THINGS TO KNOW WHEN LOOKING TO BUY A HOME

THINGS TO KNOW WHEN LOOKING TO BUY A HOME

Here are a few simple tips to help you on your house hunting adventures:

Be Ready – Financially

If you are serious about looking for a home, the absolute best thing you can do financially is to hold off big capital purchases like new cars or opening up new lines of credit.  According to Freemont Bank a crucial bargaining chip when it comes time to make an offer will be debt-to-income ratio. This magic number is what will tell lenders the monthly mortgage you can afford. The lower your debt-to-income ratio, the higher amount lenders will be willing to give you. You also want to establish a track record of

Have a Checklist

Before you even schedule any potential property visits with your real estate agent, make sure you have a list of pros and cons on what you are looking for. Just having a list of basic needs like neighborhood, school zoning, number of bathrooms, mature trees on the lot or even covered parking can make all the difference when whirlwind tours start to blend together in your exhausted mind. Keep tabs on what you liked and didn’t like about each property and how they stood up to your checklist.

Consider an Escalation Clause

This is an advanced tip for buyers, but it is an effective one none-the-less. If you find a property that fits everything you are looking for and you see it as a “can’t miss” opportunity, don’t be afraid to keep power moves in mind. You can sweeten the pot for any potential seller and show them just how serious you are by adding escalation clauses to your offer. This escalation clause acts as a buffer to whatever dollar amount you present to the seller.

The folks over at LearnVe$T had a similar example saying that if you had an escalation clause of $2,000 to a bid of $150,000, and if a second offer comes in at $155,000 – your initial bid gets jumped to $157,000. This is a smart business decision on two fronts. First, it puts you in prime position to acquire the property you desire, but it also deflates the chances of getting locked into a bidding war where you put excess cash on the table that might not be needed to actually win the contract. It’s a safe, smart way to out-bid your competition.

REMEMBER: Avoid changing jobs or moving around large sums of money before applying for a home loan.



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Phone: 864-329-7667
Dated: February 28th 2018
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