With interest rates low, large foreclosure and short-sale inventories, first-time home buyers and the financially recovered homeowners have made the decision to get into the real estate market. If home ownership is finally within your means, keep in mind these five simple steps of home buying.
1. Do Your Diligence: Use the Internet to learn more about the area you’re interested in purchasing in. Collect the average sales of comparable homes. Write down your home requirements; distinguish the “must-haves” and “wants.” In some cases, a deal breaker in a purchase transaction is a “want” rather than a “must have”.
2. Check Your Credit: Go to Experian and order a three merge credit report, you will not be penalized for an inquiry because you are ordering the credit report directly from the credit bureaus. Verify all your information on your credit report; examine your credit report if there are erroneous reportings on your credit and unsettled collection accounts that need to be paid. Restore your credit with us, if you have unsatisfactory credit scores and unsettled debt, your credit and credit score have got to be satisfactory before you apply for a mortgage.
3. Consult with a Realtor: A reliable Realtor is important to guide you about your home purchase. Select a real estate agent that is dependable and knowledgeable about the area you are seeking to purchase in. A valuable real estate agent can provide you with the inventory in your area that is in your price range, which he or she accesses with the MLS.
4. Get Pre-Approved: Whether it’s Hard Money, Conventional financing, FHA or USDA, the potential home buyer will require a pre-approval letter along with the offer, showing that you have been pre-approved for a certain loan amount. A formal pre-approval letter gives you leverage in negotiating your offer.
5. Get a Home Inspection: Once your offer is accepted, get a home inspection completed on the property. Investing $300-500 on a home inspection is well worth the expense.
If you’re thinking about buying a home or would like more information on how I can fix your Naples FL personal credit, please fill out the online contact form about your concerns or give us call at 855.477.9007. Read what people have to say about First Pro Capital on our Testimonials page.
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