Pre-Qualification : Meet with a mortgage broker and find out how much you can afford to pay for a home.
Pre-Approval : While knowing how much you can afford is the first step. You’ll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.
List of Needs & Wants: Make 2 lists, the first should include items you must have (i.e., the number of bedrooms you need for the size of your family). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary.
Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don’t make a hurried decision that you may regret later.
Whether you choose to use a real estate agent or not, you still need to do your homework! The following is a checklist to help walk you through the selling process:
Know Your Property : If you are not already, become familiar with such facts about your property as property taxes, zoning, lot size, square footage, etc. Look at the terms of your existing loan.
Research Property & Market Laws : How much are properties similar to yours selling for? What are the terms of the sales? What property disclosure laws do you need to take into consideration?
Set the Price : Once you know the specifics about your home and have checked out what similar properties in your area are selling for, set a realistic price.
Determine Your Financing Alternatives : Contact lenders in your area to determine what the options are for your prospective buyer. You want to be informed before they ask, or your lack of knowledge may turn them off from dealing with you.
Know Your Neighbourhood : Most prospective buyers will want to know about the local schools, shopping, parks, transportation, etc. Be prepared so you can knowledgeably answer their questions.
Establish a Marketing Plan : Now that you know what advertising will cost, create a plan on how to best (within your budget) reach prospective buyers, both local and out-of-town. Since many people do relocate from a distance, be sure to include Internet advertising in your plan.
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