15 Tips for Buyers:
1. Property taxes and qualified home interest are deductible on an individual’s federal income tax return.
2. Many times, a home is the largest asset an individual has and is considered one of the safest investments available.
3. A homeowner can exclude up to $500,000 of capital gain if married filing jointly or up to $250,000 if single or married filing separately. The home must have been the taxpayer’s principal residence for the previous two years.
4. A portion of each amortized mortgage payment goes toward the principal, which is an investment.
5. A home is one of the few investments you can enjoy by living in it!
6. The majority of the time, a REALTOR® can show you any home, whether it is listed with a company or a builder or is even a For Sale By Owner.
7. Working with a REALTOR to purchase a For Sale By Owner property is very advantageous, because someone will be looking out for your best interests.
8. A real estate professional who can provide you financial information using current technology will give you a distinct advantage in making the right decisions.
9. A pre-approved program will actually approve you for a specific loan amount subject to the property. This will give you confidence and will help when negotiating with the seller.
10. Your real estate professional can provide you with a list of items that you’ll need to make a loan application, so you’ll be ready when the time comes.
11. The right to conduct a property inspection, included in your purchase agreement, gives you the ability to negotiate with the seller once you know all the facts about the property’s condition.
12. A Home Protection Plan can provide coverage for selected items, such as central heat and interior plumbing, built-in appliances, water heaters, etc. If the seller is not providing this coverage, you can purchase it yourself.
13. Ask your real estate professional if he or she is familiar with the neighborhoods you want to live in. Ask how many homes he or she has sold in those areas in the past year.
14. Working with a REALTOR who has an office “team” helps assure the buyer that the transaction will be handled smoothly.
15. In a “seller’s market,” don’t go looking for a deal. Set your sights on the right house for you, and then let your REALTOR help you negotiate the best price and terms.
Important Steps in Buying:
Find a REALTOR® who you can trust
The First Step… Now that you have chosen a specialized buyer representative who you can trust, you have accomplished the first step in the home-buying process. We will make sure that all of your needs are met and will be representing you through the entire process of buying your new home.
Getting Pre-Approved
An Important Step… We feel an important aspect when starting the process of buying a home is to meet with a lender and get a pre-approval. Your buyer representative can put you in contact with a lender, if you desire, who can give you information about your approval and also explain some of the financing options available to you.
Consulting Session
Important Information… Your buyer representative will meet you one on one to discuss the features you desire in a home as well as to pin-point the area you wish to live in.
The Search Begins
The Next Step… Once you’ve established the type of home you’re searching for, it’s time to start looking. Your buyer representative is available, by appointment, to help you find your dream home.
Your Offer
Be Careful—This Is a Big Step… When you find your dream home, you should present a competitive offer immediately. Your buyer representative has extensive experience in contract negotiations; he or she will ensure that you get the home you want for a fair price—a transaction in your best interest.
The Accepted Offer
We’re Starting to Jog Now… When the seller accepts your offer, you will have what we call a pending offer. You want to make every detail is handled accurately and immediately. We will ensure that your home closes properly and on time.
Inspections
You’re on the “Home” Stretch! Final details are handled and inspections are performed to ensure that the property is “perfect” for you. Contract details are further negotiated and we head to closing!
Signing the Loan Documents
Finalizing the Lender’s Commitment… Be prepared to bring your cashier’s check, insurance binder, and driver’s license to the closing. The next steps you take will be into your new home!
Now the Home Is YOURS!
You are Finally Home… After the deed is recorded and a possession date is decided upon, pick up the keys and move into your new home!
