Tips for Buyers

What not to do before buying a home

Don’t Make a Major Purchase of Any Kind
It seems obvious, but your ability to qualify for a mortgage loan can be greatly affected if you make a major purchase prior to looking for a house or during the home purchase process.  Even days before closing, buying a car, appliances or furniture for the new home can derail the process and hamper you ability to purchase the house.  By altering your credit to debt ratio, a lender could pull the plug on the loan and you could end up not being able to buy the house.  So just to be safe, you should wait on making a major purchase until after you buy your house.

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Why Use a Real Estate Broker?

No one really needs a broker to find a home.  The internet has leveled the playing field by giving consumers access to pretty much the same information about houses for sale as a broker has access to.  But advertising a home for sale or finding a home to buy is just part of the process.  An experienced real estate broker can help you avoid mistakes and pitfalls in the home buying and selling process.  People that represent themselves in real estate transactions can do ok.  But often, a broker could have gotten the seller more for their home or gotten a buyer a better deal on a home.  Here are 10 reasons why you should consider hiring a real estate broker to represent you.

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Six Steps to a Smooth Home Purchase

Buying a home can be an emotional, time-consuming, and a complex process. There are a few things you can do to help make the process go as smooth as possible:

1. Check your credit.
Before you apply for a home loan, regardless of your credit, it’s a smart idea to obtain a copy of your credit report from the three major credit bureaus and review the information. If there are errors or things that need to be addressed, it’s easier to address them before you have found a house, than after you have found a house and are trying to close your loan.

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Frequently Asked Questions by Home Buyers

How Are Buyer Brokers Paid?

When a seller lists a property for sale, the listing agreement that the seller signs with the listing broker includes a commission clause that stipulates how much commission the seller has agreed to pay.  It is generally a percentage of the final selling price, anywhere from 5 to 7 percent.  That percentage is split between the listing and selling brokers.

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Understanding Short Sales & Foreclosures

What is a short sale?

A short sale is a situation when a seller who owns a property is attempting to sell a house and cannot pay off the full amount of the mortgage loan(s) that are a lien against the property based on the current market value.

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