Prepared Buyer

    Three things to do to be a prepared purchaser: Get a pre-approval letter. Most people know this at this point, but get a pre-approval letter. Go to your local bank or go to your banking relationship and ask them for a pre-approval letter. You’re gonna have to provide financial documents, tax returns, credit reports, you may have to pay for the credit report, maybe 50 dollars or so, but get a pre-approval letter because the seller is not gonna take any offer seriously unless you have a pre-approval letter.

    Second, know your budget. That’s a very important thing because when you’re looking for homes emotion, buyer fatigue all get in the way and sometimes that can cause people to overpay, which is something you don’t want to do. So definitely know your budget. Your broker should be able to help you with that.

    Third thing is closing costs. That’s not part of the value of the home, it has nothing to do with the market of the home. You need to know what your closing costs are because you need to have available cash to pay for those items in addition to the equity that you’re gonna be needing to close on the home. So your closing costs are something separate, it’s something you can talk to your transactional attorney about, ask them for an estimated settlement statement, and to know your closing costs. With all three of those things, you’ll be a prepared buyer. Good luck.

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