Good Morning! We hope everyone has had a wonderful week!
Have you ever wondered if there are any tips or tricks to buying your dream Home? Well there sure are. Forbes.com has put out a great article "Bidding Wars Are Back! 10 Tips to Win the War for Your Dream Home.". Below we have highlighted the main tips that will benefit you in buying your dream home.
1. Cash is talk! Sellers love when you brining cash to the table, it makes them feel that you are serious about buying and have the funds to buy their Home.
2. Start looking early! If you know you can't bring much cash to the table, don't stress! Start looking at homes that interest you and the prices of these homes. Decided what you can afford, and get your credit score. If there are any errors in your score, take this time to pay off any debts and help raise your score so you are mortgage ready.
3. Get pre-approved! Go get a Bank's pre approval.
4. Have 20% down payment! You are going to want to put down 20% for a down payment. With 20% and a pre approval you have a good shot at purchasing this Home. Remember mortgages are a little harder to get these days without at least a 20% down payment. Here are a few tips to saving a little cash for a down payment:
- First decided how much house you can afford
- Set a savings goal. Amount and time period
- Set up a savings plan... Open a separate Bank account for your down payment. A good way to save for this is to find the difference between your current housing costs and your projected mortgage payment and put the difference in your "down payment account".
5. Be prepared and organized! Have all your paper work in order to show your funds and where your money is coming from. With this all in order and being prepared, it will help move along your process.
6. Make your best offer up front! You may only have one chance to put an offer down on your dream Home. Do some research on sale prices in the area. This will help you come up with a good offering price that is not to low or high.
7. Keep contingencies for your protection! Don't drop any contingencies. Get a Home inspection and protect yourself when putting an offer on a home.
8. Work with the Seller and their timeline on moving out! Try and be flexible with the seller. If the sellers move out date is a month after closing consider a "lease back" or "rent back" this mean you are their temporary landlords. This does happen a lot when buying a Home. Homes are selling quickly once they are put on the market, so don't be shocked if the owners are not yet ready to move out. There are plenty of ways to make it work for both you and the seller.
Patients, patients, patients. Buying a Home is a process, with these tip we hope it helps your process move as smoothly and as quickly as possible.
Visit forbes.com for the full article on "Bidding Wars Are Back! 10 Tips to Win The War For Your Dream Home"