New Rules For Today's Real Estate Purchaser

Your first counseling session with them sets the stage for your relationship.

New rules on lending have raised a few problems for those out looking to buy a house.

Those that have bought homes in the past may be a little surprised at today's new rules. The

only one to really be able to give you a solid answer on what you can afford to buy, will be

your mortgage lender. Make time for that call and you will save time in the long run. Your

credit history is how a lender will judge the likelihood that you’ll pay them back the money

they lend you.

Home financing is available from a variety of lenders, including banks, savings and loans,

credit unions, private mortgage companies and others. Rates and terms can vary

dramatically from lender to lender, so it pays to do your research.

Your lender is there to get you through the loan process, and your real estate agent will help

you find the house and get you from start to finish with the contract. Including you, this trio

makes up the larger part of the home buying team.

Home shopping usually begins on the Internet. Learn as much as you can about the process,

and then go into it well represented by a real estate agent. The Internet is a great tool to use

on your quest for a new home. It will allow you to look around on your own time and at your

leisure. Picture the room with your furniture, not the homeowners.

As a tool, the Internet can't be beat. Take a good look at homes and neighborhoods that

appeal to you. Keep notes on the ones that really grab your eye as well as those that are a

complete turn off. Things to eliminate become more apparent as you start looking at potential

properties to buy. Area schools, crime stats, commute times, and area shopping and

recreational facilities are other things to take a look at. If you know your schedule will not

permit doing home repairs and updating, don't look at fixer-uppers no matter how cheap they

are.

Searching on the Internet for a home is a lot like playing house. Once it's time to get serious

about buying a home, contact your local pros to get you started on the right path. Hire your

real estate agent, work with your lender and get ready to go out and buy a home. A top agent

will provide you with an overview of what's on the market and, based on your profile, print up

listings of every home available on the market that matches your search criteria.

If you have found the right home, you will need to know some basic tips on negotiating the

deal.The number one rule is to never rely on oral promises but get everything in writing.

Specific details that you will include within your offer will be under the broader heading of

contingencies.Contingencies are your friend. These are items placed in the purchase

agreement that must be attended to before you will close on the sale and detailed in a time

specific manner.

The overall real estate transaction is orchestrated by your buyer's agent. Get A Buyer's

Broker On Your Housing Buying