Five Rules for Smart Home Buying Portsmouth VA

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Local Companies

RE/MAX Allegiance - Butler Team
757-490-7300 #302
505 S Independence Blvd #111
Virginia Beach, VA
RE/MAX Allegiance
757-490-7300 #550
505 S Independence Blvd #111
Virginia Beach, VA
Avalar Realty
(757) 343-4949
2337 Fenwick Way
Virginia Beach, VA
Small George C Rl Est
(757) 487-0425
2604 Cedar Rd
Portsmouth, VA
Craig R A Rl Est
(757) 399-8795
118 River Point Cres
Portsmouth, VA
William H Kline Real Estate Inc
(757) 484-3263
4524 Winston Rd
Portsmouth, VA
Smith-Whitaker Joyce Realtor
(757) 399-8115
Portsmouth, VA
Myers Michael Coml Rl Est
(757) 627-8611
1000 Bank of America
Norfolk, VA
Stone Joy
(276) 629-8246
6894 Stones Dairy Rd
Bassett, VA
Pritchard Lynn Rl Est
(804) 864-0301
2727 Enterprise Pkwy
Richmond, VA

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1. Arrange financing before you make an offer. Increase your chances of buying the home you want by getting pre-approved for a mortgage and waiving financing as a condition on your offer to purchase. In a competitive market, sellers have been known to ignore an offer that is conditional on obtaining financing. Some will even accept another offer for less money if there is a firm commitment behind it.

2. Know your limit. No matter how much you love a home, decide on the maximum amount you are willing to spend and stick with it. Write the number down as a reminder. If you act on emotion or find yourself in a bidding war, it’s easy to forget your limit and wind up paying a lot more than you bargained for.

3. Hire a home inspector. A home that has basic curb appeal and a stylish interior may also have a neglected roof, broken furnace or other hidden flaws in need of repair. Know what you’re getting before you buy. Make your offer to purchase conditional on a home inspection. Get the seller to cover the cost of any necessary repairs or deduct the estimated cost involved from your final offer. If the seller is unwilling to accept these terms and you still want to proceed with the sale, be sure to factor in repair costs on top of your mortgage.

4. Budget beyond the down payment. There’s more to affording a home than coming up with a down payment and negotiating a mortgage rate. Remember to budget in extra money to cover your moving and closing costs (which can often add up to between two and six percent of your loan). Ask your lender or mortgage broker to give you a Good Faith Estimate of the loan-related fees you’ll have to pay. Your REALTOR® can also help you compile a list of other expenses.

5. Get a move on moving. Try to synchronize moving/closing dates so you can move from your existing home to your new home on the same day. Otherwise you may have to arrange a short-term rental or camp out with family or friends and put your furniture in storage. You don’t want to have to move twice.

Published on January 11, 2007

Read full article at realestate.com

Featured Local Company

RE/MAX Allegiance - Butler Team

757-490-7300 #302
505 S Independence Blvd #111
Virginia Beach, VA
http://www.allvirginiabeachrealestate.com

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