5 Things Every Buyer Should Know

What I Wish Every Buyer knew

1. The importance of having a budget for your purchase...We want you to love working with us. We really want you to have the home of your dreams. It will not feel very dreamy if you over spend or under spend. Like Goldilocks, it needs to be just right.

2. What it takes to get a loan....The lender is looking for three things: a. The history of payment, usually in the form of a credit report. b. The capacity to pay, usually in the debt to income ratio. This shows how much you spend and how much you save each month. c. History of employment, usually 2 years of solid work history in the same field with no breaks of employment.

3. What closing costs to expect? Count on at least $2,000 or more. This is based on what we can negotiate and what the lender requires.

4. The difference between houses being foreclosed and bank-owned/REO..... When a house is being foreclosed, it is not for sale. When a house has completed foreclosure it is Real Estate Owned, or an REO. Those can be sold and are often listed for sale by REALTORs.

5. The importance of a Buyer's agent....Most of the time buyer's agents are paid from the listing commission. This means there is little to no cost and the opportunity for someone to represent you in getting the home that fits your needs.