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What You Must Know Before You Write A Contract

Before you begin looking at homes, you should read this helpful guide. By following the key tips in this document, you can save yourself hours of work and protect yourself from common mistakes.

Know your credit score

Before you begin looking at homes, you may want to check the condition of your credit. Mortgage companies will review it when determining if you are eligible for a loan. By checking your credit in advance, should an error be present, you will be able to address it and have it corrected. There are three large national credit bureaus that supply most credit reports, and each of them may have a report on file for you. The three national bureaus are:

• Experian (formally TRW)PO Box 949, Allen, TX 75013. 1-888-397-3742
• Equifax PO Box 740241, Atlanta, GA 30374-0241. 1-800-685-1111
• Trans Union760 West Sproul Road, PO Box 390, Springfield, PA 19064-0390. 1-800-916-8800

This is a critical beginning. Leon and Tina have dedicated Buyer's Agents who can guide you as to the necessary steps to correct errors on your credit report. They can also offer recommendations on how to repair your credit.

Get Pre-Approved for a Loan

Why is pre-approval so important? Imagine finding the home of your dreams after weeks of searching. It's absolutely perfect and you want to put in an offer right away. You go back to your agent's office, write up a contract and send it over to the listing agent.

The first thing they ask, "Can you actually afford to buy the house?" A simple "yes" won't do. You need a letter, called a pre-approval letter, from a lender stating that you can indeed afford the mortgage before they'll even consider the offer. In the meantime, another offer comes in from a buyer who has already been pre-approved. It's understandable that the sellers would want to go with the sure thing…and that's just what they do.

• Click Here to get Pre-Approved

Know how much home you can afford

The last thing you want to do is waste your time looking at homes you can't afford. Contact a mortgage company before you start house hunting and know exactly how much home you can afford to buy. Then, when you find the home of your dreams, you'll know it's within your means.

Find the home that's right for you and your family

Before you can find the home of your dreams; You'll need to decide just what is important to you and your family. Its best to start with a list of must-haves then make a list of criteria that you would love to have in your new home, but could live without if they didn't fit into the budget.

Work with an experienced licensed real estate agent

Because the seller pays the Realtor fee, there is no cost to the buyer for utilizing the services of a real estate agent to find a home.

Licensed agents are members of a Multiple Listing Service (MLS) that allows them the ability to put your specific criteria into the MLS database and pull only those homes that match your needs. This saves you countless hours of driving around aimlessly and pouring through newspapers and other real estate publications.

Making an offer

Once you locate a home that meets your requirements, you'll want to write an offer as soon as possible since many homes don't stay on the market long.

Your agent will help you determine fair market value based on his/her knowledge of the market and on the information contained in a survey of comparable homes in the area or in the neighborhood that have recently sold.

Once you have established an offer price, your agent will then write a contract and present it to the co-op agent. The co-op agent presents your offer to his/her seller and they may reply with a counter-offer. This is where your agent's negotiating skills go to work for you! This process continues until all parties come to an agreement on a fair price.

Know your rights and obligations

Our experienced buyer's agent will recommend that you have the home inspected by a qualified inspector who is a member of the Council of American Building Officials, CABO, or American Society of Home Inspectors, ASHI. Other issues your agent can help you address include finalizing the loan process, getting insurance coverage per the terms of your loan, and much more.

At the Closing

You will want your Buyer's Agents at your side to represent your interest at closing. Should questions arise at closing, you have the assurance that a professional can help you clearly understand, so that you will feel confident about every decision you have to make for the closing of your new home.

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