There are a lot of good deals, government incentives, and low interest rates out there. So what are the top five things you need to know when buying a home?
1. There are a ton of homes available, how do you narrow the search?
– Make your top 5 list: price?, location?, size?, number of beds/baths?, schools?
2. Can you still get a loan?
– Yes, there are still loans but credit is important, with FHA you only need 3.5% down – Get preapproved by your bank or mortgage broker. Lending is one of the most volatile parts of the process so make sure you have a current pre-approval even if you got one a few months ago.
3. What is the best way to look for homes?
– Set up an online search, interview realtors [You can skip this part by just calling me 503.901.8100], look at your favorites in person with your realtor.
4. What kind of offer should you make?
– Make a fair offer, under $300,000 is very competitive right now and many homes have multiple offers, $300,000-$500,000 is less competitive, over $500,000 usually has more room to negotiate. Keep in mind that most homes sell for 95-97% of list price.
5. What do you do once the offer is accepted?
a. Have your inspections: home, sewer, oil tank search/samples, radon.
b. Negotiate any repairs or credits
d. Sign, Close and move in!
For my detailed buyers guide just click here or call me