Team Wheeler's Blog
Creating an offer to purchase a home may require several minutes, hours or days – it all depends on the buyer. Fortunately, there are many things you can do to accelerate the process of putting together a homebuying proposal that will get a seller's attention. These include:
1. Study the Housing Market Closely
When it comes to preparing an offer to purchase a house, there is no need to leave anything to chance. If you analyze the real estate market closely, you can gain the housing sector insights you need to craft a competitive homebuying proposal.
Take a look at the prices of recently sold houses in your area, along with how long these residences were available before they sold. With this information in hand, you can determine whether the current housing market favors buyers or sellers and craft your offer to purchase accordingly.
Analyze a house's age and condition as well. By doing so, you can account for the state of a house as you put together an offer to purchase.
2. Maintain Flexibility
Although you may be in a hurry to acquire your dream residence, a seller may need time to find a new place to live. As such, you should maintain flexibility as you craft your offer to purchase and be ready to accommodate a seller's requests.
Ultimately, it is important for a home sale agreement to meet the needs of both a buyer and seller. If you consider the seller's perspective as you create an offer to purchase, you may be better equipped than ever before to craft a homebuying proposal that works well for both you and a seller.
3. Collaborate with a Real Estate Agent
Let's face it – creating an offer to purchase a house can be challenging, particularly for a buyer who is putting together a homebuying proposal for the first time. Lucky for you, real estate agents are available nationwide who can help you craft a competitive offer to purchase in no time at all.
A real estate agent is happy to provide you with homebuying insights you may struggle to obtain elsewhere. He or she can offer recommendations and suggestions as you prepare a homebuying proposal. Plus, a real estate agent can help you submit an offer to purchase and negotiate with a seller's agent on your behalf.
Let's not forget about the support a real estate agent provides after you submit an offer to purchase, either. If your homebuying proposal is approved, a real estate agent will help you finalize your house purchase. Or, if your offer to purchase is rejected, a real estate agent will help you reenter the housing market so you can discover your dream house. In the event a seller counters your offer to purchase, a real estate agent can help you determine the best course of action, too.
Ready to submit an offer to purchase your ideal residence? Use the aforementioned tips, and you should have no trouble submitting a competitive homebuying proposal and acquiring your dream house.
A home inspection is a key part of the property buying process. If you fail to allocate the necessary time and resources to conduct an in-depth inspection, you may struggle to identify various home problems before you finalize your property purchase. And if you cannot identify such issues, you risk buying a home that may require costly, time-intensive upgrades in the foreseeable future.
Ultimately, there are many things that you can do to ensure that a home inspection provides you with the insights you need to determine whether to proceed with a home purchase. These include:
1. Hire an Expert Home Inspector
A home likely is one of the biggest purchases you'll make in your lifetime. As such, there is no need to leave anything to chance, especially when it comes to conducting a house inspection. But if you hire an expert home inspector, you can get the support you need to conduct a comprehensive property inspection.
Look for a home inspector who possesses extensive experience. Also, you may want to ask a home inspector for client referrals before you make your final hiring decision. If you get in touch with a home inspector's past clients, you can find out what it's like to work with this professional and proceed accordingly.
2. Attend Your Home Inspection
You are under no obligation to attend your home inspection. But in most instances, it is beneficial to attend an inspection.
A home inspection usually requires just a few hours to complete, but the benefits of attending an inspection may last a lifetime.
For example, during an inspection, a home inspector may be able to provide you with property repair insights that otherwise won't be included in your inspection report. Meanwhile, attending a home inspection allows you to ask questions and gain the insights you need to make an informed decision about a home purchase.
3. Analyze Your Home Inspection Results
Spend some time reviewing a home inspection report – you'll be happy you did. If you assess a home inspection report closely, you can use all of the information at your disposal to decide whether to continue with a house purchase.
Furthermore, if you have questions about a home inspection report, don't hesitate to reach out to the inspector who conducted the evaluation. This inspector can respond to any report questions that you may have and provide you with information that could prove to be exceedingly valuable as you make your final decision about a house.
As you get ready to buy a home, it certainly helps to have a best-in-class real estate agent at your side too. This housing market professional can offer recommendations and suggestions about what to do following a home inspection. Plus, he or she can provide plenty of guidance at each stage of the property buying journey.
Take the guesswork out of a home inspection – use the aforementioned tips, and you can boost the likelihood of completing a successful property inspection before you finalize a home purchase.
Open houses can be a great way to get to know a home and the neighborhood it sits in. Sure, the seller will be trying to put their best foot forward on the big day. But, you’ll still be able to get a chance to tour the home relatively uninterrupted.
But what should you look for in particular when attending an open house?
There are a number of things you can learn at an open house. Many prospective buyers spend the time looking at things like paint color and cosmetic touches that can easily be changed, and very little time considering important factors that should go into their home buying decision.
So, in today’s post, I’m going to cover some of the lesser known things you should be looking out for when you attend an open house. That way, you’ll know which houses are worth considering further and which ones should be left behind.
Not enough storage space
If you find yourself constantly running out of storage space (and who doesn’t?), you’ll want to make sure the home has ample space to store your belongings. If it doesn’t, see if you can find ways to repurpose areas for storage, such as spare bedrooms or garage space.
Overly scented areas
It’s perfectly normal for a seller’s agent to place one or two choice candles in the home during an open house.
However, if you notice some rooms have an overpowering smell of candles or air fresheners, there’s a good chance it’s there to mask offensive and hard to remove smells. Pet and cigarette odors are among the worst culprits.
The windows, doors, and cabinets should work like a dream
When attending an open house, take note of how well the doors open and close. If appropriate, ask the seller’s agent if you can try out the windows and cabinets as well.
Problems with these items can be signs of poor craftsmanship, cheap materials, or neglect.
Traffic and neighbors
If you’ve found what you think is the perfect home, it can be easy to see the world through rose-colored lenses.
However, it’s important to take them off when looking around the yard. Take note of the traffic level, and the amount of privacy the home receives. If you like the home, it’s also a good idea to stop by the neighborhood during rush house to gauge how traffic would affect your commute.
Air flow issues
Improper ventilation can lead to mold growth, especially in bathrooms and kitchens. Make sure bathroom vents and fans work properly, and check windows for condensation.
In rooms with sinks, check around the base of the sink and counter for signs of water damage or mold.
Large cracks in foundations or ceilings
While small, hairline cracks in the foundation of a home are completely normal, large ones can be dangerous.
They can allow water and pests to enter the home, causing all types of costly damages.
Keep those six tips in mind when you attend the open house, and be sure to bring a list of any other questions you might have for the seller’s agent.
Buying a home should be a quick, simple process. However, the homebuying cycle sometimes proves to be a hassle, particularly for those who are shopping for a house for the first time.
Lucky for you, there are many quick, easy ways to become a smart homebuyer – here are three tips to ensure you can make informed decisions throughout the homebuying journey.
1. Check Out a Broad Array of Houses
Purchasing a home can be a fun, exciting journey, especially if you explore a wide range of residences.
Remember, the more residences you check out, the more likely it becomes that you'll find one that matches or exceeds your expectations.
When you review houses, be sure to analyze each property's interior and exterior closely. That way, you can identify any problem areas and determine whether these issues are potential deal-breakers.
Also, don't hesitate to check out the same house multiple times. It never hurts to take a second look at a house. And if you find that you enjoy a home after a second walk-through, you may be ready to submit an offer on this residence.
2. Set a Homebuying Budget
Before you make an offer on a house, it is important to consider exactly what you can afford. By doing so, you can avoid the temptation to overspend in the hopes of acquiring your dream house.
Many homebuyers get pre-approved for a mortgage – something that may prove to be exceedingly valuable.
With pre-approval for a mortgage, a homebuyer will know exactly how much money he or she can spend on a home. This will enable a homebuyer to enter the housing market with a budget in hand and map out his or her home search accordingly.
Furthermore, consider your monthly expenses prior to submitting a home offer. Electricity and assorted utility expenses can add up quickly, so you'll want to account for these costs. And if you want cable and internet services at your new home, you'll want to evaluate these potential expenses as well.
3. Consult with a Real Estate Agent
A real estate agent is a housing market professional, and as such, will help you simplify the process of going from homebuyer to homeowner.
Typically, a real estate agent will meet with you to understand your homebuying needs. He or she then will help you develop a homebuying strategy, one that ensures you can purchase your ideal house at a budget-friendly price.
With a real estate agent at your side, you should have no trouble acquiring a wonderful residence. This housing market professional will set up home showings, keep you up to date about new property listings and negotiate with home sellers on your behalf. As a result, a real estate agent will guarantee you can get the best results possible throughout the home selling journey.
Don't leave anything to chance as you kick off your home search. Instead, use the aforementioned tips, and you can become a smart home shopper in no time at all.
Ready to submit a home loan application? Ultimately, there are many factors to consider before you finalize your submission, and these include:
1. Your Outstanding Debt
If you have outstanding student loan, car or other debt, you should try to pay it off as quickly as possible. By doing so, you can boost your chances of securing a home loan that matches or exceeds your expectations.
Take a look at your outstanding debt and make a plan to pay down your bills. With a plan in place, you may be able to reduce or eliminate outstanding debt before you complete your home loan application.
2. Your Credit Score
A strong credit score will help a homebuyer get a terrific home loan. Conversely, an inferior credit score is unlikely to do you any favors after you submit a home loan application.
Learn about your credit score before you finalize your home loan application. Then, you can allocate the necessary time and resources to boost your credit score or correct any errors on your credit report.
You are eligible for one free copy of your credit report from each of the three major credit reporting bureaus (Equifax, Experian and TransUnion). Request a copy of your credit report, and you can understand where your credit score currently stands.
Also, if you find any errors on your credit report, contact the credit reporting bureau that provided the report immediately. This will allow you to correct any credit report mistakes and reduce the risk that these errors could impact your ability to secure a home loan.
3. Your Savings
It never hurts to save money, especially if you'd like to purchase a home in the near future. If you start saving today, you may be better equipped than other homebuyers to have the necessary finances in place for a down payment on a house.
In most instances, lenders will require you to have at least a small portion of the purchase price of a home available for a down payment. If you have thousands of dollars available for a down payment, you may be able to boost your chances of getting a "Yes" from a lender after you submit your home loan application.
Getting a home loan may seem like a long, arduous process. Fortunately, many lenders are available to help you secure a great home loan.
Meet with several lenders as you explore all of your home loan options. That way, you can learn about a broad array of home loan options and choose a home loan that matches your finances perfectly.
After you secure a home loan, you'll be able to move one step closer to securing your dream residence. Of course, if you need assistance during the homebuying journey, it never hurts to reach out to a real estate agent as well.
A real estate agent will do everything possible to help you acquire a top-notch residence at an affordable price. Thus, if you employ a real estate agent, you may be able to enjoy a fast, seamless homebuying experience.