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House Shopping: Preparation

Are you house shopping? The process of shopping for a new house can be intimidating. Before beginning the hunt, it's best to do some preparation for the challenges that lie ahead.
Whether you are a first time buyer or seasoned the process is always challenging. It can also be frustrating and emotionally draining. Before beginning the hunt, it's best to do some preparation for the challenges that lie ahead.
First, it's a good idea to look at the ads in the newspaper or free publications that are usually available at supermarket entrances to get a feel for what is available in your price range. Drive through the neighborhoods you're considering. Visit Internet sites as well.
The second step is to get pre-approval for a mortgage. For a small application fee, the loan officer will run your credit report, look at your list of bank accounts and balances, and give you a rough estimate of the amount you're eligible to borrow. This helps to narrow down your price range and provides some peace of mind. Getting pre-approval also gives you more bargaining strength with a home seller, because the seller knows that the offer is more likely to go through. A seller may even choose a lower offer if the buyer has a pre-approval.
Next, sit down and make a list of what you want in a house. List the things you can't do without, things that would be nice but aren't necessary, and then those that you don't want. For example, you may absolutely need three bedrooms and a two car garage in a top-rated school district. Four bedrooms, a fireplace, and a full basement would be nice but aren't top priorities. And you might refuse a house that is on a busy street, lacks central air conditioning, or needs repair. This list will help your realtor find houses to show you, and will save a lot of time by narrowing down the choices.
It's possible to shop for and buy a house on your own, but there are so many potential complications to the process that the realtor's commission is well worth it. A realtor will search for houses based on your priority list and preferences, make appointments for showings, and often will even drive you around from house to house. He'll explain everything and suggest items you may not have considered. Negotiations can be tricky, so it certainly helps to have a knowledgeable person on your side.
When you do find a great house, and decide to make an offer, try not to get emotionally involved. If the offer is not accepted, you can make another offer, but don't overspend just because you really love the house. There's also a possibility that the inspection results may be poor. You could take the house anyway, unless your loan program has restrictions based on the inspection, but be very cautious about it. Be assured that there will be another house you'll love just as much, and new homes go on the market every day.
With preparation, a specific list of priorities, and an experienced realtor you can take most of the stress out of house hunting. Don't be too emotional about it, even if you have that feeling you've found "the" house and can already picture your kids playing in the yard. On the other hand, avoid settling for less than you want because you're tired of looking and frustrated. Just when the situation looks bleakest, you'll get the phone call you've been waiting for saying everything came through - and a happy ending.
Source: Ak.Essortment.com
If you have any concerns about house shopping don't hesitate to contact us!

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