Buyers Tips
Buying or selling a home in the Poconos or anywhere
for that matter, should be one of the happiest times of your
life. In this section we will present new tips monthly to ensure
you have the knowledge it takes for a smooth transaction.
Why
You Should Not Make Any Major Credit Purchases
Before you get
ready to look for Pocono homes for sale, there are several
helpful tips you may want to keep in mind to make
the buying process less stressful.
Don't go on a spending
spree using credit if you are thinking about buying a home,
or in the process of buying a new home.
Your mortgage pre-approval is subject
to a final evaluation of your financial situation.
Every $100 you pay per
month on a credit payment could cost your about $10,000 in
home eligibility. For example, a car payment of $300/month could
mean
that you qualify for $30,000 less in a mortgage.
Even if you have accumulated
enough savings, you should considering not making any large
purchases until after closing. The last thing you want
is to know
that you could have purchased a new home had you curbed the urge to
spend. Finding
the Right Seller
The best seller is one who is highly motivated.
A highly motivated seller is more likely to sell for less than
his or
her house is worth. And it
matters that
you find out why; learning the reason why can help you get the price you
want and help the seller get what they want: a timely sale.
When
given the opportunity to meet with sellers, ask them why they
are selling. The reasons could be anything from job change
to a new location to financial
problems. If you can solve their problem, whether it is cash related or
time related, do so. For example, if the sellers are highly motivated
because
they need to move quickly, give them a fast sale - and a lower price. If
you can
make an offer, even a low one, that gives them cash in a short time, they
are more
likely to accept.
There are also some sellers that you should avoid.
Not every seller is as genuinely motivated as they make themselves
to be. Some possible hints:
- they stall on having the home appraised
or inspected
- is unable to clear up liens against their
property
- does not
own 100% of their property
- they push back the move-out
date
- does not have a replacement
property or back up plan
etc. etc. etc.
It is impossible to find the perfect seller.
But it is possible to find out which sellers are legit, and
which ones aren't. Build
a Plan of Action and Get Ready
Buying a Pocono home will probably rank as
one of the biggest personal investments one can make. Being
organized and in control will contribute
significantly
to getting the best home deal possible with the least amount of stress.
Is important
to anticipate the steps required to successfully achieve your housing
goal and to build a plan of action that gets you there.
Before
you can build a plan of action, take the time to lay the groundwork
for your decision-making process.
First, ask yourself how much can
you afford to pay for a home. If you're not sure on the price
range, find a lender and get pre-approved. Pre-approval
will
let you know how much you can afford so that you can look for homes
in your price range. Getting pre-approved helps you to alleviate
some of
the anxieties
that
come with home buying. You know exactly what you qualify for and
at what rate, you know how large your monthly mortgage payments
will be,
and
you know how
much you will have for a down payment. Century 21 Mortgage has one
of the best mortgage
programs available anywhere. Once you are pre-approved, you avoid
the frustration of finding homes that you think are perfect,
but are not
in your price
range.
Second, ask yourself where you want to live and
what is the best location for you and/or your family. Things
to consider:
- convenience for all family members
- proximity to
work, school
- crime rate of neighborhood
- local transportation
- types of homes in neighborhood,
for example condos, town homes, co-ops, newly constructed
homes etc.
Importance of Inspection
As a buyer, you are entitled
to know exactly what you are getting. Don't take for granted
what you see and what the seller or
the listing agent tells you. A professional home inspection
is something you MUST do, whether you are buying an existing
home or a new one. An inspection is an opportunity to have
an expert look closely at the property you are considering
purchasing and getting both an oral and written opinion as
to its condition.
Beforehand, make sure the report will be
done by a professional organization, such as a local trade
organization or a national
trade organization such as ASHI
(American Society of Home Inspection). Not only should you never skip an
inspection, but also you should go along with the inspector during
inspection. This gives
you a chance to ask questions about the property and get answers that are
not biased. In addition, the oral comments are typically more
revealing and detailed
than what you will find on the written report. Once the inspection is complete,
review the inspection report carefully.
You have to demand an inspection
when you present your offer. It must be written in as a contingency;
if you do not approve the inspection report,
then you
don't buy. Most real estate contracts automatically provide an inspection
contingency.
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