You’re on the hunt for your dream home. You’ve established a successful relationship with a real estate agent and loan officer and now it’s time to tour some homes. What’s next?
Here are some questions to ask when touring a home to make sure it meets your standards:
Why did you choose this home for me?
A good place to start is by asking the real estate agent why they chose to show you this home. Does it fit the description you gave? Remember, finding the right home may mean compromising, so make a list of the necessary home amenities compared to the optional ones and go from there. Take into account the features the home showcases and refer back to your list to check whether it meets your must-haves, even if it doesn’t have some of the optional things you want.
Should I be concerned with anything about the house?
Ask them to voice any concerns about the home. If there are major concerns, you know beforehand and can figure out if the home is worth it. While on a home tour, your real estate agent may notice possible problems and make them apparent. Remember, your real estate agent is a huge asset in this area – they tour homes constantly and pick up on things that the average person may not. This will save you the trouble of finding these setbacks months after you’ve moved into the home.
How long has it been on the market?
Determining how long a home has been on the market could factor into its price. If it’s newly listed, you may have less leeway to negotiate the price compared to a home on the market for couple of months. Your real estate agent will create a dialogue between you and the seller so you can work out a deal that makes both of you happy. Make your list of questions, revise them depending on the home tour and ask away. Always keep open communication with your home buying team because they are dedicated to finding the right home for you.
Is the price in my budget?
This question is major. You always want to search for homes within your budget. You could fall in love with a home you can’t afford, and that’s a problem you don’t want to have. Avoid it by clarifying your price range and stick to it. If you get lucky and fall in love with a home on the lower end of your budget, you can save the extra money for more amenities, like a new pool or deposit it back into your savings account for future purchases. Not quite there yet? Talk to a qualified loan officer to find out exactly what you can afford upfront. At Movement Mortgage, we believe that you should armed with this knowledge on the front end – before you even begin shopping for a home. For that reason, our underwriters take a full look at your financial picture and issue a “pre-approval” instead of the standard “pre-qualification”. What’s the difference? Glad you asked! A pre-approval is an approval from an underwriter – the person who has the authority to approve your loan. A pre-qualification is issued by a loan officer who is making their best guess based on the information you provide them. They may or may not have all the information needed to determine if you will actually be approved in the end. Why not have the confidence that you are already approved before you ever begin your home tours?
With the right professionals, you’ll find your perfect home in no time!
Written by guest blogger:
TIM SHEPPARD | BRANCH MANAGER
6265 Old Water Oak Road
Tallahassee, Florida 32312