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Are You Really Ready to Buy?

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Summer is over and school has started as well as fall sports and hunting season.  Things are really picking up and everyone is getting busy with activities, and so is the real estate market.  Maybe you're getting the itch and thinking about upgrading or moving, but are you really ready to buy something?  How prepared are you and have you done the work it takes to be ready to buy?  Do you know what you can afford?  I continually have buyers come to me and want to just go look.  Often people like to look because it’s fun to look and dream. But why go look at something you may not be able to afford?  Why waste your time and others time?  Be considerate.  And the truth is there are some consequences for you.  If you go and look at a place and fall in love with it just to find out you can' t buy it, you will always compare anything else you see to the one that you couldn’t have.  Below are a few tips to help you get ready and consider when you are ready. 


1) Being prepared is imperative if you are ready to act and want to get the best deal and want a smooth transaction. Be ready to answer these questions. Have you talked with a lender and filled out a loan application and gotten qualified? Do you have the amount of money you need for a down payment?  Have you checked your credit score lately or have you opened any new credit card accounts? Do you want to be in a specific school district or community and if so why.  Do you want a specific style of house or type of property, i.e. horse property, agricultural use or just seclusion?  

2) Don't be that buyer, you know the one who thinks everyone who has their place for sale is in trouble and must sell so you can probably steal it by making a low offer.  Nice places are not lasting on the market for very long and getting more than one offer on a place is not uncommon.  Making a low offer or lowball offer will only cause ill will and the seller will not be willing to work with you and in today's market they don't have to.  It's not uncommon that people who make low ball offers tend to pay more than they would for a place if they had made a reasonable offer from the beginning.  Plus if you want to buy it, why waste everyone’s time?

3) Lose the battle and win the war.  If the goal is to buy the house, then make a good offer up front, which does not always mean the highest offer.  If you are well qualified and have the down payment, and you are not too demanding with your offer but reasonable, most sellers will chose to work with you.  Also don't get too aggressive with the terms and conditions - remember today's market is competitive.

4)  Do you really like this house or ranch and are their any problems or things about it you might not be able to live with?  Identify these things up front and make sure you can live with them.  Before I got married (20 years ago this October by the way), my Dad told me to pick out the one thing that my future wife did that made me mad and multiply it by 1,000 and if I could live with it and still be happy then I should marry her.  But, if I couldn't live with it, then once I said I do he couldn't help me any more.  Don't go to the trouble to get a place under contract just to figure out you can't live with it.

5)  On the other hand, be practical.  So you really like the ranch or house, but you hate the island in the kitchen because it has a wood block for the counter top.  Or, you really like the ranch but one area is a little sandy so you decide against it.  Like I said in the point #4 don't buy something you don't like, but also don't not buy something that you like just because of one flaw.  Being too picky can cost you a good deal.  If it feels like the right place, then be reasonable with your offer and buy it. 

For help in making a purchase or finding the right place for you call us today and let us help you.  You can also find mortgage lender and farm & ranch lender information on the Resources tab on brushcountry.com.


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