The Herald Bulletin

Morning Update

Columns

March 8, 2014

Ted Moss: Preparation key to good home-buying experience

Buying a home can be a time of both excitement and frustration. Planning ahead can make the process much easier.

Here are a few considerations as you venture into home ownership.

One of the first steps is to get pre-approved by a lender. If you have already identified a Realtor to work with, they can help you understand financing options and identify qualified lenders. Your lender will require financial documents (pay stubs, W2s, bank statements, etc.) from you, so that they can get your loan pre-approved and determine how much home you can afford.

Once you have found the home that meets your needs and are ready to make an offer, your Realtor will prepare a purchase agreement and submit it, along with a copy of your pre-approval, to the sellers’ real estate agent. Knowing you have been pre-approved for a loan, the sellers may be more confident working with you, recognizing you as a serious buyer.

When your offer has been accepted, your Realtor will provide your lender with a copy of the purchase agreement so they can begin the process of getting final loan approval.

Another consideration: How much will you have to pay for the home? Currently, the sales price, on average, is about 4-7 percent below the list price; however, this is changing slightly because there are presently fewer homes on the market.

We are seeing instances where offers are at list price or above list price, as well as multiple offers on the same home. When you find a home you are interested in purchasing, your Realtor can provide comparable sales data to show what homes are selling for in that particular neighborhood.

They say the three most important considerations when buying a home are location, location, location. Many questions should be addressed when choosing your ideal location:

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