PREPARING TO BUY

   It's well known by most consumers that the purchase of real estate is one of the most stressful periods in one's life. That stress is caused by a variety of things, however the obvious and most common cause is the extreme cost associated with purchasing. It's quite likely it will be the largest purchase of ones life. However, if you prepare yourself the right way, you can minimize a lot of the other stressors that many buyers succumb to out of poor preparation.

Things to do before purchasing:

1. Absolve yourself of as much debt as possible…another words; pay off the credit card debt. The amount of debt that you carry reduces the amount of mortgage you will qualify for. This includes credit card debt, car loans, etc. And it's much better to have a house payment than a credit card payment.
    
2. Obtain certificate of eligibility. (VA ONLY )To qualify for veteran benefits, your mortgage company will require the official Certificate of Eligibility. 
    
3. Determine the type of property that's best suited for you. Are you interested in a resale or a new home, colonials or ranchers, 3 or 4 bedrooms, in-town or rural location, etc, etc, etc
    
4.  Meet with your Buyer Agent. It's important that you agree to a buyer agency contract with an experienced agent. The seller pays the buyer agent's fee, however you receive the exclusive and fiduciary representation you deserve. Most experienced buyer's agents will spend at least 1 hour with you during this initial consultation. It's well worth your time.
    
5. Meet with your favorite, or a recommended mortgage company. Many buyer agents will do this during the initial consultation, and that's fine. What's important is that you and your agent know what you can comfortably afford, and to secure a prequalification letter from an experienced mortgage company. Many agents will recommend to their seller clients not to accept any offer to purchase without a prequalification letter...it's that important.
    
6. Sell your house. These are the words that clients hate to hear, but in order to be competitive in a Seller's Market, at a bare minimum, buyers that have homes to sell need to put their homes on the market before looking at any other homes. In a Seller's Market, sellers do not have to consider offers that have a Sale of Home Contingency present, and in most instances unless the offer is substantially more than all other offers, they won't. So unless you're one of those rare individuals that can afford more than one home, put your home on the market before looking at anything else...any then you can start your search.
    
7. Be realistic. It's a common human trait found in all of us to want the best deal for our family, and that's fine. However, in this area, given it's proximity to Baltimore/Washington and the new communities that become available every year, supply and demand seem to reach a happy medium…that is, there's normally an acceptable balance between the two. Therefore, instead of expecting a deal of a lifetime, approach the purchase with the idea of getting a property that closely fulfills all your needs, at a fair price. And then everybody involved in the transaction feels rewarded.
    

I hope these suggestions help you. If I can personally help you satisfy your real estate needs, please don't hesitate to contact me at 1-800-929-SOLD (7653) or email me at
ppitrone@qis.net.

Sincerely,

Patrick Pitrone