So you are ready to make a move but you don’t know how. You’re a first time home buyer. If you’re like us here in San Diego, the market is tight so you’ll want to consider these strategies to make the home buying process easy and smooth.
1) Stay Calm – Patience will go a long way. Don’t spend more than you can really afford. Buyers can get caught up in the hype, and that can sometimes put pressure on buyers to spend more than they anticipated.
2) Make Your Best Offer – When bidding on a home with multiple offers, you need to come to the table with your best foot forward. Don’t be afraid to offer an increased deposit and ALWAYS make sure you submit your offer with a pre-approval letter from your mortgage lender and your proof of funds. Pre-approvals are an absolute must and without them your home buyers offer will be much less likely to be accepted.
3) Check Your Credit First – Before you set off to look at houses, discuss your credit report with your mortgage lender. Small discrepancies on your credit report can mean the difference of thousands of dollars. A little-known secret is that a simple Open/Closed discrepancy can be fixed with minimal effort in less than 30 days. If your credit needs a little help, Credit Repair Heroes are who you should call.
4) Account For Assets – Be prepared for a strict underwriting process. Mortgage lenders need to see a consistent income. They will want to know where your money is and how much you’re spending per month, including the things you’re spending your money on. Don’t purchase a car or change jobs or do anything significant that affects your income while obtaining financing for a new home purchase. Always ask your mortgage professional about the do’s and don’ts.
5) Offer A Large Down Payment – The larger your down payment is, the better. A down payment of 20% or greater is a plus and will not go unnoticed. The larger your down payment is, the less likely you will run into issues with financing.
6) Write A Nice Letter To Go With Your Offer – This is a great way to stand out from the competition. Assuming all things are equal, sometimes a nice letter from the heart written directly to the sellers explaining why this home is a perfect fit for your family can go a long way. Buying and selling real estate is an emotional experience. Families grow attachments to their home and it makes sense that the sellers will want to see a nice new family they can relate to buy their home from them.
7) Find A Good Agent – An experienced real estate agent will bring you knowledge about the home buying process. Good agents will also make the home buying process enjoyable and smooth for all parties. (We would gladly apply for the job)
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Oliver, Sam, Spencer
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Big Block Realty – CA BRE #01885775