Are You Ready?

Knowledge and experience are the keys to successful real estate transactions.

One of the keys to making the buying a house process easier and more understandable is planning. In doing so, you'll be able to anticipate requests from lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts in the process.

Do You Know What You Want? That is the question.

Whether you are a first-time property buyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy? Are you planning to move to a new area due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not know you have? Do you have a purchasing timeframe?
Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define your goals. As an interesting exercise, it can be worthwhile to look at the questions above and to then discuss them in detail when meeting you’re your estate agent.

Do You Have The Money?

Property and financing are closely intertwined. (Financing is the difference between the purchase price and the down payment, commonly referred to as debt or the mortgage.) The good news is that over the years new and innovative loan programs have evolved which require high down payment or less.
In addition to a down payment, buyers also need cash for closing costs (the final costs associated with closing the loan). Several newly emerging loan programs not only allow the purchase of a house with no money down, but also underwrite closing costs.
Not everyone, however, elects to purchase with little or no money down. Less money down means higher monthly mortgage payments, so most Property buyers choose to buy with some cash up front.
As to closing costs, in markets where buyers have leverage, it may be possible to negotiate an offer for a house that requires the owner to pay some or all of your settlement expenses. Speak to your estate agent for more details.

Is Your Financial House in Order?

Those great loans with little or nothing down are not available to everyone: You need good credit. For at least one year prior to purchasing a property, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time.

The Editor

Cyberprop. Team