Trish Anderson

Hints for Buyers

Buying a home, property or real estate is more than looking at houses. It's finding the right home, at the right price, in the right location. Hopefully, with a minimum amount of time and inconvenience. The best way to achieve these objectives is to work with a professional realtor who understands your needs and wants, your time frame and the financial boundaries to work within.

This page contains hints and tips to help guide you through the sometimes daunting task of finding and purchasing a home. If you ever have questions that are not addresses in these pages, please do not hesitate to ask me in person.

Finding the right Sales Associate for you

A good match between client and Sales Associate is essential for a successful transaction. Below is a list of questions you might want to ask prospective Sales Associates to make sure you find a good match.

• Will you be representing my interests?
• Do you have access to M.L.S. information?
• Will you provide market evidence to support the price?
• Will you look after the details to closing and possession?
• Can you be contacted at any time?

A Sales Associate's function

It is important that you understand what a Sales Associate can and can not do. The following are all parts of a Sales Associate's job.

• Provide information on the property
• Provide information on the area
• Negotiate a price and terms, agreeable to buyer and seller
• Assist in arranging a source of financing.

Let the salesperson do the searching. The best buys are not in the newspaper ads. In fact, most opportunities are on "hot sheets" available every morning to salespeople with access to M.L.S. information. Once you connect with a salesperson they can do a more complete search for you.

As the prospective buyer, there are certain things you can do to make sure your Sales Associate has all of the information they need to match you to your dream home.

• Provide details of your property needs
• Describe what would be a suitable location
• Provide financial information
• Communicate your likes and dislikes on each property
• Respect and perform the terms of the purchase agreement.

Working together as a team, with a professional salesperson you respect should achieve those objectives you seek - the right home for you.

Understanding "Market Value"

Market value is based on what others have been prepared to pay for a similar property, under the same market conditions after reasonable marketing exposure. Market value is a fair price for both buyer and seller. It is what is called an "arms length" deal, and that means that there were no influences other than the market influencing the deal. You may of course pay more than established market value if your desire for the property warrants it. Conversely, you should not expect to pay less than established market value unless the property is being sold under duress.

Qualifying for your mortgage

Once you've made up your mind to buy a home, the first question that comes to mind is, "How much can I afford?" The financial aspects of buying a home do not need to be confusing. I can arrange to have you pre-qualified for a loan before you even start shopping. Most lending institutions will only allow approximately 30% of a person's income to support a mortgage. They will usually not allow more than approximately 40% of income to support a mortgage together with other debts. The amount of money you qualify for, plus the amount of cash you can put down, will equal the amount you can afford to spend on a home.

The easiest way to determine your costs, and how much you can afford, is to use the mortgage calculator on this site - it allows you to change the amount of your payments, the amortization period, and the interest rates, so you can make your plans with the most accurate information.