Advice needed on house hunting!
Posted 09 January 2008 - 11:47 AM
Posted 09 January 2008 - 12:00 PM
Posted 09 January 2008 - 12:10 PM
I'm sure you've probably thought of this - but I'd suggest being pre-approved by your lender so that you can put an offer on a home right away if you decide you love it!
Good luck - I know buying a home can be frustrating and exciting all at once!
Posted 09 January 2008 - 12:25 PM
Something will come along, don't worry. The market is in your favor.
A couple of thoughts on things that I'm doing to improve my position:
(1) Find a contractor or architect that you like and can work with - if you need anything done, its better to have them lined up now. You don't want to have to go looking for someone after you've found the house or you'll lose precious days before you're comfortable making an offer.
(2) Call your bank (or several banks) and get a letter of pre-approval for your mortgage. The ability to waive your financing contingency is an enormous asset should you ever find yourself competing against another buyer for the house of your dreams. Inability to get financing is one of the major reasons houses fall out of contract these days.
Good luck! Let us know how it goes!
Happily married since 2008
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Posted 09 January 2008 - 12:32 PM
You should definitely bring a pre-approval letter with you to show the sellers that you are serious. I suggest you don't put a contract on a home unless you are really sure you want it. On the other hand if you are scared of not getting the property if you don't immediately put a contract on it then you can go ahead and make an offer. You will have a 10 day grace period to back out of the contract if you decide that you don't want to go forward with it.
Good luck! Buying a home can be stressful but if you work with a great lender/broker and real estate agent they should take care of you.
Posted 09 January 2008 - 01:34 PM
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Posted 09 January 2008 - 03:03 PM
Once you've looked at enough houses (we looked for 8 months) you should know within a few minutes of walking in and then scanning the disclosure packet whether it's right for you or not. As time goes by, you'll become more comfortable with moving quickly. Also, depending on your offer, you should be able to use your contingencies to back out if you need to.
Very good advice to have your inspector and mortgage broker lined up ahead of time. Both can act quickly (less than 24 hours) if you have an already established relationship.
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Posted 09 January 2008 - 03:58 PM
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