A Real Estate Broker’s Share

First and foremost...decide how you will pay for it! Do you have cash...or you will be looking for financing? If financing is in your plans...be sure to arrange for it ahead of time. Be sure to obtain a copy of your credit report and correct any mistakes...NOW! If you plan to live in the home as your primary residence, it will require a smaller down payment. But, if this is an investment...you should plan on at least 20% down. AND always have a pre-approval letter from your lender in hand when you make your offer! It will greatly help your agent negotiate the best possible price for you.

Then, when it's time to start house-hunting...look for a good Exclusive Buyer's Agent who will help you find the right property...and buy it at the best possible price. A few tips to consider when buying real estate:

- Look for a good neighborhood that will most likely increase in value. Be sure to drive through communities to see which ones would best fit your needs. It stands to reason that you wouldn't want to buy on the upper end of any neighborhood...so look for a smaller house in a nicer neighborhood.

- Have a game plan! Study the market -- and have your facts before making your offer to purchase. What is the median home price? Average days on the market? Comparables? -- Your agent can provide these for you. How many homes are owner-occupied? What about vacant properties? Foreclosures? Environmental issues such as high tension wires, noise, etc.

- Find out all you can about anything that could affect the home values in any given area. New road construction? Schools? Shopping? Hospitals?

- Before spending money on a home inspection, look the house over for yourself! Does the roof appear to be in good condition? What about the floors? Do they sag or look worn? Do the appliances need to be replaced? Do you notice any water and/or damage in the basement or crawl space? Are there any noticeable cracks in the brick or foundation wall? What is the age and condition of the HVAC units? Do the bathrooms need updating? What about paint?

- Remember that the seller is obligated by law to disclose any known problems...so be sure to take a close look at any and all disclosures relating to the property.

It's always wise to do your homework and investigate before buying real estate!

When preparing your offer...be sure to listen to your Exclusive Buyer's Agent. He/she will be able to give you good solid advice based on years of experience. Keep in mind:

- Make your best offer and present it with your pre-approval letter from the lender.

- Keeping the contingencies to a minimum can help you obtain a lower purchase price.

- Offering a decent earnest money deposit will help assure the seller that you are a serious buyer.

- If the home is in danger of foreclosure -- your best bet is to offer a quick closing. In this situation, the seller is interested in one thing...getting out of the house quickly...with as little damage to his credit as possible.

- It if is already a foreclosure -- make your best offer up front because you may be dealing with a multiple offer situation.

Please contact me with any questions you have about buying real estate in today's market.