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Tips for Home Buyers

Choosing a Location

Choosing the location for your new home can be one of you most important decisions.

Check the area schools for academic performance, as this is a very important concern for home buyers with children.

Look objectively at the neighborhood.  Do the neighbors maintain their homes and yards in a consistent way?  Does their level of maintenance meet your standards? Are homes being upgraded, or do they look worn out?  All these factors will influence your satisfaction, and your home's resale value.

Access to major roads, freeways, and shopping will reduce your travel time and generally give you more time for more pleasurable activities.  This access will be important for future buyers.

Is the area relatively quiet, or does it have traffic or industrial noise.  Most people prefer quiet environments.  Generally, children at play are not considered a noise problem!

House Hunting Tips

When you look for a home, try to list the general qualities you want in a home.  These might be:

  • Kitchen with eating/study areas

  • Private rear yard

  • Extra Parking

  • Pool or Spa

  • Master Bedroom with quiet area

Its helpful to be general rather than specific. For instance, a home may meet your requirements, but still not have "room for a large kitchen table". Instead the need is met in another way.

Your general requirements allow a wider selection of homes that meet your needs and desires.

The Best Possible Terms

When shopping for a home, be prepared to offer the best possible terms to a buyer.

If you can, sell your present home before making an offer on a new home.  Even if you have not closed escrow, the fact that you have a buyer is important to a seller.

Talk to a lender and secure a Letter of Pre-Qualification.  This letter states that you are able to borrow the money necessary to purchase the home you want.  This letter will go a long way with a seller as they consider your price and terms. Contact me for a current list of qualified mortgage lenders.

Make a clean offer that does not demand a lot of work from the seller, unless you know they expect a list of "to-do's".  Sellers typically want to see their property "go away" with as little hassle as possible.  A clean offer at a lower price may be accepted before a full price offer with a long list of issues.

Borrowing Power

The power to borrow for a home is key to a successful search and purchase.  Lenders have many programs available to suit a wide variety of buyer situations.  In addition to 30 year fixed interest rate loans, adjustable interest rate loans, graduated payment loans, low-down payment, and government-backed loans are available.

JScott Carpenter can provide contact names at lending institutions with favorable lending policies and a wide range of financial products.

Your ability to borrow for home ownership is based largely on your credit history.  Before going to a lender, get a credit report on yourself and/or your spouse, then correct or repair any credit problems on the report.

Home Warranty

Home warranties protect both the seller and the buyer of a home.  They are relatively inexpensive insurance policies that provide payments to repair many of the fixtures and systems in your home.

J.Scott recommends that every buyer purchase a home warranty before close of escrow.

Closing Costs

A title/escrow company can prepare an estimate of closing costs for homes in a given price range.  These costs are typically split by the buyer and seller, and can be included as part of your loan.