Buying property for the first time can be very daunting. As soon as you decide to start looking for your first home, there are several strategies you should employ to ensure the smoothest process possible. Whether you’re seeking homes for sale in Palm Springs or in another part of the country, the tips below can help you navigate your first real estate transaction.
Get pre-approved before you start looking. Taking this step in advance will save you the time that you may waste looking at properties outside of your budget. Pre-approval, which is based on your income, credit and debt, will improve your position when you find the house of your dreams and are ready to make an offer.
Enlist the help of professionals. While the internet has changed the landscape for house hunters by providing wide-ranging access to listings, it still really helps to have a professional real estate agent or short sale realtor in your corner. They will have specialized expertise in the type of transaction you plan to make, as well as local knowledge that will help you choose the best option for your family and lifestyle. It’s especially important to work with a short sale realtor if you plan to buy a property that qualifies for such a transaction, as these types of purchases can be significantly more complicated.
Do your research. Before you place your opening bid, be sure to research the marketplace by looking at the sales of similar properties in the neighborhood for the last three to six months. Consider the sales trend of these transactions when making your initial offer. For example, if you’re viewing homes for sale in Palm Springs and find the ideal property, find out what other homes have sold for in the area and make your initial offer on par with those sale prices, or a little bit lower so that you have room to negotiate.
Hire an inspector. Keep in mind that an inspector is different than an appraiser. While banks tend to require appraisals, this is really just to ensure that the property is worth your offer. An inspector will do a comprehensive home survey so that you can be aware of any potential problems that may result in costly damage or repairs down the line.
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