San Gabriel Valley Real Estate Video Blog with Alex Matthes

These Tips Will Have You Prepared to Purchase a Home

Today I'm here with Rick Mount from Fairway Independent Mortgage Corporation to talk about some things that you should know when buying a home. He is an expert in his field and has five different things he wants to tell you about home buying.

1. Get Pre-Approved: This prevents clients from making mistakes and falling in love with properties that they don't qualify for. This also allows clients to close quicker in a transaction and shows sincerity when they try to buy a home. Rick recommends a formal pre-approval so that you can weed out any problems beforehand, and it also makes you look more attractive as a buyer.
2. Use a Professional Realtor: In today's real estate climate you need the help of a professional realtor. Not using a realtor would be similar to not using an attorney in a court of law, or not using a doctor to treat an illness. Realtors know how to negotiate and they act as a professional buffer between you and the seller. They can prevent you from making costly errors in the process as well, so rather than costing you money, they can actually save you cash in the long run.
3. Be Prepared to Put Earnest Money Down: This might seem obvious, but putting a good faith deposit down shows the seller that you are extremely serious about buying the home and will drastically increase your chances of getting the property you desire. The amount needed to put down can be negotiable, but it should be anywhere from $1,000-$10,000 depending on the purchase price of the home. Also, the more you put down, the more seriously you will be taken.
4. Be Mentally, Physically, and Financially Prepared: With inventory so low in the San Gabriel Valley, you need to be prepared to participate in the real estate market. You will get left behind if you are not prepared, so be ready to perform or you will not be taken seriously.
5. Don't Change Your Status During the Process: When you're in the process of buying a home, be sure not to change jobs, buy a new credit card, purchase a new car, or make any other major changes or purchases. This will affect your credit and could lead to major backups in the buying process. Commit to buying a home first, and then take care of your other needs afterward.

These 5 steps should have you adequately prepared to purchase a home. There are other things that can help, but in our eyes, these are the most important steps in getting our buyers ready to compete.

Of course, the home buying process is complex and can be intimidating, so feel free to reach out to me and I would love to help you with any of your issues. You can reach me at (626) 914-6859 or email me at alex@alex-re.com