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How to Buy a House in Today's Marketby Tony Pearl
Buying a house in today’s market is easier than it's been for the past few years.
After double-digit per-year appreciation, home prices are finally down. Banks are having to foreclose on more people than ever before. And the economy seems to be very sluggish. All that adds up to a tremendous opportunity for you to buy a house IF you’re properly prepared to do so. But how do you prepare? What should you look for in a house? What kind of seller should you deal with?
And just how much house CAN you afford now?
Well, the answers to those questions are not as bad as you might think. First of all, it helps to go in to a house-buying situation prepared & armed with the right knowledge. What kind of knowledge? For starters, it helps to know the following: What style/size house do you want? What kind of neighborhood do you prefer? What school district would be a good fit for your family? Where do you like to shop? Do you need public transportation? A driveway?
In other words, what do you want? The more specific you are, the faster you can recognize the right opportunity when it presents itself.
Next, how much house can you afford? To find the answer to this question, it’s very simple. Just find a qualified mortgage broker who will tell you. He’s going to ask you such things as your job history, how much money do you have saved or access to, and then he’d going to pull your credit report to see the REAL juicy details. Don’t worry, your credit is probably not as bad as you might think. And if you have the right mortgage broker, he can help you fix it quickly so that you can qualify for that loan.
The basic idea here is that you want your loan officer to tell you how much home you can qualify for, and about how much your monthly payments will be.
Armed with this knowledge, you’re ready to start shopping!
Here’s what I’d suggest: Go online & do a Google search on houses to buy in the areas you want to live in. Or simply drive in that area & look for the “For Sale” signs. I can almost promise you you’ll find something. And at least that’s a start!
Another bit of advice: Be on the lookout for “For Sale By Owner” signs. Often, these people are able to do things or sell their house cheaper than a licensed agent-facilitated transaction.
Now, when dealing with a seller, you want to look for one key word: Motivation! The seller who HAS to sell is going to be a LOT easier to deal with than someone who simply wants to sell because he can get money for his house. Discover what he/she wants & find a way to give it to them. A lot of times, it’s easier than you might think.
Another avenue to pursue is to look for houses that are being sold by Professional Investors. Why? Because they are in the business of selling houses, and can often do things for you that NO one else can. For example, an Owner Financing or a Lease Purchase, aka ‘Rent-to-Own’ situation might just be the ticket to home ownership for you!
Try one out – you’ll be amazed at what they can do for you that others who are not aware of what's available can't.
Whatever you decide, be sure to get started NOW! Don’t wait too long to buy your house – this market won’t last forever!
--Tony Pearl www.HappyHomeSale.com
Tony Pearl has been an active real estate investor since 2001. He has helped hundreds of people sell their house AND Buy the house of their dreams. With his unique & creative approach to real estate, he is able to do things for people that they only dreamed about before they met him. If you would like his assistance, you can find him at www.HappyHomeBuyers.com When you visit this website, you can get a Free Report!
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