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Hints For Prospective Buyers -
Recommended Dos and Don'ts for Best Results:
- Pre-Select a Realtor, a Mortgage Professional, and an Attorney.
- Obtain a Mortgage Pre-Qualification, with Credit Report, Prior to your Search
- Think About Getting a Homequity Line on Your Current Home Before you List it
for Sale. The Source of Your 10% Purchase Money Can be Key - it's Likely You'll
Need to Give Those Funds to a Seller Before you Get any From Your Buyer.
Homequity Lines are Not Obtainable Once Your House is on the Market -
Because the Bank is Then Aware that You're Using the Homequity as a "Bridge".
- Develop a Target Strategy with your Realtor.
- Design a 10 Point 'Wants and Needs' List with your Realtor - and Shoot for
Getting 8 out of 10 of Those Items vs. Finding the 'Perfect' House.
- Don't View Houses Priced Significantly Higher Than You're Pre-Approved for.
- Be Careful with Advice from Persons Close to you (Listen; but Realize that They'll Tend to Over-Protect you at Times).
- Avoid Looking at Too Many Houses at One Time.
- Use a Professional for your Building Inspection - not a Relative or Friend.
- If the Home is a Re-Sale, Expect to Spend a minimum of $500 to $1,000 After Closing - from the Findings in the Building Inspection Report.
- Review the Sellers' Property Condition Disclosure Form Prior to Making an Offer. Get your Realtor's or Attorney's Input if Needed.
- If You're Trading Up, Figure Out Worst-Case Scenarios; i.e., Possibly Owning
2 Properties at Once. (Get all of Your Advisors Involved in This!).
- Ask your Realtor if There are Any Seller Credits or Allowances Being Offered; such as, Carpeting, Appliances, Repairs, and Closing Costs.
- Make Sure that you Understand all Costs that will be Part of the Transaction.
- Use This List as a General Guide - Every Purchase has Unique Characteristics.
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