Part 5 of 7: Top 5 real estate tips for those planning to buy soon

This 7 part series is accompanied by BETHvids featuring tips regarding buying, selling and the real estate industry in general.

Top 5 real estate tips for those planning to buy soon:

1. Ask for a recommendation for several local Realtors then explore them online and contact them. Take note of their initial enthusiasm, professionalism and response time. Ask them to send you sales statistics of homes in your price range, in your favorite neighborhoods, or with your physical criteria.  It’s important to get a feel for what your money will buy before you start pounding the pavement.
2. Contact at least two lenders to start building relationships and get on their mailing lists about rates and get tips on how to best improve/maintain your credit.  I suggest reaching out to at least two lenders so that you can have multiple quotes and loan products to compare. It’s best to choose the lender you feel has been most responsive and helpful (and whom you trust the most) when you find a home and want to lock in a rate–if the other lender(s) beats their rate, ask them to match it and they probably will. Start gathering information the lender will require for loan processing and ask them to pre-approve you so you’ll know what type of loan to expect.
3. Start making a list of MUST HAVES vs. WISH LISTS so that you have criteria to share with your Realtor. Ask for recommendations and contact a Realtor even before you want to explore properties in person. They can best advise you about the process and start sending you listings that match your specifications to give you a feel for the market well before you start touring. If you are buying with a spouse or partner, be sure to get on the same page at the onset of your search so you fully understand and agree on each other’s “make or break” features.
4. Refine your budget to get prepared for the expenses of home ownership starting with costs associated with your purchase.  Start saving money to cover the earnest money deposit (typically $1,000) and buyer-paid inspections (which can be $1,000 or more).  Even though most buyers roll their actual lender closing costs into the loan, there are many upfront expenses to consider. While contemplating costs, be sure to ask your lender contacts for “good faith estimates” and “truth in lending” statements so that you can compare their fees, total monthly payment projections for your price range and annual percentage rates (which are more important than the actual interest rate they quote).
5. Download some good home searching apps on your phone like Homesnap, and do some generic online real estate purchasing research on sites like nar.realtor so you know what to expect when you start the process and can start keeping tabs on the market.  Know your rights as a buyer and educate yourself on the pitfalls of dual agency, which is when buyers work with the seller’s listing agent to help you with the purchase. I wholeheartedly believe dual agency should be illegal as buyers and sellers best interests are not able to be fully protected.

Stay tuned for more BETHvids and corresponding articles made for buyers, sellers and Realtors for additional tips to implement while stuck indoors. Follow her real estate and WHAT MATTERS postings on Royal Examiner under the Features tab, “What Matters Warren.”

Beth Waller, Associate Broker at KW Solutions – Keller Williams Realty
Local Office: 27 Cloud Street Front Royal, VA 22630
Direct: 540-671-6145
Northern Virginia Office: 8100 Ashton Ave #103 Manassas VA 20109
Office: 703-330-2222
Licensed in VA

Beth’s websites: Bethwaller.kw.com and whatmattersw2.com

To learn more about my real estate sales or nonprofit (WHAT MATTERS), to book a time to utilize my free community meeting space (“Open House” in the Middle of Main building on Main Street), to schedule a no-cost social media video to promote your business/group or cause, or to discuss my listing your property (which makes all of my charity efforts possible), visit my website at www.whatmattersw2.com or give me a call at 540-671-6145!