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Tis’ the buy a house

Tis’ the buy a house

Spring is usually the season for buying a new house, but if you are serious about buying, the prime time for buying a home is right around the corner!

As a lender we notice the decrease of home purchases around the fall.  Pre-approval requests and lender letters slow down significantly. And by December into January they slow down even more.

What does this mean to you?  Less competition and more opportunities to find a good deal on a home.  As well as more undivided attention from your Realtor and Lender, because they will not have as many clients they are working with at the same time.

Inventory may be a little slimmer, but those who are wanting and needing to sell may be willing to negotiate more in your favor!  And could even be more flexible with closing date and deadlines.

Now before searching for a home there are two items you need to take care of before attending an open house and/or getting into a car with a Real Estate Agent.

First-    Meet with a lender and get pre-approved (which will require submitting financial documents- paystubs, W2’s, tax returns, bank statements, etc.)  Figure out your financing, this is extremely important!

Second-   Find an agent- make sure to find the right agent for you (and your family), one that puts your interests first!  (This applies to your lender as well).  There are many agents out there so find one that is experienced with your needs (ex: neighborhood, schools, REO, etc.)

Third- Make a “Want and Needs” list for your desired home.  You may not find the perfect home but you can have a great idea going into a home of what may not fit your needs.  You need to go into a home with your eyes wide open.  Many of us can get too excited and forget what was really important in a house, so having a list to refer to will help you stay on track.

Once those items are done you will have better home searching experience.  And last but not least here are a few things to remember once you have found a house.

1.    After making an offer make sure to GET AN INSPECTION! This is one thing you should not skip.  The inspection is for your protection.  If anything should arise you should have the ability to negotiate with the seller or choose to withdraw from your purchase contract.  The last thing you would want to have happen is purchasing without an inspection and find out later that there are some serious issues with the home such as plumbing, electrical, roof, etc.

2. Make sure to check into other expenses that may come with the home, such as, HOA fees, utilities, trash, lawn maintenance, etc.  You want to fully prepare for any unforeseen expenses, because remember, there is no more landlord, you are responsible for any maintenance issues.

We see all the car commercials around the holidays, how about a new house? Could you ask for a better Holiday gift?

As always, if you have any questions please contact us.  Or if you would like to start and get pre-approved please complete our online loan application.


Ray Williams

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