Mortgage rates are hovering, still, at historically low rates. This is great news for buyers and if you’re in the buyer category, it’s great news for you. Before get your keys, there are a few steps you’ll to go through. Here we offer some expert tips on getting to the closing table.
Start with a list – There should be two parts to your list, wants and needs. Wants are things you’d like to have in your new home. Needs are things you can’t do without. Wants include things that can’t be easily added after closing. Paint colors, flooring options and finishes generally fall into the wants category. Needs are things that can’t be changed without a major production. Things like number of bedrooms, bathrooms or total square footage tend to be needs. Needs are usually deal breakers if they are missing. Wants do not.
Get a pre-approval letter from your bank – Call your lender as soon as you know you are ready to buy a home. A qualified lender will help you determine the amount you can borrow, what payment you can afford and which loan program is best suited to your particular situation.
Save yourself some heartache and avoid shopping homes, even online, before you’ve been pre-approved. This will avoid the unpleasantness of falling in love with a home that you just can’t afford.
Call The Sandi Pressley Team – Once you have a price range you’ll want to work with a professional real estate broker to find your dream home. Buyer brokers from our team know real estate. They’re familiar with the Albuquerque metro area and know how to help you find what you’re looking for. Before you hire an agent, interview a few to find one that meets your needs, has the necessary experience and knowledge and fits your personality. You’ll be spending a lot of time together looking at homes so it’s important you have a good rapport.
It’s a good idea to avoid using family and friends as your Realtor unless they meet the same standards you would ask of any other broker.
Go shopping – This can be the fun part of your home search. If you’ve followed the tips above, you’re already shopping in your price range, your buyer broker understands your needs and you know what you’re looking for. Be flexible with your search, especially in the wants part of your list. No home is going to meet every need you have. Communicate any changes with your buyer broker so they can update your search and only show you homes that fit your list.
Submit your best offer – Low ball offers work in some markets but not all. Your buyer broker should give you comparables so you know what homes are going for in the area. They should understand current market conditions and be able and willing to guide you through making an offer and negotiating any counteroffers.
Get a professional home inspection – Just like hiring a buyer broker, it’s important to hire a professional to inspect the home you’re planning to buy. A professional inspector can quickly uncover major issues that can turn into major repairs after closing. Don’t skimp on this step. It could save you thousands.
Get it appraised – The lender will never loan more than the fair market value of a home. A professional appraisal determines that value and lets the bank know what their investment is worth. The appraisal should come in at asking price but if it doesn’t, as your Realtor what options you still have.
Sign on the dotted line – Once you’ve completed all the steps above, and probably a few more, you’ll be ready to meet with the title company to exchange signatures and transfer the title to your name. This happens after both parties sign all necessary forms and documents and all payments are processed.
There are many steps involved in the home buying process. We hope these 8 tips help you navigate those steps and when you’re ready, The Sandi Pressley Team is here to help.
Have An Awesome Week!
Sandi’s Hot Home Listing
24 Tierra Madre Rd, Placitas
Price: $450,000 Beds:3 Baths: 3 Square Feet: 2,408
Stunning SW Santa Fe style Custom Home, built by Tom Ashe w/incredible architectural interest and attention to detail. Incredible views from every window in the home capturing the mountains and the mesas. Bright light and open great room floorplan, w/high ceilings throughout, accented with Vigas, beautiful Saltillo style floors, and 2 custom kiva style FP, 3 spacious bedrooms plus a separate office, family room off of the great room.