Buyer Resolutions : Rooftop Views

Rooftop Views

Buyer Resolutions

The New Year is here, and many are more resolved than ever to achieve real estate goals that went by the wayside in 2008 due to economic and other concerns. But, what’s one to do to optimize their chances of success amid what’s still a tumultuous, highly demanding marketplace?

“While tricks of the trade abound to give buyers and sellers a leg up on the competition, there are also a number of basic pitfalls buyers and sellers should be sure to avoid lest they commence their real estate venture on shaky ground,” notes Robert Jenson, CEO of luxury Las Vegas real estate purveyor The Jenson Group.

With this in mind, Jenson offers these New Year’s Real Estate Resolutions to help buyers avoid common blunders and get the deal done:

Buyer Resolutions:

1. I Will Get Loan Pre-Approval: Many buyers want to find the “perfect” home before having their credit pulled, which can backfire when an offer is on the table and time is of the essence. It’s wise to get pre-approved for a loan even before you view your first home. Your credit report may contain inaccurate information that you were not aware of, which can be a time consuming process to rectify. Or, you might not like what loan program you qualify for, or you might qualify for a higher loan value than you thought. Ultimately, you will need a pre-approval letter with your offer, so do yourself a favor and do this in advance. It’s free, after all.

2. I Will Have Clear Goals. Create a realistic idea of the property you’d like to buy. What features are most important to you? Make two lists: one of the items you can’t live without and one of the features you would enjoy. Refine the lists as the house hunt progresses, but remember that no place is going to be 100% perfect. It is going to be up to you to put the finishing touches on and call it home.

3. I Will Not Forego Home Inspections. After your offer is accepted, set up a home inspection. It’s not uncommon to find problems, including leaky roofs, cracked walls, insect infestations and foundation problems. Hire a reputable inspector, and negotiate to get you the most for your money once the inspector’s report is final. If you negotiate repairs as part of the purchase, ask for a “walk through” before finalizing the paperwork to assure all issues are resolved to your satisfaction. Also inquire about home protection plans as part of the purchase, which may save you money in the short and long-term future.

4. I Will Diligently Shop Mortgages. A difference of even half a percentage point can mean a considerable savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8% vs. 7.5% is about $35 per month. Over 30 years, that’s $12,600. Be a smart consumer and comparison shop for the most favorable mortgage rates and terms.

5. I Will Use a Buyer’s Agent. Purchasing a home could be the most important and complex financial transaction you engage in, and going it alone is risky. Indeed, a buyer’s agent can save you time, hassle and thousands of dollars. Take time and care when selecting a real estate buyer’s agent - find someone you can trust, and that you have a good rapport with.

Seller Resolutions: