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Real Estate Guides Home Buyer's Guide Do You Have a Plan for Buying?
Real Estate Guides Home Buyer's Guide Do You Have a Plan for Buying?
Last Updated on Tuesday, 10 June 2008 12:40 Written by Clancy Fort Monday, 17 March 2008 14:57
A plan is something that most people over look when going into a new home purchase and if you don’t have one it could cost you lots and lots of money. A good REALTOR® will be able to help you with your plan. The biggest issue with your plan is TIME.
{mosimage}A plan is something that most people over look when going into a new home purchase and if you don’t have one it could cost you lots and lots of money. A good REALTOR® will be able to help you with your plan. The biggest issue with your plan is TIME. The more time you have, the more flexible your plan can be. You really need a plan if you want to sell a home to buy a home. Your plan should meet your needs, not the REALTOR’S®. Everyone has different needs and your plan should take those needs into account. From my experience here’s a few needs my clients have brought to me to help them with their plan.
- The cash to buy their next house is in their present house.
- The home they want is rare or in an exclusive neighborhood.
- They want to move when the children are out of school.
- They are using equity from multiple properties to purchase.
- They want to fix up the home they are buying prior to moving in while selling their current home.
This is a short list of issues that should be resolved before you go buy a new home. The plan should take into account market conditions, the amount of inventory available for the home you are looking for and your aversion to risk.
Let’s talk about risk…Risk is the amount of money you could lose if your plan goes sideways. After you have the framework of a plan in place, you need to ask your REALTOR® a few questions.
- What happens if something goes wrong in the plan?
- How much money should I have in reserve to insure that the plan has flexibility in case there is a problem?
- What types of problems may arise in implementing the plan?
- What are the odds of these things happening?
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In every transaction there is usually a request for repairs given to the seller by the buyer. The work order is usually backed up by a third party inspection report. The following is a list of some possible work orders. The work orders must be completed prior to closing and the seller is responsible for having them done. Check with your local authorities for specific requirements.