Buyer Advice

It is the American Dream to own your own home. Buying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture.  If you are like most renters, you feel trapped when you are renting. It never feels like home since you are not allowed to hang a picture or two without a hassle. And it is so irritating to write a check each month that includes rent for your cat!  If you feel like you're stuck in the renter's rut with no way of rising up out of it so you can own your own home we can help. It doesn't matter how long you have been renting or how difficult your financial situation may seem. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. The goal of this page is to provide you with detailed information to assist you in making an intelligent and informed decision. Remember, if you have any questions about the process, we're only a phone call or email away! 


Overview
Buying a home can be an overwhelming process. It is important the home buyer has the proper resources to help. The first step is to hire a mortgage professional and a real estate professional. The mortgage professional will help you figure out how much you can afford based on your income, debts and credit. They will also help you shop for a loan and provide information on other home buying programs to find you one that matches your needs. After you have been prequalified a real estate professional will help you find homes in the appropriate price range, write the contract and help you through the inspection process. Both the mortgage and real estate professional can help you with other referrals like home inspection, home warranty, title and home insurance companies. Once all the loan and contract documentation has been completed you will sign papers to complete the purchase of the home.


Video "Knowing When You’re Ready” - Learn with Liz series.


Video "Mortgage Lending 101 - Learn with Liz series.


Video "The Search” - Learn with Liz series.


Video "The Offer” - Learn with Liz series.


Video "Closing the Sale” - Learn with Liz series.


Benefits of Owning Your Own Home

  • The Best Investment
  • Income Tax Savings
  • Stable Monthly Housing Costs
  • Forced Savings
  • Freedom and Individuality
  • More Space


Down Payment


Buying After a Short Sale or Foreclosure


Important Things To Avoid Before Buying a Home

  • Don't Move Money Around
  • The Effect of Changing Jobs
  • No Major Purchases of Any Kind

Don't Buy a Car - or Did You Already Buy One?

  • When Income Grows and You Want to Buy "Stuff"
  • Debt-to-Income Ratios and Car Payments
  • How Buying a Car Reduces Your Purchase Price

The Business Cycle and Buying a Home

  • Recession and Expansion
  • Supply and Demand
  • Should You Try to "Time the Market"?

Comparable Sales and Your Offer Price

  • Determining Your Offer Price
  • Comparable Sales in the Public Record
  • Comparable Sales in the Multiple Listing Service
  • Comparable Sales - Pending Transactions
  • Other Factors Influencing Your Offer Price

Major Factors Influencing your Offer Price

  • How Property Condition Affects Your Offer
  • How Home Improvements Affect Your Offer
  • How Market Conditions Affect Your Offer
  • How Seller Motivation Affects Your Offer
  • The Final Decision on Your Offer Price

Offering to Purchase Real Estate- the Basics

  • Introduction and Overview
  • Contingencies in a Purchase Offer
  • Earnest Money Deposit
  • The Closing Date
  • Transfer of Possession

Writing an Offer - Safeguards Regarding the Property

  • Disclosures From the Seller
  • Condition of the Property Upon Transfer
  • Inspections You Should Require
  • Final Walk-Through Inspection

How Financing Details Affect Your Offer

  • Down Payment
  • Interest Rates
  • Closing Costs and Financing Incentives
  • Seller Financing
  • Cash Offers
  • Other Financing Details in Your Offer

How FHA and VA Financing Affects Your Offer

  • Extra Costs for the Seller
  • VA and FHA Appraisals

Selecting Service Providers

  • You and the Seller Must Agree
  • Escrow and Settlement
  • Title Insurance
  • Termite and Pest Inspection