WITHIN YOUR PRICE RANGE”
set yourself up for embarrassment or disappointment by looking at homes that you
cant afford to buy. You may feel that my advice is just a matter of common sense
and really doesn’t need to be said. The sad reality is, however, that many
people begin looking at homes that are not within their reach. Some even go so
far as to make an offer on a house, only to find out later that the mortgage lender
cannot justify loaning them all the money they will need to make the purchase.
This is, of course, embarrassing because the sellers, who took their house off
the market, now know that the buyer is not capable of completing the sale.
Another danger of looking at homes above your price range is the emotional letdown
that you experience when you finally return to your proper price range and discover
that these homes cannot possibly compare with those that are more expensive.
VISIT A MORTGAGE LENDER: In order to avoid this embarrassment and disappointment,
the first step is to visit a
mortgage lender who can tell you what you can afford before you begin house hunting.
You will receive vital information such as the amount of down payment required,
total closing costs, and expected monthly payment.
INFORM YOUR REALTOR®: The second step is to visit with your Realtor
to arrange for the inspection of homes that are on the market. Be sure to share
the information you received from the mortgage lender with your Realtor. This
will enable the Realtor to know your limitations and act accordingly.
These two steps will enable you to spend your time looking at homes that are definitely
within your price range. House hunting is much more enjoyable when you know that
you are financially qualified to purchase every home you see. Once the right home
comes along, you can make an offer with the assurance that you will be able to
complete the sale.
ADVICE: House hunting can be a positive experience if you go
about it in the proper manner as outlined above. Find out what you can afford
at the outset.