16 Jan 10 House Buying Negotiations

Buying a house is a huge decision, and that can’t be stressed enough. For most people, you’re purchasing the place that you’re likely to live for the rest of your life. So making sure that you get the best possible deal, and pick the best possible investment is imperative. Obviously you need a strategy, and a huge part of that strategy will be how you negotiate your purchase of the house.

The best way to tip the negotiations in your favor, is to know what you’re talking about. Research the market that the house is in. See if prices are going up, or are in a decline. But most importantly find a real estate agent that you trust, as well as a property appraiser. Both will have a huge impact on the price you’ll have to pay, so finding people you can trust is very, very important.

Once you have your information, you can actually set up and prepare for actually buying the house. Your information gathering isn’t even half the battle. The real struggle is controlling your emotions so that you can remain calm and be realistic about all aspects of the purchase. The last thing you want is to be swayed by your feelings under such a huge decision. So stay calm, and use the information you’ve gathered to your advantage.

Finally, make sure that you’re prepared to be realistic about your house options. Don’t buy one that’s way out of your price range, thinking that you’ll be able to pay off the home. Don’t be tempted into offers you can’t afford, or offers that seem too good to be true. You may have to pay a little more than what you thought, to be in the area you want. Be prepared for this, and don’t let any surprises rock you or your decision making.

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Tags: Best Possible Deal, Buying A House, Buying House, Decline, Emotions, Feelings, Finding People, Half The Battle, House Buying, Information Gathering, Negotiations, Options, Property Appraiser, Real Estate Agent, Rest Of Your Life, Struggle, Surprises

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09 Jan 10 Careful Considerations When Buying A Home

When you’re a first time home buyer, there are a lot of mistakes you can make. Avoiding those pitfalls is difficult, because sometimes you don’t know a pitfall until you’ve been ensnared into one. The best thing you can do is try and be as informed as possible. Do your research, and prepare as best you can, and maybe you can avoid any unfortunate circumstances. Here are a few tips that will help:

-Have a good idea of how much money you have available to spend. The last thing you want to do is get into a bidding war that greatly exceeds your means. Part of the reason for this recession is too many people living beyond their means, don’t become one of them. Buying a house you can’t afford is never a good idea, so set an absolutely final mark on how much you’re willing to pay. Then, DON’T go over that price.

-Don’t be afraid to ask for professional help when considering home options. But don’t turn to a real estate dealer for help, because their interests are concentrated towards selling the home to you. A real estate agent’s job is to make any house fit for you, whether it’s really the right choice or not. You can’t trust a salesperson to provide you with unbiased information or opinions.

-Buying a home is a major decision, treat the decision as such. You shouldn’t buy a home on a whim, because chances are you’ll be living there for some time. Shop around so that you can find value for money, acceptable locations, and a house that you’ll be happy with in the long term.

-Make sure that you always have an inspector chosen by you investigate the house before even considering purchase. The problem with using an inspector provided by a real estate agency, is that they are more likely to be slanted in the opinion of the agency. Finding an independent third party guarantees a fair and unbiased assessment of the property.

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Tags: Bidding War, Buying A Home, Buying A House, Careful Considerations, First Time Home, First Time Home Buyer, Home Options, How Much Money, Pitfall, Pitfalls, Real Estate Agency, Real Estate Agent, Recession, Right Choice, Salesperson, Third Party, Time Home Buyer, Time Shop, Unfortunate Circumstances, Whim

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05 Nov 09 Buying Your First Home

Jumping into the purchase of your first home is not a good idea. Especially with the economic downturn taking place, you need to know your stuff. If you don’t know what you’re jumping into, you could get eaten alive by those willing to take advantage. An inexperienced person is a target for shady deals. The best way you can avoid this, is by doing your research, and truly preparing yourself for the home buying experience.

Your first step is cleaning up your credit as much as possible. A big purchase like buying a home is exactly what your credit is for. So yes, getting the loans necessary is going to take a big chunk out of your rating, so you want to be as high as possible beforehand. Request your free credit report from the three major bureaus. Check these over and clean up any blips, so that you can get as high a rating as possible.

We’re talking a great credit score here. That’s the only thing that will do when you’re trying to get a loan to buy that house. Anything below 600-650 is going to make things extremely hard on yourself. A credit rating below that level will make finding a loan without a cosigner, very difficult.

Now, so that you can target the right house for your price range, you have to do some financial work. No mortgage payment should be more than 30% of your net monthly income. Anything beyond that could stretch your budget pretty thin. So factoring that in, you have a good idea of the price ranges you should be prepared to look for.

From there it’s as simple as researching the realtors in the area you want to buy the house. Find a reputable one, ask around if you have to, or even research online. You have to make sure that your realtor is someone you trust, as you’ll be directly dealing with them concerning your home for some time. Once you find a good realtor, you’re set to start looking.

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Tags: Blips, Budget, Buying A Home, Chunk, Cosigner, Credit Rating, Credit Score, Economic Downturn, Free Credit Report, House Price, Inexperienced Person, Loans, Mortgage Payment, Net Income, Realtor, Realtors, Shady Deals, Stuff, Target, Three Major Bureaus

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16 Jan 10 House Buying Negotiations

09 Jan 10 Careful Considerations When Buying A Home

05 Nov 09 Buying Your First Home

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