You've Decided to Buy a Home!

Buying a home is more than looking at houses. It's finding the right home, at the right price, in the right location. Hopefully, with a minimum amount of time and inconvenience. The best way to achieve these objectives is to work with a professional realtor who understands your needs and wants, your time frame and the financial boundaries to work within.

Selecting a Sales Representative

It is important that the sales representative understands your needs. A good sales representative will define your needs before they start to show you homes. Questions you should ask a sales representative when making your selection:

• Will you be representing my interests?
• Do you have access to M.L.S. information?
• Would you provide market evidence to support the price?
• Will you look after the details to closing and possession?
• Can you be contacted at any time?

A Sales Representative's Function

• Provide information on the property.
• Provide information on the area.
• Negotiate a price and terms, agreeable to buyer and seller.
• Assist in arranging a source of financing.

Working With a Sales Representative

Let the sales representative do the searching. The best buys are not in the newspaper ads. In fact, most opportunities are on "hot sheets" available every morning to sales representatives with access to M.L.S. information. Once you connect with a salesperson they can do a more complete search for you. A sales representative will commit time to you if you will commit loyalty to them. If you play the field, you cannot expect undivided attention.

Buyer's Contribution

• Provide details of your property needs.
• Describe what would be a suitable location.
• Provide financial information.
• Communicate your likes and dislikes on each property.
• Commit to the salesperson.
• Respect and perform the terms of the purchase agreement.

Working together as a team, with a professional sales representative you respect, should achieve those objectives you seek - the right home for you.

Establishing a Market Value

Market value is based on what others have been prepared to pay for a similar property, under the same market conditions after reasonable marketing exposure. Market value is a fai price for both buyer and seller. It is what is called an "arms length" deal, and that means that there were no influences other than the market influencing the deal. You may of course pay more than established market value if your desire for the property warrants it. Conversely, you should not expect to pay less than established market value unless the property is being sold under duress.

Qualifying For Your Mortgage

Once you've made up your mind to buy a home, the first question that comes to mind is, "How much can I afford?" The financial aspects of buying a home do not need to be confusing. I can arrange to have you pre-qualified for a loan before you start shopping. Most lending institutions will only allow approximately 30% of a person's income to support a mortgage. They will usually not allow more than approximately 40% of income to support a mortgage together with other debts. The amount of money you qualify for, plus the amount of cash you can put down, will equal the amount you can afford to spend on a home.

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