Hudson Valley Happenings Blog : So you want to buy a house....Take your time to do it right

What happens to someone who desperately wants to own their own home but does not know how to go about it?  Where can you turn if you have credit issues, no down payment, or want to live in a specific area but can't seem to find a house you can afford there?  A buyer's agent may be the the answer to your problem.

Sometimes I have worked with buyer's who needed information and resources in order to get ready to buy.  It is hard to hold back the enthusiasm and desire to jump right in to looking at houses but until you are sure about what you can afford you are only setting yourself up for disappointment.  You may need to spend a few months or more getting things lined up in order to be in the best position to get the house you want. 

Working with a great mortgage consultant will help you to figure out not only how much you can qualify for but how much you can comfortably afford.  Just because your income qualifies you for a $300000 mortgage does not cushion the blow when you learn that the monthly payment along with taxes and insurance will not allow you to eat.  It is important to ask "What will my monthly payment be?"  Ask your mortgage rep. if you can qualify for a lower rate if you clean up some credit problems.  A few months spent dealing with these things prior to applying for a mortgage can save you thousands over the life of the loan.  Are there any special loans available for people in your profession, for a specific geographic area, or for your personal situation?  I have found it best to work with a local lender or a national company with local representatives.  As each area has their own closing practices someone with local ties can provide quicker and more efficient service.

Perhaps you have specific needs and wants that will take a while to find.  Working with someone who is always reviewing the current inventory of homes will pay off for you.  You won't have to spend hours on the computer and phone making appointments with multiple agents and sellers.  Instead your buyer's agent will sort through the available options for you and send you only those properties that might work for you.  Why run around like a crazy person?

When you establish a relationship with a buyer's agent he or she will be able to help you through the whole process.  They will keep you updated while you get ready and then already know you when it is time to look.  Buying a home should not be a quick decision process.  It will probably be one of the most expensive purchases you will ever make so find someone who will have the patience to work with you through the whole process.

Good luck with your search and feel free to contact me for information on working with a buyer's agent.