BUYING A HOME?
GET A JUMP ON THE COMPETITION
Are you thinking about buying a home this year?
Literally thousands of Atlanta families are planning a move sometime in the next 12 months. An amazing race occurs every time a new property hits the market, often with truly special homes selling within the first week of listing. So, who tends to find premium homes at the best value?
There are two types of buyer: the savvy buyer who has done their homework and is ready to buy; and the unprepared buyer who receives "on the job training." Obviously, the buyer who has done their research will usually snag the best deals while the ill-prepared homebuyer will struggle to keep up.
What can you do to get a head-start on the competition? You will be surprised to learn how effective a minimal amount of preparation can be in getting out of the gate ahead of the competition.
OBTAIN COPIES OF YOUR CREDIT REPORT
You should start by making sure your finances are in order. You will be better prepared to make a strong offer on your dream home if you are confident that your financial resources are set.
Most homebuyers will use a loan secured by a mortgage to pay for a new home. If you are going this route, you will want to order a copy of your credit report.
Credit reports include records of your relationships with various lenders, including credit card companies, public utilities, and mortgage lenders. Because lenders use these reports to determine your ability to repay a loan, any mistake has the potential to ruin your chances at getting a loan. And, mistakes happen often.
The three major credit agencies are Equifax, Trans Union and Experion.
Georgia law entitles you to two free copies of your credit report from each bureau in each year. Make sure to use this free opportunity to make sure your credit history is correct.
Visit http//www. annualcreditreport.com to obtain copies of your credit report.
Do not go to the web site advertised on TV where the three guys are singing a jingle about a free credit report. That credit report is not free!
Next in the Series: BUYING A HOME: Get Pre Approved for A Mortgage
NEED A BUYER'S AGENT?
Sally English and the English Team specialize in homes and neighborhoods convenient to Emory University, Centers for Disease Control and VA Medical Center in Atlanta Georgia. Call Sally at 770-939-3174 or email sallyenglish@englishteam.com
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We look forward to assisting you with your evaluation of the Atlanta Georgia real estate market. We are experienced professionals with valuable negotiating skills and a track record of success.
Sally English and The English Team. Atlanta real estate agents
Realty Associates of Atlanta; 3350 Northlake Parkway Atlanta, Georgia 30345 |770-939-3174
View more of SALLY'S BLOG: Sallys Atlanta Real Estate Updates
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All content copyright © 2009-2011 by Sarah Bryant English DBA Sally English and The English Team, Atlanta Georgia. This sale offering is made subject to errors, ommissions, change of price, prior sale and withdrawal without notice. Potential purchasers should make a physical inspection to verify all features independently. EQUAL HOUSING OPPORTUNITY. Sally English is not an attorney or CPA and ALL legal or tax advice should be rendered by a professional. Sally English is an Atlanta real estate agent specializing in homes and neighborhoods convenient to Emory University and The CDC. Thanks for visiting my BLOG!
Good post and the credit report as well as financing options are the step that should come first but are so overlooked,
Charlie:
Thanks for the back up. Yes, people are reluctant to take a look at their credit report.
Great information for first time home buyers, Sally...I hope your Atlanta readers follow your recommendations and review their credit report! :)
Leilani
Thanks Leilani
Looking at your credit report and getting your finances in order are the VERY first thing you should do. Then you can find out if you are financially ready to even own a new home before you get emotionally attached to a listing you found on the internet.
Lori is right ... which is to say Sally is right!
Get your prequalification in order and get the jump on the new year.
Wow, amazing commnets! Lori and Will, hope your 2010 is fabulous!ciku