How To Be A Perfect Buyer

STRESS....the number 1 problem in being a buyer of real estate, especially for the first time.

How to reduce or eleviate that stress is actually an easy thing to do. It just takes a little time and trust.

So first- GET PREAPPROVED. OK, what does that really mean? It means that you should talk with a licensed, professional mortgage person that will take all your information and run it through the Fannie Mae or Freddie Mac computer systems to get a real approval for you based on your information.

The systems are called Desktop Underwriter (Fannie) and Loan Prospector (Freddie). These are the systems that approve most loans in the US, even FHA and VA loans.

Your mortgage professional will also go over guidelines on what type of loans meet your requirements.

For example, they can steer you towards or away from certain types of property. There are condominiums now that you cannot buy with a mortgage because there are too many current investor owned units or someone owns more than 10% of the condos in the building or more than 20% of the square footage is commercial.

There are so many (sometimes idiotic) rules that property along with job and assets that make it harder for good people to get a good (or sometimes just get) a loan for a home that they want to live in.

Secondly, make sure your Buyer Agent will NOT do what is called dual agency. That means that they will ONLY represent you in a transaction.

Although on rare occasions things might work out, having your agent show you property you want to see and be 100% on your side makes for a better transaction.

I have heard horror stories about agents that only showed people their or their office's listings making the client believe this was the best thing for them when in fact it was not.

Third- Do talk with friends, family and others who are professionals about the process and what they went through, but do that early...before you see homes. This way all the advice that is being thrown out at you comes together at one time and you can figure out what is real and what is exaggerated! Also, the Buyer Agent can then give you answers about what your Aunt Sadie went through when she bought her first home in 1963.

Fourth- Investigate ad get recommendations for professionals you might want to hire during the process ahead of time (i.e.home inspectors, well or septic people). This way you have done the homework and can add them to the transaction seamlessly.

Fifth- Know where you want to live, how many minimum bedrooms and baths you want and what amenities are must haves (garage, pool, tennis court, etc).

This way if you can narrow your search to what you want, you will find it quicker!

Lastly (for now): RESPECT. Please understand that your agent is working for you and is making appointments for homes. Understand that the Sellers may have to leave the house or have children they have to deal with at specific times.

Please be on time and contact your agent if you cannot make it or are going to be late.

For questions about home buying, please call me at 215-852-4469 or email me at fred@fredglick.com

Best of Luck!

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