Sanders Properties Inc's Blog
As a first-time homebuyer, it is easy to feel plenty of optimism as you search for your dream residence. And if you find your ideal house, it may seem likely that a home seller will accept your offer on the residence right away.
However, it is important to remember that a home seller might reject a first-time homebuyer's proposal, regardless of whether this homebuyer submits a competitive offer. In this scenario, a homebuyer needs to know how to move forward and continue to pursue his or her perfect residence.
What should a first-time homebuyer do if a home seller rejects an offer on a home? Here are three tips that every first-time homebuyer needs to know.
1. Learn from the Experience
If a home seller rejects an offer on a house, there is no need to worry. In fact, a first-time homebuyer may be able to resubmit an offer and find out why a home seller rejected his or her initial offer.
For example, a first-time homebuyer may lack financing at the time that he or she submits an offer on a house. But if a homebuyer gets approved for a mortgage and returns with a new offer, he or she may be more likely than before to gain a home seller's approval.
On the other hand, a homebuyer should be ready to move forward with a home search if necessary. Thus, if a home offer is rejected, try not to get too emotional. Instead, a homebuyer should be prepared to reenter the housing market and start his or her search for the perfect home from stage one.
2. Don't Dwell on the Past
For a first-time homebuyer, it can be frustrating and annoying to conduct a home search, find the ideal home and receive a rejection after a proposal to buy the house is submitted. But there is no reason to dwell on the past for too long, as doing so may force a homebuyer to miss out on opportunities to pursue other residences.
Remember, the housing market often features dozens of outstanding houses to match all homebuyers' price ranges. This means if you receive a rejection on one home proposal, you can always restart a home search. And ultimately, a diligent homebuyer should have no trouble discovering a terrific residence, even if his or her initial offer on a residence is rejected.
3. Consult with a Real Estate Agent
A real estate agent is a housing market expert who understands what it takes to submit a competitive offer on a house. Therefore, he or she will help you prepare a fair offer on a home before you submit it.
If a home offer is rejected, a real estate agent can help you alleviate stress. This housing market professional may be able to explain why the offer was rejected and help you plan your next steps in the homebuying journey.
Don't worry if your first offer on a house is rejected – conversely, use these tips, and you can move one step closer to acquiring a stellar residence that matches or exceeds your expectations.
If you want to buy a terrific house at a budget-friendly price, it generally is a good idea to plan ahead as much as you can. In fact, with a homebuying strategy in place, you can boost the likelihood of a fast, seamless homebuying experience.
Now, let's take a look at three tips to help you craft a successful homebuying strategy.
1. Think About Your Homebuying Goals
Do you want to live in a warm-weather region? Or, would you prefer to buy a house in a city or town where you can experience all four seasons? Regardless of where you want to live, you need to think about your homebuying goals and incorporate them into your homebuying plan.
Make a list of what you want to find in your dream house – you'll be glad you did. With this list, you can narrow your home search.
Also, it often helps to review your future plans as you put together a homebuying strategy. For example, if you intend to return to school, you may want to consider houses located near top colleges and universities. On the other hand, if you plan to settle down and start a family, you may want to pursue houses near parks and other family-friendly attractions.
2. Consider Your Financing Options
Buying a house likely will be impossible without home financing. Fortunately, there is no shortage of home financing options available.
Oftentimes, it is beneficial to meet with a variety of banks and credit unions. These financial institutions can teach you about myriad mortgage options and help you get pre-approved for a mortgage.
Once you have your home financing settled, you can incorporate a budget into your homebuying strategy. Then, you can check out available houses and avoid the risk of overspending to acquire your ideal residence.
3. Consult with a Real Estate Agent
Developing a homebuying strategy sometimes can be tough, particularly for those who are crafting a homebuying plan for the first time. Lucky for you, real estate agents are available nationwide who can help you complete a successful homebuying journey.
A real estate agent is happy to meet with you and discuss your homebuying goals. He or she also can review your homebuying strategy and offer expert homebuying recommendations.
Let's not forget about the support that a real estate agent can deliver during the homebuying journey, either. A real estate agent will set up home showings, keep you up to date about new houses as they become available and negotiate with a seller's agent on your behalf. Perhaps best of all, a real estate agent will help you minimize stress throughout the homebuying journey and ensure you can purchase your dream home in no time at all.
If you want to get the most out of the homebuying journey, creating a homebuying strategy is a must. Take advantage of the aforementioned tips, and you can craft a successful homebuying strategy.
Buying a house is arguably the most expensive purchase most people will make in their lives. With real estate prices steadily rising year after year, many Americans are finding ways to save on housing.
At the same time, rent prices too are increasing, especially around metro areas where many young Americans are entering the workforce. With costs rising and wages stagnating, it can be hard to find an affordable place to live while still building equity that can be used later on down the road.
One option that many Americans are considering is the fixer-upper route. However, it takes know-how and a lot of hard work to make this method a good choice to save you money. In this article, we’ll tell you how to make certain buying a fixer upper is a good idea and what costs you can expect along the way.
Adding up the costs
Buying a house that needs work means you’ll need to spend a good amount of time calculating costs and getting quotes from professionals. Even if you’re familiar with several home maintenance tasks, there are some jobs that are safer if left to the pros. This isn’t only a matter of physical safety, however. If you start a job that you aren’t qualified to finish you could end up paying much more than if you had just hired a licensed professional to do the job in the first place.
When estimating costs for reparations and renovations, aim high. It’s better to plan for it to be more expensive and have more left over than to underestimate your projects and go over budget.
Get an inspection report
If you aren’t sure whether or not you want to go through with a deal, make sure you have an inspection contingency clause in your contract. This will enable you to back out if the home inspector makes you aware of any costs that you weren’t told about by the seller.
Don’t forget added costs
There are several closing costs you’ll be responsible for as a buyer. Make sure you keep tabs on how much you can expect to spend closing on the home. If you’re going through a mortgage lender, they are required to give you an estimate of closing costs.
Once you know the purchase price of the home and the closing costs, make sure you account for other aspects of your renovations, such as getting required permits.
If you do plan on taking out a loan to cover the cost of renovations, be smart with how you get and pay back that money. One option is the FHA 203(k) loan or renovation loan.
Renovation loans help you save on closing costs and simplify the lending process by giving you one loan that accounts for the cost of the renovations and of the home itself.
Attending an open house is a great way to learn a great deal about a home in a relatively short amount of time. It allows you to see inside the home with your own eyes, enabling you to notice details that are omitted in photos, whether it’s a noisy neighborhood or a smelly basement.
Aside from learning about the home, an open house is also an opportunity to help real estate agents learn about you. Being prepared and professional at an open house could set you apart from other, more casual, attendees helping you make a good impression.
Since most of us don’t attend open houses on the regular, and since there probably isn’t an Open House Etiquette 101 course you can take at your local college, it can be difficult to know exactly how to prepare for an open house. How should you dress? Should you take notes? Is it rude to take photos? Which questions are welcome and which should be avoided?
In this article, we’ll help demystify the open house, leaving you more prepared to leave a positive impression when you go to see what could potentially be your future home.
How should you dress when attending an open house? An open house is neither a funeral nor a trip to the beach. The realtor showing the house likely isn’t a fashion critic-they’re there to answer your questions.
In most cases, casual clothing is appropriate. Since you’ll be touring the house and yard, however, you might want to avoid heels.
Questions and conversation
An open house is your time to learn all of the relevant facts about a house. Good questions to ask include upgrades to the house, how many offers it has received, and the current owner’s timeline (when they want or need to close by).
There are other topics you’ll want to avoid. Don’t ask too many personal questions about the sellers. It will make the real estate agent, understandably, uncomfortable. Also be sure not to reveal too many details about yourself. You don’t want to mention things like your spending limit as this will remove some of your powers of negotiation.
It’s okay if the furniture and decorations in the home aren’t your taste, but it’s a bad idea to criticize these items as you tour the house, as you may offend the agent or owners who have decorated.
Being respectful of the owner's’ space
Even though the house is for sale, it’s still someone’s home. It’s inadvisable to bring food or drinks without a secure cap into an open house.
We live in a time when everyone photographs and shares everything. But avoid the temptation to take photos when you’re at an open house. Would you want someone going through your home, taking pictures of your valuables, and then sharing them online? Instead, refer back to photos that are available online or from the agent.
When it comes to touring the house, all of the rooms should be viewable. In fact, if there’s a room you can’t enter for any reason this should raise a red flag that something is wrong with the home. However, just because you should look in the closets to get an idea of space doesn’t mean you should touch or go through the personal belongings of the homeowner.
Follow all of the above open house tips and you’ll be sure to leave a good impression.
Buying a house may prove to be a long, complex journey, especially for a first-time homebuyer who decides to pursue a residence on his or her own. Fortunately, many real estate agents are available to help first-time homebuyers make their homeownership dreams come true.
Now, let's take a look at three tips that first-time homebuyers can use to find the right real estate agent in any housing market, at any time.
1. Go Beyond a Web Search
In many instances, it is easy to conduct a web search of real estate agents in a city or town. However, a diligent first-time homebuyer will know to look beyond a simple web search to discover the ideal real estate agent.
Take a look at a real estate agent's website. By doing so, a homebuyer can learn about a real estate agent's industry accomplishments and experience.
Also, don't hesitate to contact a real estate agent's office directly. This enables a homebuyer to have a brief conversation with a real estate agent and find out exactly what this housing market professional is all about.
2. Host a Face-to-Face Meeting
A face-to-face meeting may prove to be exceedingly valuable for both a first-time homebuyer and a real estate agent, and for good reason.
During a face-to-face meeting, a homebuyer can ask questions and learn about a real estate agent's industry expertise. Plus, a homebuyer can receive comprehensive insights into what it will take to acquire a top-notch residence at a budget-friendly price.
Meanwhile, a face-to-face meeting helps a real estate agent learn about a homebuyer's goals. A homebuyer can provide information about what he or she wants in a dream home, and a real estate agent can offer details about what a homebuyer should expect at each stage of the property buying journey.
3. Receive Client Referrals
Although a first-time homebuyer may feel comfortable with hiring a real estate agent after a face-to-face meeting, it is always better to err on the side of caution. Thus, a homebuyer who requests client referrals from a real estate agent ensures that he or she can make the best possible decision.
A real estate agent should have no trouble providing you with multiple client referrals. Then, you can reach out to this housing professional's past clients to find out how he or she has helped homebuyers achieve their desired results.
Spend some time reaching out to a real estate agent's past clients – you'll be happy you did. With additional client insights at your disposal, you can improve your chances of choosing the perfect real estate agent.
Lastly, it is important to remember that a real estate agent should be available to guide you along the homebuying journey. This housing market professional boasts in-depth industry experience, and as such, can share deep insights to help you make informed decisions as you go from homebuyer to homeowner.
Take advantage of the aforementioned tips, and a first-time homebuyer can employ a first-rate real estate agent and gain unparalleled support throughout the homebuying cycle.