Questions To Answer Before Going House Hunting
There are many questions and concerns House Hunters should have answers for, before purchasing their next house. I've decided to share five very basic but yet very important areas to focus on. I hope you will spend some time looking at these areas.
1. How much can you afford? It makes no sense to start looking and fall in love with a house until you know what you can spend. For example, you wouldn't go grocery shopping without knowing your budget for groceries. How much you can spend for a house is determined by getting approved for a mortgage. You should phone at least three lenders and determine who you want to work with. The loan officer will take your information and come up with a program that works for you.
2. Remember there are important questions you must ask your loan officer. What type of loan am I getting? Is it a fixed mortgage or variable? If it is variable what is the cap? Can I afford that after 2, 3 or 4 years? Putting on my Realtor hat for a moment, sharing my advice, beware of variable interest rates at this point in time.
3. Consult with and Interview Real Estate agents. Is your Real Estate agent someone you can count on? I don't mean can he or she write out a contract, I mean is that Agent one who will work with the lender you have chosen and follow through with reading the inspection report and give you a heads up if something is terribly wrong with the house.
4. Begin to put away some money and have it ready, just in case you find that "one house". It's called earnest money. It shows that you are a serious buyer, and helps the seller to know that.
5. Since we are still in a buyers market, you should check on how long a property has been on the market and if there have been any offers. Don't forget to ask for comparable sales in the area. You can't know what to offer until you know what the homes have been selling for.
David L. Burrows, Realtor®
Northern Virginia Fine Homes
Reston, Virginia 20191
Phone: 703.391.9200 x9119
Burrows Properties
Your Buying thought for the day: Interest rates are still low. Remember, when they go up, the amount of house you can afford will go down.
Interested in some great reading on selling your home? Take a look at these articles on my website: Selling Your Home: Where do you begin?
Seller Guidance: I would encourage you to employ a Realtor® to help you sell your home. When your agent or another agent is showing your house, go away and let them do your work for you. I also urge you to utilize my FREE SELLERS TOOLKIT before selling your house.
Buyer Guidance: I would encourage you to really check out anything and everything you are told by a well meaning seller. Employ the services of a Buyer's Agent to help you discern what you read and listen to about the area you are thinking of calling home. I would also urge you to get my FREE BUYERS TOOLKIT before heading out on the journey to find your new house.
Try this link to help you find your next home: Fairfax Homes For Sale When you land on the main page try one of our custom searches listed on the bottom of the page. No registration is necessary for the Fairfax MLS general search on my site. If you check the box to receive automated updates sent to your email, you will be required to give us your name and a valid email address.
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