Tips for Buying Your First Plano Home
There are only 5 basic steps to buying your first Plano home. Hire a Buyer’s AgentIt is best to hire a buyer’s agent first but if you prefer start looking for online or visit open houses first. If you retain a Plano Realtor first it will save you a lot of time and frustration. Your buyer’s agent will know and do the following:· Agents many times know of new listings coming up that are not yet in the MLS. · An agent can send you listings directly from the Realtors MLS that meet all of your search criteria, and you won't waste time looking at listings that are already under contract. · You can save your gas and go to view home in your Realtors car and not your own. · Some agents will preview homes for you to ensure the homes that they show you meet all of your needs. · An agent can usually spot over priced listings and advise you accordingly.Find the Right Home to BuyBuying a home can be an overwhelming process and emotionally draining. Finding the right home is not an easy or fast task. Buyers are advised to look at a maximum of 7 homes at a time because any more than that will make your head spin and all of the homes will start blending together. Most buyers do a lot of online research before ever stepping foot in a home. According to the National Association of REALTORS, buyers spend an average of 6 to 8 weeks, trying to figure out where they want to live. But once the community is chosen, most buyers end up buying a home after 2 or 3 home tours. Get a MortgageIt's not always necessary to have a approved loan in your back pocket before looking at homes, but it is paramount to get a mortgage pre-approval letter in advance. This way you know for certain how much home to you can afford and it shows the seller that you are a serious, qualified buyer. Many sellers won't look at an offer if the seller doesn't have assurance that the buyer can get a mortgage to buy their home. 
FHA financing is becoming more and more prevalent because the minimum down payment requirement is much less than a conventional loan. However, if you are thinking about buying a home, for example, buyers with cash or conventional mortgage tend to get priority with REO banks. You can ask your agent for a referral to a mortgage broker or check with your own bank/credit union. Negotiate Your Home Offer buyers sometimes make the mistake of comparing the sales price of a home they are interested in to other homes they have seen, active listings. It's a mistake to compare sales prices among homes for sale that have not sold yet. That's because sellers can ask any price they want but it doesn't mean the home will ever sell at that price. An agent can provide comparable sale information and look at pending sales. Comparable sales are similar type homes in the same condition and location that have sold within the past 3 months. Pending sales will become the comparable sales by the time your home closes. In some markets you may have to pay over list price especially if many buyers are going after the same homes. Your agent can give you a price range and help to manage your expectations. A good buyer's agent knows there is always more to an offer than its price, but price is the main factor. Do a Home Inspection A home inspection is a contingency in the sales contract. A contingency means that a buyer has the right to cancel the contract for different reason like a low appraisal, financing falling through, etc. You might not want to be locked in to buying a home that has a faulty foundation or other structural problems, for example. When repair items turn up it opens up the door for more negotiations. Maybe you can get the seller to pay for, or give you a credit for, certain repairs. If a home inspection uncovers a major defect you will have the right to back out of the sales contract.
FHA financing is becoming more and more prevalent because the minimum down payment requirement is much less than a conventional loan. However, if you are thinking about buying a home, for example, buyers with cash or conventional mortgage tend to get priority with REO banks. You can ask your agent for a referral to a mortgage broker or check with your own bank/credit union. Negotiate Your Home Offer buyers sometimes make the mistake of comparing the sales price of a home they are interested in to other homes they have seen, active listings. It's a mistake to compare sales prices among homes for sale that have not sold yet. That's because sellers can ask any price they want but it doesn't mean the home will ever sell at that price. An agent can provide comparable sale information and look at pending sales. Comparable sales are similar type homes in the same condition and location that have sold within the past 3 months. Pending sales will become the comparable sales by the time your home closes. In some markets you may have to pay over list price especially if many buyers are going after the same homes. Your agent can give you a price range and help to manage your expectations. A good buyer's agent knows there is always more to an offer than its price, but price is the main factor. Do a Home Inspection A home inspection is a contingency in the sales contract. A contingency means that a buyer has the right to cancel the contract for different reason like a low appraisal, financing falling through, etc. You might not want to be locked in to buying a home that has a faulty foundation or other structural problems, for example. When repair items turn up it opens up the door for more negotiations. Maybe you can get the seller to pay for, or give you a credit for, certain repairs. If a home inspection uncovers a major defect you will have the right to back out of the sales contract.
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