Mortgages interest rates are the lowest they have been since the 1960s, so now is the time to buy. To get the lowest possible price for a home, follow Leitman Bailey’s 5 tips:
1. Perform a Credit Check on Yourself: Before you start shopping for a home, you should check your credit report and try to reconcile any mistakes. You should challenge any negative remarks in your credit report, because federal law states that if the company that place the negative remark on your credit report does not respond within thirty days then the remark must be removed.
2. Know Your Maximum Budget: Do not home shop without it! Your budget should include the total purchase price of the house, moving costs as well as total expenses. You must also remember real estate and local taxes and the policies that could affect changes in the taxes. Once you have calculated your budget, you may begin shopping for a loan, so feel free to contact lenders and also learn about different way in which you can finance your home.
3. Do Not Fixate on the Home Itself, Visit the Neighborhood as Well: Everything in town can provide insight into your town and neighborhood’s characteristics. Look for information, read the local newspapers to gain a further understanding of the community that you will be moving to. Consider certain factors such as crime rates, access to hospitals, available churches, and the reputation of the schooling system.
4. Feel Free to Negotiate: Simply ask the homeowners what the minimum price that they would accept to close the deal on you potential new house is. If the house has been sitting on the market for a while, there is a good chance the price may drop below the listing price.
5. Hire the Inspector Yourself: Ask for referrals from people you trust who have experienced a good home inspection, or who are familiar with the home buying and selling process. Do not agree to any waivers or limitation of liability clauses when contracting with the inspector. They should be held responsible for missing any major necessary repairs during the inspection. You should also attend the site visit with your inspector. You will learn about the structure of your potential new home and also information about the lifespan of its systems and major components.
If you are looking to purchase or sell real estate, feel free to contact Pulgini & Norton, LLP at (781) 843-2200 or (888) 344-2046, or email us with any questions you may have. Our attorneys offer nearly 40 years of combined legal experience and provide thorough, timely, and results-driven service in many aspects of both residential and commercial real estate.
Homebuying tips from NY Times best selling author, Boston Business Journal, June 19, 2012