In recent years the blizzard of new laws and state and federally mandated forms has escalated to the point that the amount of homework which any buyer should do is going to require considerable time and effort. Make sure you contact one of our agents to get a buyers package which will include most of these forms so that you can do your homework without feeling rushed or pressured at a critical moment during your real estate transaction. For unplatted homes or land Notice to Assessor regarding future rights to division of property. This Buyer's Package will also include purchase agreements, addendum's, etc. The next part of your homework is to qualify for a mortgage.
Most people have a general idea of how much they feel comfortable spending.
It's equally important how much the lender calculates you can afford. Or, housing costs plus any outstanding monthly long-term debt should not exceed 36 percent of gross monthly income. Call on your sales associate for help during the prequalification process. Lenders factor in sales price and down payment, but place more importance on how much you can handle monthly. Now that you have reviewed the forms in your buyer's package and been prequalified for a mortgage the last part of your home work is to establish a criteria for selecting homes and obtain information about houses and neighborhoods to help you make decisions.