First-Time Buyers

• Get Pre-Qualified for a loan. Meet with a mortgage broker to learn how much you can afford to pay for a home. This will help you avoid the disappointment of viewing homes that are outside your budget. Taking this qualifying process to the next step will place you in a stronger bargaining position when the time comes to make an offer.
• Get Pre-Approved for a loan: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. Costs are typically nominal and lenders may be able to delay payment of these costs until Closing.
• Make a List of Needs & Wants: Make two separate lists. The first should include items you must have (i.e., the number of bedrooms required, a 1-story versus 2-story, etc.). The second list is your wish list, the things you would like to have (pool, open floor plan, large yard, etc.) but aren't absolutely necessary. Realistically you probably won't get everything on your wish list, but it will help you focus on what you're looking for.
• Get Professional help: Hiring your own real estate agent, one who is working for you, not the seller, is important. Having your own personal Buyer’s Agent will prevent you from tipping your hand and revealing personal information that might benefit the seller. Mike holds the CBR (Certified Buyer Representative) designation and possesses the skills and knowledge to assist buyers in their home purchase.
• Focus & Organization: In a convenient location, keep those items that will assist you in maximizing your home search efforts. These items might include:

1. Detailed maps highlighting neighborhoods that interest you.
2. A file containing printouts of the properties that your agent has shown to you, flyers you’ve picked up from FSBO’s, and any newspaper ads you’ve collected.
3. Pen and paper and any notes you’ve made while viewing homes.
4. A camera to help refresh your memory on individual properties, especially if you're viewing more than a few homes on a given day.
5. Research a potential property as if you were the seller. Would a prospective buyer find the home attractive based on the school district, crime rate, proximity to shopping, parks, freeway access, etc. Are there any negative features such as abandoned properties, sources of noise, etc. in the area?

• Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light?
• Be Objective: Think with your head, not your heart. Does this home really meet your needs? There are many houses on the market; don't make a hurried decision that you might regret later.
• Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:

1. Include inspection & mortgage contingencies in your written offer.
2. Have the property inspected by a professional home inspector, termite technician, pool company (for properties which have a pool or spa), etc.
3. Perform a “Walk-Thru” with your Agent within 24 hours of closing to ensure that no changes have been made that weren't agreed on (i.e., a nice chandelier replaced by an inexpensive ceiling light) and that any agreed upon repairs have been completed.

• Does this seem a bit overwhelming? When YOU GOT MIKE works for you, you’ll have a professional who will keep track of all the details and offer you sound advice in your first, or repeat home purchase. Please call or email me to discuss how I can help you and your family. I’d be happy to review the home buying process in further detail.