There are just a few steps that one must take in order to have a successful and profitable purchase of a new home. I have gathered some here to share with all of you.
If you are one of those that are considering making a a move, here are some common home purchasing mistakes you don't want to make and it only takes a little planning on your part.
1. Not getting prequalified by a reputable local lender.
Until you sit down with a reputable lender that is local and not on the internet there is no way that you can know how much home you can afford. In addition, a good lender that is well known in the community and is either partnering with local Realtors they can shop the various loan products to your personal needs.
2. Not working with a real estate professional.
After meeting with a local lender the next step would be of the office of a seasoned real estate agent professional. Trying to buy a home with out representation is like trying to practice law by yourself. There are just too many areas that you could get into trouble. This is what they do full time and they know the ins and outs of the business and believe me they earn their money!
3. Failing to shop & compare.
Take your time and start early. There are some many websites out there that can help you find a home that it can be very intimidating and overwhelming. Take the advice of your seasoned real estate agent and work closely with them so that they can guide you in the right direction. Matching your wants and desires to the location and price that you ultimately need to be in. It is a team effort and get involved early!
4. Not buying by April 30, 2010, and missing out on the $8000 Tax Credit.
The $8000 First Time Homebuyer Tax Credit and the $6500 Repeat Homebuyer Tax Credit are both set to expire at the end of April 2010. However, if you have a signed and accepted contract you don't have to close on the property until June 2010. Don't miss out on the free money and the great deals!
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