Tips to make home buying easy as 1,2,3

House-hunters in today’s active market may need to do a bit of homework so they can act quickly and effectively when they find the home of their dreams. The more you know about the home buying process just translates into better decisions for the buyer.

When you are serious about finding a home (there were 1,626 homes for sale in Spokane in November and the numbers are currently increasing) you can save time by going over or creating a checklist which can help take any buyer’s anxiety out of the transaction.

•1. Develop a working relationship with a real estate professional you like and trust. If you are not working with one, ask friends for recommendations for the agent who handled their recent purchase. Then, call the agent and get acquainted. Ask questions about experience and make sure you are working with a REALTOR® — they are the ones who wear a REALTOR “®” because they subscribe to a strict Code of Ethics. The agents have access to the Spokane Multiple Listing Service, which provides the widest possible inventory of homes for sale in the area.

•2. Make sure your credit report is accurate. The general rule during recent years is that at least one of the credit reports generated by the three companies handling them will be wrong. If it is wrong, you can fix it with a phone call. Pay off outstanding debts or lower the balances. Start early. Sometimes it takes months to remove problems from a credit report. Know where you are on credit.

•3. Select a lender and get pre-approval on a home loan. Pre-approval suggests a written commitment from a lender. It carries more weight than being pre-qualified, which is a lender’s opinion of the client’s buying power based on a telephone conversation.

•4. Spend time going to open houses to study the housing market yourself. The more familiar you are with the types of homes you can buy within your budget, the better you will feel about your investment and the more knowledgeable you will be about price. This is an inexpensive way to evaluate what you really want in a home and how much it will cost.

•5. Consider working with a “Buyer’s Agent” who will represent you, not the seller, in the transaction. Under Washington state law, licensed agent are required to provide a buyer with a pamphlet that outlines an agent’s duties before any party signs an agency agreement or offer. The primary duties of a Buyer’s Agent are to be loyal to the buyer and take no action detrimental to the buyer’s interest.

•6. If you have access, use the Internet as a home search tool. To reach homes for sale, most real estate firms highlight their listings by providing their business name and “.com”. Area maps help define your search. The Spokesman Review has virtual tool for weekly open houses that provides important information about homes for sale. You can reach it online at www.spokesmanreiew.com/realestateohmap/

•7. You never know when your agent will find your dream house. Make sure your agent knows how to reach you quickly. In this market, it does not pay to be slow. When you see your ideal home, be quick. Homes can sell quickly. Be available and accessible.

•8. Home mortgage rates are still very low. It is a good time to take advantage of this time. There are a great many financing programs that may fit your own situation. Check out various mortgages that you prefer. Remember, if your down payment is less than 20 percent, you will need to make monthly mortgage insurance payments that will be added to your loan. This charge drops after 20 percent of the mortgage is paid.

•9. Make your offer contingent on a professional inspection. A thorough inspection may reveal flaws in the home – possibly saving you thousands of dollars and a lot of grief. An inspection is now mandatory under new FHA lending rules.

•10. Be flexible. Sellers often want to close the sale as fast as possible. An offer that is attractive to the sellers can hasten the closing. A higher than usual earnest money check can also improve the position of your offer.

These suggestions should give buyers a head-start toward finding and owning that special home. There are a lot of details to cover between the desire and realization of owning that home. Happy house-hunting!