Ten tips for easier home buying

Sun., May 15, 2005

Don Walker The Spokane Association of REALTORS®

We, on occasion, are asked by readers to repeat some of the articles that appear in the Sunday Real Estate section.

This one is the champ. So, you have another chance to find tips that just make the home-buying experience more of a road map to a happy conclusion.

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 buying and selling translates into making better decisions. A good checklist can save a lot of time. When the market is hot as it is now, the person who gets there first usually wins.

Preparation for the process just makes a lot of sense. There is competition out there in the housing market and being prepared may make a difference in finding and buying that dream home. It may be best to take a few moments to go over a checklist on just exactly what you are buying or want to buy. Checking out the good and bad points doesn’t take much time and costs nothing, and may save you time and help take any anxiety out of the transaction.

•1. Develop a working relationship with a real estate professional you 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®, as they subscribe to a strict Code of Ethics. The agent’s access to the Multiple Listing Service will provide the widest possible inventory of homes for sale in the area.

•2. Make sure your credit report is accurate. If it is wrong, and the rule is that at least one of three reports generated by the three companies handling them will be wrong, then fix it by calling their attention to the error. Pay off outstanding debts or lower the balances. Start early; sometimes it takes months to remove problems from a credit report.

•3. Select a lender and get pre-approval on a home loan. Pre-approved 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 market. 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.

•5. Consider working with a “Buyer’s Agent” who will represent you and not the seller in the transaction. Under new Washington state laws, licensed agents are required to provide a buyer with a pamphlet outlining 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 taking no action detrimental to the buyer’s interest.

•6. Use the Internet as a home search tool, if you have access to it. To reach homes for sale, most firms highlight their listings by using their business name and “.com.” Area maps help segregate the search. This bit of homework can give you a head start as files are continually updated with new listings and photos.

•7. You never know when your agent will find your dream house. Make sure your agent knows how to reach you quickly. Be available and accessible. With this “hot” market in Spokane, delay may cause you to lose the purchase.

•8. Home mortgage rates are still extremely low, and have been the spark that has provided a recent great and steady surge in U.S home sales. It good to know there are a great many financing programs that may fit your own situation. Check out other special programs with your lender. 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 on a home contingent on a professional inspection. A thorough inspection may reveal flaws you should be aware of — possibly saving you thousands of dollars and immeasurable grief.

•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 also can improve the position of your offer.

These 10 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 for a home and the ownership of that home. A REALTOR® can be your guide through this maze.

And, remember, working with a REALTOR® is probably one of the best buys in the land because they usually do not get paid unless they find that “right” home for you.

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