The bottom line is that the process of buying a house requires a systematic approach best developed between the client and a professional with the experience to ask the right questions who practices their trade full time. At NaborsNorris we have affiliates who have specific experience in both certain geographies and practice areas who are ready, willing, and able to help. Please Contact Us for your complimentary in office consultation with one of our affiliates best suited to meet your needs.
Time to buy? First time home buyer? Moving up?
The decision to purchase real estate is one of the most critical decisions you will ever make. For the first time home buyer, the first decision is whether to rent or buy. To learn more about the rent versus buy decision, read our Free Report on Rent Versus Buy. If you determine that the best course of action for you is to rent, your next decision is whether a Lease Purchase Option would be appropriate for you. Your real estate consultant knows the proper questions to ask that will allow you to make an educated decision. If the right decision is to lease or lease purchase, NaborsNorris has professionals with significant experience in both to guide you through the process.
Once you have decided that buying is in your best interests, the next set of decisions depends on the answers to numerous questions and require significant fact finding.
What can I afford? What are my financing options?
Your first step is to determine what is comfortable and manageable for you and your family regarding monthly housing expenditures. Step one is to consult with a mortgage professional to determine how much money you are qualified to borrow and the associated interest rate for that loan. There are many qualified mortgage professionals a few of which can be found HERE. In addition to the principal and interest payments on your loan, other costs of ownership are real estate taxes, homeowners insurance, Homeowners Association dues, Private Mortgage Insurance (required for loans with less than 20% down payment), and property maintenance.
If by chance you do not have enough money saved for the down payment or your credit scores are not sufficient for you to qualify for a mortgage, there are other alternatives available for you. Many owners of property are willing to consider Alternative Financing for your purchase including Owner Financing and Lease Purchase Option. At NaborsNorris, we have consultants who have extensive experience in Subject To Financing, Mortgage Wraps, Mortgage Assumptions, and Lease Purchase Option.
What most important?
Assuming you qualify for traditional financing, you now know how much you want to spend on your mortgage and that you can qualify for that mortgage which determines how much you can spend on a house. The next set of questions will determine if you are best suited for a Foreclosure or Short Sale property or a move in ready house. There are numerous opportunities for foreclosures and short sales but they have their own set of problems and risks which you need to understand before moving forward.
We have now begun to filter your search which is a critical piece of the buying puzzle. The next phase is probably the most fun AND the most critical. You must now decide, within your price limitations, what is most important about the house you will soon call home. Please know there is NO PERFECT HOUSE. You WILL NOT be able to meet all of your needs AND wants meaning we must first decide what you NEED and then what you WANT. How critical is location (the answer to that question is always!); neighborhood amenities; commute time; proximity to work, family, schools, parks, church, shopping; fenced yard; year built; architectural style; basement; number of bedrooms; home office; among many others. And last, but certainly not least, TIMING!! It serves you no purpose to begin looking at houses until you have answered ALL of the above questions and are ready to take ACTION. Unless you are prepared to make offers and purchase a house today, the houses you look at today will be gone tomorrow.
At NaborsNorris we pride ourselves in having the expertise to address any and all real estate needs for our clients through our network of agent consultants. We can and will customize a service plan to meet your unique and individual needs.