What makes you a good home buyer. I am about to tell you.
You need money, so know your budget. The least you will need to buy a home depends on the price of the home. Let us say you are thinking of buying a home around 500,000 – an FHA loan requires at least 3.5% down which equates to 17,500, Attorney Approx. 2,000, home inspection approx 500, tank sweep approx. 250, Closing costs I would say 15,000 is more than enough, Moving approx. 1500. Give or take a few incidentals and you are looking at approximately 36,750.
You need an attorney, a good one, not your uncle in my opinion. A great Real Estate Agent will have at least 2 fantastic options. What makes a great attorney? Someone who communicates every single step of the way and responds quickly to any requests or questions. They are NOT all the same. Have an attorney lined up, speak to them before you start looking for houses. You do not have to pay a retainer until you find the house but being able to state on the contract of your offer that you have an attorney lined up brings more credence to your confident offer.
You need a great Real Estate Agent. Just as you should expect to have easy communication with your Attorney you should expect nothing else from the rest of your team as well. While every agent will likely tell you they are available at all hours of the day, a great agent will have you informed and prepared for the following steps without needing ‘after hours support’.
A great Real Estate Agent will have reliable home inspection specialists and tank sweep companies at the ready. As with your attorney it is wise to have spoken to one prior to submitting offers. There is a chance that you fall in love with a house that is looking for a 30 day close. In those cases having everyone already lined up makes the process far less stressful and run so much more smoothly.
You are building a team. You are the leaders, these people on your team work for you, they answer to you. Having the right players makes so much difference.
Bottom line if you want to be a good home buyer educate yourself and prepare your team and finances.
Greg Mrozak Realtor 856-332-5747
RE/MAX SELECT of Westfield 908-233-9292