6 Tips for Real Estate Buyers!!
1. Get pre-approved before house-hunting. Most brokers and banks guarantee interest rates for 60-90 days and by being preapproved for mortgage financing you will know exactly how much you can afford to spend. This also allows you to confidently enter into the dreaded “multiple offer”, possibly even with out the financing clause as a subject. 2. Get your own Real Estate agent. You need someone in your corner that will give you undivided loyalty, disclose all facts and work in your best interests. Also give you current market information and other available listings. 3. Do not assume you will get a better deal by dealing with the listing agent. The listing agent is hired by the Seller to get the best possible price and terms for his property. The listing agent will also not want to show you other places as they want to sell their own listing first. 4. Get a building Inspection done. Walking through a house lets you inspect the space, the warmth and the surface condition. A building inspection tells you about the building conditions and any potential problems. It’s a small price to pay so that there are no surprises down the road. 5. Read the title carefully or have a lawyer look at. If there are easements, restrictive covenants, or charges against the title you need to have the Seller remove them at his expense if possible. If they cannot be removed you must determine if you can live with them. 6. Do not take on too much debt. Low down-payment makes it possible to buy a more expensive piece of property but the mortgage still has to be paid, and if there is a bump in the real estate market you may find yourself with a mortgage larger than the property value. Your real estate agent should be able to tell you what market value is and if you are paying too much. For more information on buying Real Estate please visit www.vancouverbesthomes.com or contact Tyler Gump at 604-913-9000