Buying a Home
"From Cabins to Castles, I do it all!"
Buying a home is an exciting and complex adventure. To save you time and mone, my speciality is representing Buyers throughout the entire buying process. This comprehensive process will save you time and money, as well as make the experience more enjoyable and less stressful. You'll receive the latest housing information for Brighton and the surrounding Livingston county areas. I provide traditional and cutting edge - state of the art technology - using all the buying resources available, enabling you make the best buy possible. Contact me today for a no cost or obligation initial meeting.
Top 10 Tips to Successful Home Buying
Tip #1: Research Is The Key To Discovery
Home sellers won't call you with an offer to assist in buying a maintenance free home with a wonderful mortgage. You donít have to find the gems yourself! Employ me to save your time & energy from looking at multiple homes, schools, and neighborhoods. Youíll end up with your American dream. Use my 25 years of experience and avoid the nightmares of learning by yourself!
Tip #2: Make A Plan And Get Pre-Qualified
Every important decision needs to be clearly thought out. Developing a home buying plan can help you focus on the important factors and organize the entire process. You may even want to use a binder with sections on house hunting, home financing, service providers, etc. Loan pre-qualifying helps you determine the home price you can afford and presents you as a genuine prospect to the seller. A lender typically uses the 28% formula (your monthly mortgage can't exceed 28% of your monthly income) in approving your loan. Planning your actions and getting pre-qualified will keep you out of the panic mode and allow you to take advantage of opportunities. A thorough plan will save both time and money!
Tip #3: Value, Value, Value
The days of 10-30% annual appreciation have passed. Homebuyers in the 1970's benefited tremendously from what seemed like ever appreciating home prices. Nowadays, you're looking at slow growth while guarding against the possibilities of falling prices, skyrocketing ARM rates and corporate layoffs that can dramatically affect your home values. Yet, the classic rule of buying the worst house in the best neighborhood still applies. If you buy with an eye towards improvement, you can customize the home to fit your needs. The saying, "you make money when you buy a home, not selling one," should keep you focused on the long-term importance of the purchasing price.
Tip #4: Create A Top 10 List Of Amenities
When shopping for a home, list the features (fireplace, fenced yard, new appliances, etc.) that are most important to you in deciding on which home to buy. Establishing "your criteria" early on will save time shopping for inappropriate homes and may keep you from buying a home on a whim. As detailed in Tip # 3, your top reason for buying a home should be the value you are getting. Some of your top 10 amenities may logically be sacrificed if an incredible value is available.
Tip #5: Fixed vs. Adjustable Rate Mortgages
Which type of loan fits your particular needs? If this will be your first home or a "transitional home" , one you plan to own for a short time, an ARM may be the best type of loan. If it's going to be your dream home or one you plan to raise a family in, then you will want the stability of a fixed rate mortgage. If you select an ARM, make sure the teaser rate is understood and what the real rate will be.
Whichever loan you choose; make sure that you scrutinize all the closing costs. If you are required to have a mortgage escrow account and private mortgage insurance, make sure you understand the terms and cancelation procedures (your Real Estate Agent has publications to assist you. A good mortgage reduction plan can save you tens of thousands in interest costs, and shorten your loan term, with only small extra principal payments. If you experience negative changes in your job, health, or marital status, you can revert to the standard payments in your mortgage contract.
Tip #6: Sign A Contract That Protects You
Iíll make sure that the purchase agreement that is written on your dream house allows you to arrange financing, inspect the home and negotiate any problems that you uncover. Ensuring that the contract you sign will minimize potential legal battles will let you swim in your new pool with your family and neighbors instead of with the sharks.
Tip #7: Put Yourself In The Seller's Shoes
You are about to make one of the most important decisions that will affect both your life and the life of the seller. Your Realtor is in a position to understand the reasons the seller bought the home, their reasons for selling. By using your Realtorís knowledge and experience, you'll be in a better position to evaluate the home and negotiate a better deal. In the end, the home buying process including utilizing your professionalís knowledge and experience comes down to the individuals buying and selling the home. A closer look at the seller may help you in deciding whether and for how much, to buy a particular home.
Tip #8: Develop A Mortgage Shopping Chart
One of the biggest decisions to make before making a contract to buy a home is how to finance the purchase. There are 100ís of lenders competing for your mortgage business. The days of simply walking into the community bank and negotiating with the loan department manager are over! Today, you can apply for a loan over the Internet or even use a mortgage broker to shop for your loan with access of hundreds of lenders. When choosing a lender, you want to avoid apples to oranges contrasts. Compare fixed rates to fixed rates, not fixed to ARM's. Create a chart that lists different types of loans, fees from providers (including a mortgage broker.)
Tip #9: Get A Quality Home Inspection
Although it is hard to believe, more people pay for inspections before buying used cars than when making the biggest investment of their lives - their home. Paying for a qualified home inspection before you buy a home is not just spending "a little extra" for peace of mind; it's absolutely essential for anyone who doesn't want to spend thousands of dollars for unseen repairs.
Tip#10: Peace Of Mind: Home Protection Plans
To protect both you as a buyer, as well as the seller, it is a good idea to purchase a home protection plan. What exactly is it? A home warranty, or home protection plan, is a service contract, normally for one year, which protects the new homeowners against the cost of unexpected repairs or replacement of their major systems and appliances that break down due to normal wear and tear. This is a negotiable contract between the buyers and sellers which does not overlap or replace the homeowner's hazard insurance policy. This home warranty can save the new homeowner lots of headaches, as well as put seller's fears to rest. The warranty covers mechanical breakdowns, while insurance typically repairs the related damage. For example: if a hot water heater burst and destroyed a wall in your home, the warranty would repair the water heater and your insurance would pay to fix the wall.
Contact me today. Direct # (810) 923-4361 E-mail: BillFear@comcast.net
At AmeriTrust Realty, we provide all the realty resources that you'll ever need for your successful real estate purchase, i.e.: a complete list of avalable properties, closing assistance, title company, mortgage financing in this difficult market. When you're buying, feel free to contact me and I will put my knowledge, skills, tools and resources to work for you and make your real estate experience hassle-free.
Buying a home in the Brighton or the Livingston county area, may be the biggest investment you will ever make. So whether you're buying a starter or dream home or an investment property, in Brighton, Hartland or Howell, why not take advantage of my 25 years of experience to save time and money. As a local market specialist and a Nationally Accredited Buyersí Representative (ABR) I research the market daily in Brighton, Hartland, and Howell, and encompass the entire Livingston County area,to assist you, every step of the way,so you can make the most informed decisions possible.
Contact me today at (810) 923-4361 E-mail: BillFear@comcast.net
In today's competitive real estate market, Timing is Everything. Many good homes are sold before they are advertised! Beat other homebuyers to the hottest new homes for sale with my New Listings Notification service that's located my Dream Home Finder.
Buying a Home
Buying a home is probably the biggest investment you will make, with long-term financial ramifications. It calls for many informed decisions and for good advice from a real estate professional. When buying a home, you can learn from the knowledge and skill that Bill Fear provides.
What can a Real Estate Agent do to help you buy the right home ?
The following articles provide useful information and are a great place to start if you're considering buying a home.
|How to choose a Neighborhood for Your Home Search||Why use a Realtor When Buying a Home?|
|How to Choose a Home||Home Inspections Avert Future Headaches|
|Take Charge When Buying a Home||The Basics of Making an Offer|