Buying a Home

Be sure to get your credit score before you shop for a house
Everyone has a credit score calculated at the time your credit report is requested. It's based on over 100 different proprietary variables and algorithms developed by Fair Isaac (FICO). The range is 300 to 850. You can get your credit score from Equifax Score Power, True Credit or Qspace. Most lenders consider people above 650 to be prime borrowers, meaning they will most likely be approved at favorable rates.

Don't buy a house in an urgent rush
Don't wait until the day you have to move out of your old house or get transferred to buy a house. You need time to carefully plan your purchase. It can take 2 months or more to shop for the house, get approved for a mortgage, and close escrow. If you know you will be relocating and need a house soon, you should start looking now, because you don't want to be forced into making costly and hasty decisions.

Path To Buying A Used Home:

Get organized, pay debts, get your Credit Report, clean your credit report.
Read real estate classifieds, free real estate magazines, web home searches.
Get a good book on home buying, and contact Colby Realty.
Secure financing and pre-qualify for a mortgage.
Select a home to buy.
Shop for homeowner's insurance.
Have the house inspected by a professional.
Be sure to organize all the files you'll need for a home loan.

First time buyer jitters.
Don’t be afraid to pull the trigger. Your agent brought you to a house that matches your criteria, the price is right, it’s a good neighborhood; don’t get cold feet and over thinking reasons not to buy. Fear is common when buying your first home. We all go through these feelings on our first purchase and you must not let it take over.

Financing Tips
Make sure you know how much of a home mortgage you qualify for before you even start looking. You don't want to waste your time, or a real estate agent's time, looking at houses that you can't afford.

Many home buying books and experts tell you to drive through neighborhoods looking for houses for sale. We don’t agree with that method. How do you get into the gated communities? Also, some communities do not allow sellers to post “For Sale” signs in their yard, or on any windows. Your time is more efficiently spent searching online real estate classifieds here ar Colby Realty. You could find more houses listed in an area in 5 minutes online than you could driving by all day. Our online real estate classifieds are the most efficient way to find a house.

The best time to buy a used house is...
Most people buy a house in the summer time, because they have kids and that's the best time to make a clean break from the old house and into a new one before the school season starts. But it's the worst time for you to get a good deal because that's when demand is at its peak. Chances are you'll face more competition for the same house in the summertime than you will in the winter. Most people don't pack up in the middle of Christmas and move to another home. Sellers trying to unload their home in December will have a real tough time of it, especially if there is snow, and you need to exploit those opportunities.

Try to find out how long the house has been on the market
There must be a reason why the house has not sold if it's longer than 6 months and you are not in a bear market. Ask why. If the house has been on the market a long time, there must be a reason.

The appraisal
When getting the house appraised, be aware that you are at the mercy of the appraiser. Some mortgages don't acknowledge all the land your property is on so it may have to be sectioned off and evaluated according to the mortgage rules. You could buy a house on 14 acres and the mortgage only looks at the first 5 acres so you'll need it appraised on the 5 acres. If your house is not finished and there are any incomplete rooms they might not be counted as rooms, which can lower an appraisal.

Making Your Offer To The Sellers
When you make the offer, back it up with a $1000 check and be sure to enclose a copy of an up to date valid mortgage credit approval letter from your lender, so the seller knows you are serious about buying and are approved for financing.

Stay The Course! A Deal's A Deal
Once you give a deposit and sign a contract, there is no reason to cancel the deal, except for standard contingencies, or misrepresentation from the sellers.

call us! 978-249-5871

Realty serving Athol / Orange Area Real Estate - Northern Worcester & Franklin Counties, Massachusetts