Stay Within Your Price Range
Don’t set yourself up for embarrassment or disappointment by looking
at homes that you can’t afford to buy. You may feel that my advice is just
a matter of common sense and really doesn’t need to be said. The sad reality
is, however, that many people begin looking at homes that are not within
their reach. Some even go so far as to make an offer on a house, only to
find out later that the mortgage lender cannot justify loaning them all
the money they will need to make the purchase. This is, of course, embarrassing
because the sellers, who took their home off the market, now know that the
buyer is not capable of completing the sale.
Another danger of looking at homes above your price range is the emotional
letdown that you experience when you finally return to your proper price
range and discover that these homes cannot possibly comparer with those
that are more expensive.
VISIT A MORTGAGE LENDER
In order to avoid this embarrassment and disappointment, the first step
is to visit a mortgage lender who can tell you what you can afford before
you begin house hunting. You will receive vital information such as the
amount of down payment required, total closing costs, and expected monthly
payment.
INFORM YOUR REALTOR®
The second step is to visit with your REALTOR® to arrange for the inspection
of homes that are on the market. Be sure to share the information you received
from the mortgage lender with your REALTOR®. This will enable the REALTOR®
to know your limitations and act accordingly.
These two steps will enable you to spend your time looking at homes that
are definitely within your price range. House hunting is much more enjoyable
when you know that you are financially qualified to purchase every home
you see. Once the right home comes along, you can make an offer with the
assurance that you will be able to complete the sale.
ADVISE: House hunting can be a positive experience if you go about
it in the proper manner as outlined above. Find out what you can afford
at the outset.
Gena Upchurch
CENTURY 21 Upchurch Real Estate
P.S. You are welcome to
email me with any questions you may have about your real estate. I will
be most happy to help you. If I don't know the answer, I will find someone
that does!
For more information please feel free to
email us.
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