I've seen so many people keep renting rather than buying a home because it's easier to rent. There are three things that seem to stand in the way of home ownership. Let's see what we can do about them:
1. My credit is not that good, might as well not even apply. If this is you, please keep in mind that almost none of today's home buyers have perfect credit. And sometimes there are stories around why things fell behind. Lenders won't be surprised. They hear these things every day. They may have programs that may work for you. The worst case scenario? They will tell you that now is not the time, but they'll give you things you can do to make yourself ready in the future. Get started now. Your future self will thank you.
2. I don't have enough savings for a down payment. Well how much down payment do you really need? Some loans only require very little down, much less than you may think. But there's closing costs too. What if you paid a fair price for the property and asked the seller to contribute to your closing costs? That could save you thousands. But have you turned over every rock looking for money? Down payments can sometimes come from relatives, your employer, your retirement plan, loan down payment grant programs and more. But you have to ask your lender what would be the best options for you. Don't know what lender to call? Contact us at 916.682.6454 and we'll introduce you.
3. It's too hard to locate a home. It may take a month or more to close escrow. The paperwork is daunting. It's all true especially if you're working with the wrong people. A great lender and a well organized REALTOR(r) will take much of that pressure off of you. But don't just call someone and start looking at homes. You would be best served speaking to a REALTOR(r) who is experienced and trustworthy. It would be best to hire that person in writing to be your exclusive representative, because the law then asks that agent to put your interests first ahead of all others. Without hiring a person formally, that person you're working with could be construed as the sub-agent of the seller! You don't want that.
Also, don't you agree that people who plan do better than people who don't? A wise real estate agent will spend time with you working out a strategy that may improve your odds of winning BEFORE you start looking at homes.
Call us today at 916.682.6454 to discuss your options as a home buyer.
Happy home hunting!
By David Jurewicz, Broker RE/MAX Gold 00661096.