For Buyers – Do Your Homework
Real Estate is likely to be one of the most expensive and most important purchases that you will make in your lifetime. For that reason it is important to become properly informed prior to your purchase.
Regardless of whether you are buying your first home, a building lot, vacation home, shorefront property or investment property, you need to become familiar with the area. If you live in this vicinity or visit here often, you are likely getting to know our villages, towns, rural areas, lakes, and other points of interest. If this area is new to you, you need to take the time to become more familiar with what the Lakes Region offers by visiting the area, driving around and meeting with us at Nash Realty. We have local maps, tax maps, and other resource material available to better help you understand our area. Additional information is available on the Resource page of this web site, as well as other links on this site that will bring you more information about the area.
You will also want to become knowledgeable regarding real estate values for the type of property you are considering. As you look thru our Web Site, you will certainly get some idea of what is currently available within your specified price range. We invite you to meet with us to help you “fine tune” this information, review MLS listings and suggest alternative ways of looking for property that meet your desired objectives.
Be an "Approved" Buyer
A very important element in preparing to purchase real estate is for the Buyer to be Qualified, or Approved by a lender.
To be Qualified, you need to meet with a lender and provide information to them on your Income and Expenses that will impact your ability to purchase. Typically the lender will not verify this information, but based on the information you provide to them they can tell you how much of a mortgage (loan) you qualify for, that plus your available cash will determine the price range you can afford.
In order to be Approved by a lender, you need to meet with them and complete an application form and financial statement. The lender will then process your application, perform a credit check and verify your employment information. The end result will be a letter from the lender informing you how much of a loan you can afford, and they will give you a written commitment good for a specified length of time.
The next step is to meet with us at Nash Realty and we will show you properties in your price range that are of interest to you. We will assist you in making an offer and since you have a written loan commitment letter from your lender, it will give the Seller much greater confidence when considering any offer from you. Once your offer is accepted, the only thing remaining to be done is the appraisal on the real estate being purchased.
The benefits of being Approved are significant to you, the Buyer as it 1. Gives the Seller a higher level of confidence when considering your offer, 2. Gives you an advantage if you are involved in a property with competing offers and the other buyers have not yet been approved, and 3. Can significantly shorten the time from contract to closing, as you are already well thru the loan process.
Whether you are “Doing your Homework” and looking for Information, interested in becoming “Approved” and would like to know about mortgage lenders, or are ready to begin your property search, we invite you to meet with us at Nash Realty by calling 603-279-6565 - we can provide “One Stop Shopping” for your entire real estate transaction.