This is a guest post by Larry Merrill. Larry has been a Realtor® since 1995, and is the founder of Advance Tech Realty.
The market has some great deals right now and I wish I could take the time to do my home buyers program (it takes 1 1/2 hours). But in short, some of the steps in finding a good deal.
1). Talk to lenders in the area you want to buy a home. Interview a few to see who you would like to work with. Also, check out the rates and types of loans available and what kind of down payment will you need to come in with. Look at closing costs closely, generally the lower the closing cost the better off you will be. Even if the interest is a little higher. This is because the average person stays in their home 5-7 years. So if you pay a lot for a low interest rate, you probably will be throwing away money in the long run.
2). Now that you know how much you can borrow and the amount you need to bring in for closing costs, contact your real estate agent. Again doesn’t hurt to interview (or I can help you locate one). If the agent can set you up on a drip system or hotsheet then you can get an e-mail of any homes in your price range. Also, in this market we are seeing people who just want you to take over payments or seller financing. This can help you get into a house without as much out of pocket money. It is recommended you use professionals to help you set up these types of transactions, don’t try to do them on your own. You will find a good real estate agent can do a lot to help get you into a house or when the time comes get it sold.
3). Make sure you have inspections done on the property before buying. Talk to neighbors to find out if there are problems. This could be about the home you are buying, the subdivision, neighbors, city, etc.
4). Be aware buying a home is stressful, and many times you will wonder if you are doing the right thing. But when you own instead of rent I think it will be worth it. Just do your due diligence…
This is just a brief explanation of buying a home. If you have questions you can check out www.move2cda.com and contact me from there.