The Buying Series: Let's Go Shopping for Your New Home!
Once you receive your mortgage #preapproval letter, it’s time to start shopping!! Begin browsing for homes online to see what type of property will fit your pre-approved #budget as well as your needs. You now know what you can afford to spend, how aggressive of an #offer to make and how stable your financial situation is for a home purchase.
To get an even clearer understanding of what homes are available to you, reach out to your One Relocation Group real estate agent who has both the experience and the #market knowledge to help you find the home of your dreams!
When you find a home you like, you can use the #mortgage pre-approval letter as a bargaining tool. When you decide to make an offer on a home, make sure the seller knows that it is an offer with a preapproved #loan behind it. This will increase the chances that the offer will be accepted. In fact, some sellers will accept a lower bid from someone with a pre-approval letter over a higher bid from someone without one.
Do Your Homework
Though your real estate agent should be your top resource, make sure you do your homework. Find out which neighborhoods you want to be in and check out a few open houses. The more you see, the more informed your decision will be when you finally pick "the one."
Shop for Your Home and Make an Offer
Start touring homes in your price range. It might be helpful to take notes on all the homes you visit. You will see a lot of houses! It can be hard to remember everything about them, so you might want to take pictures or video to help you remember each home.
Make sure to check out the little details of each house. For example:
Test the plumbing by running the shower to see how strong the water pressure is and how long it takes to get hot water
Try the electrical system by turning switches on and off
Open and close the windows and doors to see if they work properly
It’s also important to evaluate the neighborhood and make a note of things such as:
Are the other homes on the block well maintained?
How much traffic does the street get?
Is there enough street parking for your family and visitors?
Is it conveniently located near places of interest to you: schools, shopping centers, restaurants, parks, and public transportation?
Take as much time as you need to find the right home. Then work with your real estate agent to #negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into #escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.
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