 First-time Buyers, I would like to work with you!
I will always remember many years ago when I was buying my first home...all the jitters, fears and concerns I had then. I was unsure if I was doing the right thing and how to go about it. I wondered if I could get financing.
Today, my mission in your home buying process is for you to leave the Closing on your new home with broad smiles!
Buying a Home
Buying a first home is probably the biggest investment you will make, with long-term financial ramifications. It calls for many informed decisions and for good advice from a real estate professional. When buying a home, you can learn from the knowledge and skill of my many years of experience. You can e-mail me any time at robert.keller@remax.net
What can I do to help you buy the home that is right for you?
- Help you determine how much home you can actually afford. Often, by suggesting additional ways to accrue the down payment and explain alternative financing methods. I can also introduce you to a mortgage counselor and arrange for you to be "pre-approved" which can improve your negotiating position and enable you to achieve your home-buying objectives faster and with less stress.
- Providing client level services, I can work for you as a buyer's agent and help negotiate the best price and terms for you. Or, I can serve as a transaction agent, acting as a liaison between you and the seller to present offers and counteroffers until an agreement is reached.
- Help you work out a realistic idea of the home best suited to your needs: Size, style, features, location, and accessibility to schools, transportation, shopping, and other personal preferences.
- I have access to a listing of all available homes in the Punta Gorda-Port Charlotte Multiple Listing Service. I can evaluate them in terms of your needs and affordability. And I will NOT waste your time showing you unsuitable homes.
- Suggest simple, imaginative changes that could make a home more suitable for you and improve its utility and value.
- Supply information on real estate values, taxes, utility costs, municipal services and facilities, and may be aware of proposed zoning changes that could affect your decision to buy.
- Although the law does not normally require an attorney to review documents or oversee real estate closings, I can provide you with a list of law practitioners to choose from if you would like to use the services of an attorney.
- Help you become familiar with the Closing process and help obtain closing figures before the closing so you can review ahead of time.
- Provide you with a list of qualified home inspectors, pest inspectors, surveyors, and help you coordinate inspection appointments.
To contact me for help with your first home purchase, please e-mail me: robert.keller@remax.net
Top 10 Tips to Successful Home Buying
Tip #1: Research Is The Key To Discovery
Home Sellers won't call you with an offer to buy a maintenance-free home with a wonderful mortgage. You have to find these gems yourself! Only by reading available materials, talking to friends and experts, and spending time looking at different homes, schools, and neighborhoods will you end up with your American dream.
Contact me to learn how best to buy and maintain a home. And, if you've found what you think is the perfect home, e-mail me at robert.keller@remax.net. I will help you to make sure that it's not a lemon in disguise.
Tip #2: Make A Plan And Get Pre-Qualified
Every important decision needs to be clearly thought out. Developing a home-buying plan can help you focus on the important factors and organize the entire process. You may even want to use a binder with sections on house hunting, home financing, service providers, etc.
Loan Pre-qualifying helps you determine the home price you can afford and presents you as a genuine prospect to the seller.
A lender typically uses the 31% formula (your monthly mortgage can't exceed 31% of your monthly income) in approving your loan. Planning your actions and getting pre-qualified will keep you out of the panic mode and allow you to take advantage of opportunities.
A thorough plan will save both time and money! I know many lenders that will prequalify first time buyers and buyers with less than perfect credit. Please e-mail or call me for more information or assistance.
Tip #3: Value, Value, Value
The days of high annual appreciation have passed. Now we have a full buyer’s market where, with good shopping and my help, you can afford a lot more home today than several years ago.
Homebuyers in the 1970's benefited tremendously from what seemed like ever-appreciating home prices. Nowadays, we are looking at slow growth, while guarding against the possibilities of falling prices, skyrocketing ARM rates, and layoffs that can dramatically affect your home values.
The classic rule of buying the worst house in the best neighborhood still applies. If you buy with an eye towards improvement, you can customize the home to fit your needs.
The saying, "make money buying a home, not selling one," should keep you focused on the long-term importance of the purchasing price.
I have a large listing of homes, one of which is sure to be your "diamond in the rough" that you can polish to perfection!
Tip #4: Create A Top 10 List Of Amenities
When shopping for a home, list the features (pool, fenced-in yard, new appliances, etc.) that are most important to you in deciding which home to buy. Establishing "your criteria" early in the process will save time in shopping for inappropriate homes, and may keep you from buying a home on a whim.
As detailed in Tip #3, your top reason for buying a home should be the value you are getting. Some of your top 10 amenities can logically be sacrificed if an incredible value is available. I can easily get you a list of homes that have the amenities you desire.
Tip #5: Fixed vs. Adjustable Rate Mortgages
Which type of loan fits your particular needs? If this is your first home or a "transitional home" (one you plan to own for a short time), an ARM may be the best type of loan.
If it's going to be your dream home or one you in which you plan to raise your family, then you may want the stability of a fixed rate mortgage.
If you choose an ARM, the index should be based on the Cost of Funds Index if rates are increasing, or Treasury Bills if they are decreasing. The COFI's are less volatile over time than T-Bills; make sure the teaser rate is understood and know what the real rate would be.
Whichever loan you choose; make sure that you scrutinize all the closing costs. If you are required to have a mortgage escrow account and private mortgage insurance, make sure you understand the terms and cancellation procedures (As your Real Estate Associate, I have publications to assist you).
Also, make sure there are no prepayment penalties, so that you can utilize an accelerated mortgage plan if you desire. A good mortgage reduction plan can save you tens of thousands in interest costs, and shorten your loan term, with only small extra principal payments. And, if you experience negative changes in your job, health, or marital status, you can revert to the standard payments in your mortgage contract.
Tip #6: Sign A Contract That Protects You
Make sure that the contract you put on a house allows you to arrange financing, inspect the home and negotiate any problems that you uncover. Ensuring that the contract you sign will minimize potential legal battles will let you swim in your new pool with your family and neighbors instead of with the sharks.
I promise to be available to answer any questions and calm any concerns you have during your home buying process. E-mail me now at robert.keller@remax.net to get started.
Tip #7: Put Yourself in the Seller's Shoes
You are about to make one of the most important decisions that will affect both your life and the life of the seller. If you take time to understand the reasons the seller bought the home, their reasons for selling, and the home improvements they have or have not made, you'll be in a better position to evaluate the home and negotiate a better deal.
In the end, the home-buying process excludes the professionals and comes down to the individuals buying and selling the home. A closer look at the seller may help you in deciding whether and for how much to buy a particular home.
I give sellers the same attention I give buyers. The seller was once in the same position you are in now! Sellers can also e-mail me for more information and home-selling assistance.
Tip #8: Develop A Mortgage Shopping Chart
One of the biggest decisions to make before putting a contract on a home is how to finance the purchase. There are 10,000 lenders competing for your mortgage business. The days of simply walking into the community bank and negotiating with the loan department manager are over.
Today, you can apply for a loan over the Internet or even use a mortgage broker to shop for your loan with hundreds of lenders. When choosing a lender, avoid "apples to oranges" contrasts by comparing fixed rates to fixed rates, not fixed to ARM’s.
Create a chart that lists different types of loans, fees, but limit it to five mortgage providers (including a mortgage broker).
Important to Remember: obtain your credit score from the 1st recommended lender. Then, for any additional lenders, give them your score. You don’t want your credit score to drop because too many lenders are pulling your credit information!
I would be happy to help you obtain your credit score, and review mortgage and pre-approval offers. I have spent many years looking at mortgage offers and know how to help you find the best one - even if you are not buying or selling from me. Click here to contact me.
Tip #9: Get A Quality Home Inspection
Although it is hard to believe, more people pay for inspections before buying used cars than when making the biggest investment of their lives - their homes. Paying for a qualified Home Inspection before you buy a home isn't just spending "a little extra" for peace of mind, it's absolutely essential for anyone who doesn't want to spend thousands of dollars for repairs!
Watch out for inspectors who are getting incentives from sellers or selling agents to give a good review. Please contact me and I will make sure you get a fair, honest, and complete assessment of the home you are looking to purchase.
Tip#10: Peace Of Mind: Home Protection Plans
To protect both you the buyer and the seller, it is a good idea to purchase a Home Protection Plan.
What exactly is it? A Home Warranty, or Home Protection Plan, is a service contract which protects homeowners against the cost of unexpected repairs or replacement of major home systems and appliances that may break down due to normal wear and tear. It is normally effective for one year.
The warranty typically covers mechanical breakdowns, while insurance typically repairs the related damage. For example: if a hot water heater burst and destroyed a wall in your home, the warranty would repair the water heater and your insurance would pay to fix the wall.
A negotiable contract between the buyers and sellers which does not overlap or replace homeowner's insurance policy, this type of warranty can save the new homeowner lots of headaches, as well as put Seller's fears to rest.
There are many protection plans on the market, make sure you get the best one at a great rate. I can help you find the best one.
Contact me at (941) 639-1376, or send me an e-mail at robert.keller@remax.net for experienced help buying your first home.
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