Buyers: General Information

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Knowledge and experience are the keys to successful real estate transactions. The expertise, experience and training of the staff at Action Keys Realty — can be the essential key to your success.

One of the keys to making the home buying process easier
and more understandable is planning. In doing so, you’ll be able to anticipate requests from lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts in the home buying process.

Do You Know What You Want?

Whether you are a first-time home buyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy. Are you planning to move to a new community due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not now have?

Do You Have a Purchasing Time Frame?

Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define your goals. It is important that you share these answers with your REALTOR® so she can help you find the best possible home for your needs.

Do You Have The Money?

Homes and financing are closely intertwined. (Financing is the difference between the purchase price and the down payment, commonly referred to as debt or the mortgage.) The good news is that over the years new and innovative loan programs have evolved which require a 5 percent down payment or less.

In addition to a down payment, purchasers also need cash for closing costs (the final costs associated with closing the loan)
Not everyone, however, elects to purchase with little or no money down. Less money down means higher monthly mortgage payments, so most home buyers choose to buy with some cash up front.

As to closing costs, in markets where buyers have leverage, it may be possible to negotiate an offer for a home that requires the owner to pay some or all of your settlement expenses.

Is Your Financial House in Order?

Those great loans with little or nothing down are not available to everyone: You need good credit. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time.

*Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.