Real Estate Article: Questions Home Buyers May Have

Whether you are a first time home buyer....or it's been several years since you bought a home...you've probably got a few questions.  We hope this will help.

How can I find out how much home can I afford? The best way to find out exactly how much you can afford to pay for a home is to talk to a lender.  Lenders know the best loans available for your unique situation.  We have some hints to know before you talk to a lender, as well as information on getting a mortgage.

Do I need to have inspections since the lender sends out an appraiser anyway?  Your lender will send an appraiser to look at the house, but he or she is there primarily to determine value—to keep you from over paying.  An inspector is someone you hire on your own to look the property over and make sure that you are aware of things that are wrong with the property.  You may even ask the seller to fix some of these problems before closing.  For more information, see our article on inspections. 

What if we can't find the right home? There are always quite a few homes on the market in the St Charles area, but yet some times it just doesn't seem like the home you looking for is out there.  Sometimes it takes patience to find the right home.  It also takes an agent who has the time to really help you search out the perfect home.  It's also a good idea to get a written pre-approval from a lender before you start looking.  You'd hate to find the perfect home....and have someone else buy it because they had a pre-approval letter already!  Note:  If you are looking for something that really is impossible, we’ll let you know so you can change either your price range or what you’re looking for.   

I won't have a lot of money after I close on the purchase of a home.  How can I make sure that the home I buy doesn't need a lot of work that I can't afford to do?  That's usually quite simple.  When you are looking over a home, look it over very carefully.  If you see any obvious problems, make sure the contract says that the seller will repair them before closing.  Then hire a qualified home inspector to look over the home and see if there are any problems you missed.  If there are repairs need that you can't do or can't afford to have done, you can ask the seller to fix them, too.  And usually, if the seller refuses at this point, you can get out of the contract because of those problems....if you want. For more information, see our article on inspections.  

What is Title Insurance?  Title insurance is important to insure that you have good title to your home.  For more information, see our article on title insurance.

Linda Grissette, GRI, e-PRO Certified

Licensed in the state of Missouri.

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