Tips On Buying

Here are some helpful buying tips

1. Establish a price you are willing to pay. You may offer less than the asking price and it's often helpful to find out what other homes in the neighborhood have actually sold for in recent months. You can get selling prices from the local Registry of Deeds (many of which now have on-line search capabilities).
2. Determine if the appliances, drapes, furniture, etc. stay or go.
3. Draw up a written offer and present it to the seller. It can even be hand-written. It should state that the offer is conditional upon financing of $ XXXX dollars, a home inspection and the time the offer expires.
4. Get pre-approved for your mortgage
5. After the offer is accepted, have a real estate attorney review the Purchase and Sale agreement--which is usually created by the Seller's attorney.
6. Establish a closing date (and try to avoid the last few days of the month which are often extremely busy for moving companies, lenders, etc.) Try to close on the 10th or 15th of the month.
8. You generally don't want to borrow any more than 2.75-3 times your gross (pre-tax) annual income as the max. amount of your mortgage.
9. Have your lawyer ensure the zoning of the house is legal; the size of the lot (42,000 sq. feet is about one acre), and other details.
10. Hire a professional home inspector and have the house examined. If major flaws or repairs are needed, revise your offer so that the seller fixes the problem prior to closing, or lower your offer accordingly.
11. Arrange for homeowner's insurance as specified by your lender.
12. Keep your credit in good shape and be sure you have the down payment for the closing.