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Home Buying Tips

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Tip# 109

The most important step you can take toward buying a home is to get your credit in order.  Too few consumers check their credit in time to purchase, and end up with higher interest rates because they didn’t know there was a problem until the lender discovered it.

The Dos of Managing Your Credit

Check your Credit Disclosure and Scores at Annualcreditreport.com or Myfico.com.  Do this before you talk to a lender, at lease one month in advance if possible.  That will give you time to correct inaccurate information with the credit reporting bureau(s).  Credit problems that have to be resolved take time and may impact both how soon you can close on a loan and how much the loan will cost you.  That’s why it’s smart to clean up your credit before you talk to a lender.

The Don’ts of Managing Your Credit

The National Association of REALTORS and Blanche Evans.  Guide To Home Buying.   Hoboken, New Jersey.  2007.  81-84.

 

Tip # 65

Whenever there is a surplus of homes, sellers will work harder to attract buyers by putting their homes in tip-top shape or offering incentives such as owner financing or a large redecorating allowance.  As homes become more competitive, buyers realize that their interest is at a premium and they often increase their demands to sellers.  

The one certainty that can always be counted on is that one side of the market will never stay on top forever.  In fact, it can turn on a dime.  

Your agent will run through the numbers with you and show you what the lowest price you can offer is that will still be accepted by the seller.  The seller’s motivation, equity position, and goals will have a lot to do with whether they accept or reject your offer.

Some Strategies for Buyer’s Markets:

The National Association of REALTORS and Blanche Evans.  Guide To Home Buying.   Hoboken, New Jersey.  2007.  209-211

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