make the Right Offer
Once you are pre-approved for financing, you have selected a Buyer's Agent, the area is chosen, and you have selected the home an offer has to be made. The buyer needs to make the “right offer” and should listen carefully to the advice of his Buyer's Agent. A too low first offer can result in the buyer losing the home or even paying too much for the home. A low ball offer will often put the seller on the defensive. The environment will then become stressed which will result in the loss of a Win-Win negotiation situation. A “too high” offer may not only cost the buyer money but could also cause the seller to be less agreeable regarding other terms and conditions.
Procure a Survey
Not only is purchasing Real Estate a complex business transaction, but, there are many things to be considered and many things that could go wrong. However, there is no reason for the buyer to be sure that their new property is free of encroachments with a clear title.
Surveys are a verification of property boundary lines and they should display any encroachments or easements. It is possible for boundary lines to be overlooked when additions, garages, and even fences are added to property. The survey will clear up any of these issues before you become owner of the property.
Purchase Title Insurance
Title Insurance will guarantee that upon purchasing Real Estate there is no one with any claim to your property. If someone should claim previous ownership the Title Insurance guarantees that your ownership interest will be protected.
Obtain a Home Inspection
A licensed professional will be able to find things of concern that the buyer may otherwise overlook. Some of these items may include; construction issues, safety issues, or building codes.This does not mean that if the inspector should find items of concern the home-owner will automatically fix them. Each situation is different and the buyer should look to his Buyer's Agent for advice regarding this situation.
Avoid Midstream Changes
The wise home buyer will avoid nonessential changes regarding their financial profile if at all possible. Your mortgage pre-approval is always subject to financial issues remaining unchanged until closing. Making a large purchase, missing a credit card payment, obtaining a loan/line of credit can all be factors that impact the pre-approval and will jeopardize the home buyer's ability to obtain the mortgage loan for the desired amount.