Ready, Set, Go Buy a House!

Here are some tips for purchasing a home in 2013:

1. Get pre-approved!

• Visit your local bank where you do business or a mortgage company and find out what you can qualify for. You will need a pre-approval letter to make an offer on a property and sellers will not look at your offer without one. Real estate agents do not want to take you out to view properties unless they know you have one in hand. The mortgage officer will pull your credit history and excellent credit will help you with a better rate. There are FHA and MASS Housing loans for first time homebuyers that require less money down. If you are a Veteran there are VA loans that will allow you to buy with no money down.

2. Save up cash

• The more money you put down the stronger a buyer you will be. We are now seeing a lot of buyers with 20 percent down and a lot of CASH buyers out there. If you are in a multiple offer situation, most sellers will lean towards the buyer that has the cash to put down. Of course terms of an offer are important but a strong buyer is key.

3. Get paperwork in order

• Paperwork is a necessity in any home buying process. There is paperwork for income verification, bank statements and tax forms. Mortgage loan application requires documentation of what is written on the application. Those who are prepared for the application process will increase their chances of obtaining a loan. Banks are much stricter than ever before.

4. Find the perfect home through research

• Find yourself a well qualified Realtor who knows the market and will diligently work for you in your search for a home. Your price range and towns you choose will determine what type of home or condo you will qualify for. You need to get out there and get educated on the pricing of homes and the neighborhoods. This will help you to make a decision on a home when the right one comes along. If you are a current homeowner and need to sell first, get yourself a free market analysis of your home and be ready.  

5. Try these 2013 home buyer tips

• If you are a first time homebuyer or not, incorporate these 2013 tips into your buying process. This will significantly help to make the home buying process better. Get ready and buy!

Joyce Cucchiara,

Coldwell Banker Residential Brokerage
1085 Summer St., Lynnfield
www.jcsellsrealestate.com

Joyce has been an agent for 27 years in the Peabody, Lynnfield and Middleton markets. She currently works at Coldwell Banker in the Lynnfield/Peabody office.