Many first-time home buyers are overwhelmed with the process, from the initial search, to the stress of financing, and haggling through the final negotiations. Knowing what it takes to make a good deal is essential.
You should be very careful about buying a home when things are uncertain about your job. Once your signature is on a mortgage, you have made a commitment that you will make that monthly payment, regardless of what else happens. Make sure that you have quite a few months worth of savings set aside if things should be a little shaky at work.
Monitor pre-foreclosures. If you have lots of time to devote to finding your investment property, then pre foreclosures may be the way to go for you. Properties in pre-foreclosure have owners who may go into foreclosure proceedings due to delinquent payments. You can get a list of these homes from most lenders, and you can also place an ad that describes how you can buy the home for cash. Whichever method you use, when you’re talking with the person who currently owns the property, you need to discover how much he or she owes, and offer this person potentially several thousand dollars over that amount. This is a great bargain, since many people don’t owe the full market value of their homes.
Be sure to get a warranty on your home. If you are purchasing new from a builder, or pre-loved from an existing owner, request a warranty. Any quality builder will stand behind the home he or she has built for a certain period of time. Ask if the previous owner is willing to cover the cost of a warranty on your home for a year at minimum, to help offset costs of repairs that might need to be made.
The tips and hints in the above article are an insightful introduction to the wealth of information you need to comprehend if you want to get the best deal you can on the purchase of your home. Use this advice throughout the search process, so you can make wise decisions instead of falling victim to the mistakes that are commonly made by inexperienced home buyers. It is now time to start searching for a new home. Good luck.
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