Real Estate Tips for Buyers

Before you head out to buy your first, second or tenth home or property you might want a refresher course of some basics in real estate buying. Now is a great time to be buying if you can but you will want to make sure you have all your ducks in a row first for a smooth and hassle free transactions with as little bumps as possible.

• How Do I Know I'm Ready to Buy a House?

Get Pre-approved

Unless you are buying a home cash out, meaning you have actually cash you are brining to closing for the entire cost of the home, you will need to borrow money and obtain a mortgage for the loan. Even if you are selling another home and buying a new one, you will need to become re-qualified to buy now. This entails sitting down with a lender, bank, mortgage broker or private investor and going over all your finances to make sure you can actually afford a home and how much you can afford. The lender will typically go over all your income, debts, credit scores and anything else they may need to complete the preliminary financing. Once they have done this they will usually issue you a pre-approval letter stating how much you can afford. This is a great tool to present to sellers during the offer period as it shows you have already done your homework and are a smart buyer.

Have an inspection

Even if you plan on asking for nothing from the sellers this is still a great way to learn all you can about your new home. It helps to know how long you have on the roof before you have to put a new one on. It helps determine the life of appliances like furnaces, water heaters, central A/C, or heat pumps. It also helps you learn all about the biggest investment you are probably going to make in your life. We have expert inspectors in the Ardmore TN real estate area that know the in's and out's of Tennesee real estate.

Keep all agreements in writing

As your broker we will keep all documents and agreements in writing and make sure all we do is professional and straightforward. But sometimes there are issues that arise that we may be unaware of. In which case you will want to make sure you have every detail in writing. Keep in clear communication with your agent through the whole process about what stays, what goes and/or if there are extra monies involved. Escrow will need to track all funds at closing so make sure everything is agreed upon in writing.

Get Homeowners Insurance

If you are selling one home and buying another then you will need to let your current homeowners insurance know of the move and if there are any changes to the policy. If you are brand new at owning you will want to shop around and find a company you trust and get some quotes on homeowners insurance. This will financially protect you from fire, theft and any other issues you have agreed to on the policy.

With these tips, you should be in a good position for buying Ardmore TN homes or real estate. We are experts in this field and want to show you how fun and easy buying real estate can be! Start your online search here first or give us a call today for more tips and information on Ardmore real estate.