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Buyers
Meet with a mortgage broker and find out how much you can afford to pay for a home. Consider hiring your own real estate agent, one who is working for you, the buyer, not the seller.
Buyers
Meet with a mortgage broker and find out how much you can afford to pay for a home. Consider hiring your own real estate agent, one who is working for you, the buyer, not the seller.

Pre-Qualification

Meet with a mortgage broker and find out how much you can afford to pay for a home.

Pre-Approval

While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.

List of Needs & Wants

Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

Representation by a Professional

Consider hiring your own real estate agent, one who is working for you, the buyer, not the seller.

Focus & Organization

In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:

  1. In a convenient location, keep handy the items that will assist you in maximizing your home.
  2. A file of the properties that your agent has shown to you, along with ads you have cut out from the newspaper.
  3. Paper and pen, for taking notes as you search.
  4. Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.
  5. Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?

Visualize the house empty & with your decor

Are the rooms laid out to fit your needs? Is there enough light?

Be Objective

Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don’t make a hurried decision that you may regret later.

Be Thorough

A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:

  • Include inspection & mortgage contingencies in your written offer.
  • Have the property inspected by a professional inspector.
  • Request a second walk-through to take place within 24 hours of closing.
  • You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).

All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.

LIST OF BLOGS

Concessions Make Your Home More Marketable

Sellers offer concessions as an incentive to encourage buyers to purchase their home. The concessions, paid for by the seller, benefit the buyer in ways that may be more appealing than possibly, being able to purchase the home for a lower price. In some situations,...

Building Your Home Buying Team

There are a lot of professionals involved in the homebuying process. And when these people can function as a team, the buyer is much more likely to end up where they want to be...in their new home. The lender is an integral part of the team unless you are going to be...

Securing Your Retirement

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Homeowners Need Resources

Managing an asset worth hundreds of thousands of dollars is a responsibility that requires attention to details such as timely payment of the mortgage, home repairs and maintenance, upkeep, and oversight on financial issues including taxes, insurance, and other...

Waiting for the Mortgage Rates to Come Down?

Waiting for the mortgage rates to come down before you buy a home may not be a good decision. If you are correct, and the rates do come down by two percent, the savings you benefit from a lower rate will most likely be devoured by the appreciated price increase. As of...

Finding Funds for a Down Payment

A soft second loan, sometimes called a silent second, is subordinate to the first mortgage, whose payment is deferred or forgiven until a specific date or the resale of the property. This would mean that buyers would not have to contend with regular payments thereby...

“Do you feel lucky? Well, do ya?”

You may remember the famous line in the Dirty Harry movie when Clint Eastwood has just had a shootout with bank robbers and is standing in front of the lone surviving thief who is considering going for his gun. Harry with his gun pointed at the bad guy says to him...

When will the market turn?

Housing affordability has declined dramatically in 2022 due to continued rising home prices and a three-percentage point jump in mortgage rates. Based on the popularity of Google searches for "housing bust" or "housing bubble", it could be surmised...

Another Tool to Improve Affordability

The rapid rise in mortgage rates during 2022 coupled with continued appreciation of home prices have limited the number of buyers in the market which is reflected by the lower number of home sales currently. "It's a fact that many households are impacted by...

Cause to Pause

Rising mortgage rates are causing some would-be buyers to pause their decisions until they determine whether rates are going to come back down. While it may be possible, the probability is that prices are going to continue to increase. On December 23, 2021, the...

RECENT POSTS

Securing Your Retirement

Social Security was established, on August 14, 1935, to take care of the country's elderly in...

Cause to Pause

Rising mortgage rates are causing some would-be buyers to pause their decisions until they...

ABOUT  TWENTY
THREE HOMES

The Twenty Three Homes are one of the premiere real estate groups locally, nationally and internationally, specifically dealing with high-end properties and exclusive clientele. Partner with Keller Williams Twenty Three Homes are full service real estate experts whose clients benefit from the custom tailored, hands on service while receiving all the exclusive amenities and resources of one of the most established and respected firms in the business.

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