"8 Home Purchasing Secrets Revealed!"

Multiple offers and increasing pricing prices may be good for sellers, but what about buyers? It can be frustrating to say the least.

Get your finances in order. When inventory is low, you can be sure that other buyers will be looking for the same house you are. So when the right home comes on the market, you will want to be prepared to make a strong offer. It’s vital to have all your financial work completed up front.

Have your down payment accessible, so you can close the sale quickly if necessary. Select a lender or work with a broker in order to get pre-approved for financing. To be considered a serious buyer to both your agent and the sellers, you must have a pre-approval letter from your lender.

Though 95% loans are common, they can be riskier. Often sellers are skeptical when a buyer puts a down payment that is less than 10%. So make arrangements to put down 10% even though you may ultimately get the deal with a 5% down payment.

Commit to an experienced real estate agent. Find a buyer’s agent that is an active professional who specializes in the area in which you want to buy. You are at a real disadvantage if you work with an out-of the area realtor. A buyer’s agent’s job and fiduciary responsibility is to you, the buyer. Establish if you agent is a buyer’s agent or a seller’s agent. There are experienced agents who are successful in both areas, but remember to determine if your realtor specializes in one area more than another.

Know what is most important to you in a home. Write down what you want and need in a home listing most important at the top of the list. Viewing a number of homes will help you determine your requirements. It is unrealistic to expect to find the entire features you desire in one property. You may have to compromise a little. If you can’t find the right home in a couple of days, take another look at your list. For example, if you passed on a home because it needed paint or carpeting, you may want to take another look at. Buyers who are willing to make cosmetic improvements, increase their odds. Remember this can also be a negotiating tool. Always get an inspection if not provided by the seller. It might cost a few hundred dollars, but it’s worth it. It’s the inspector’s job to find any problems with the house that could cost you thousands to repair down the road. Ask a handyman what it will cost and how complicated any repairs are. Think about those answers before you make your move.

Learn about the neighborhood. Often times you may find a neighborhood you are not familiar with. That’s okay, but just do a little more research. Ask for a list of properties that sold in the last year. How does your home rank? Is it in the top price range?

Is it average or in the low end? If so, great, as the other home prices go up in value and they will pull your home’s value up as well. Check out schools; a good school district means your neighborhood will always be valued by families, which is a great reassurance to purchase, not to mention to value-add if you have school age children. Check out the location of shopping, the fire station and the police station along with the schools. You also might want to note air traffic ahead. These may affect your quality of life along with your property value.

Protect yourself and become knowledgeable. Ask your realtor for a copy of the documents you will sign and review any inspections and reports. Read them ahead of time so you will understand the questions you will be asked and what you need to know.

Have reasonable expectations. There is a lot of money at stake. No house is perfect. Understanding and remembering these two statements will help diffuse the negotiation stage, the inspection stage and the closing stage.

When you and your agent find the right home, proceed quickly. A well-priced property in good condition will attract many interested buyers. So if you find the right home, sign an offer right away and get it presented to the seller. If you wait overnight, it is often gone in this tight market

Make your offer as clean as possible. When you and your realtor write your purchase contract, it is advisable to include as few contingencies as possible. Make contingency time periods short. Sellers and their agents will be impressed and you find yourself on your way to being a new homeowner. Nothing compares to owning your own in a neighborhood that you chose.