6 Essential Tips for Buyers
Posted by Phillip Clift on Friday, August 21, 2020 at 9:36 AM
By Phillip Clift / August 21, 2020
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The sun rises a little later and sets a little earlier each day signifying the end of the summer season. While the season is changing, one thing is not changing in real estate: buyers are still buying. If you are in the market to purchase a home, this week, we will cover six essential tips for buying.
First and foremost, it is still the best practice for buyers to have their finances in order. Buyers need to know whether they plan to finance the home with a mortgage or pay for the home in cash. Making this decision early will help buyers configure their home buying strategy early on in the process. This will also help buyers search for homes within their budget.
If choosing to finance, our second essential tip is to select a local lender. A lender that understands a local market. Each specific market has a different way of practicing real estate. Each market has different nuances such as flood zones, special insurance requirements, unique condo rules, and others. For example, the most recognizable mortgage company in the country is located in Cleveland, Ohio. In Greenville, the real estate market is different than Raleigh, and Raleigh is only an hour and a half away. Can you imagine how different the market is in Ohio?
It is still a seller's market and buyers need to be prepared to prove to sellers that they can pay for the house. Our third essential tip is to have your financing documents ready. For cash buyers, a proof of funds letter is preferred to submit with an offer. And, for buyers financing, a pre-qualification or pre-approval letter is best to include with an offer. When deciding between offers, sellers want security in knowing the offer they choose is able to pay for the home.
Next, when purchasing a property, decide on how you will hold the title. If you are purchasing under an LLC, make sure to have everything squared away before closing. This is especially true if purchasing a condo under an LLC as there might be some special restrictions. If buying with a partner, make sure you also know how you are going to take possession. Your real estate agent will be able to consult you with your options.
The next essential tip is to use a trusted, local agent to represent you. Just like having a local lender, having an agent that is an expert in the market trends of the area is the most beneficial. Securing the services of a knowledgeable local agent will save you money and a ton of aggravation in the future. Plus, this agent will know the market best and is able to protect you and your money during the negotiation process. Tyre Realty Group has a group of specialized buyers and listing agents to help you with your real estate needs. As the top sales team in Eastern North Carolina the past ten consecutive years, our agents are both trusted and knowledgable.
Lastly, go view some homes. Now that you know how you are paying for your home and who will assist you in purchasing a home, view homes to see what fits you and your family best. Each neighborhood has a unique vibe and selecting the correct area is crucial. Many buyers find it beneficial to see a few different areas to help focus their search.
If you have questions or would like to speak with one of our agents, please contact us today!
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