Are you a ready, willing and able buyer?

Buying real estate is affected by logic and emotion as it’s both a “head & heart” experience.  Separating the various aspects of the process will help reduce the stress and prepare you for what comes next.  Follow these steps to identify your current state and make any changes necessary to prepare for success:

1. Using logic, a ready and willing buyer knows money spent for rent becomes equity building for homeowners.  It also means you know and accept that home ownership brings additional responsibilities such as  yardwork, painting, snow removal, etc.
2. Being ready also means having the financial capability to buy a home.  Your income to debt ratio will be used by a lender to establish the amount they’ll lend you for a home purchase.  You need to know what you can afford and limit your property search to homes within your reach.  It’s a waste of your time and will increase your frustration if you’re looking at homes you cannot afford.  Ready and willing is closely tied to knowing your financial capabilities.
3. You’re able to be a buyer when you know you either have cash to make a purchase or the ability to get a mortgage.  Before you even begin looking at homes, visit with a lender to learn about the process, identify what kind of mortgages are available to you, what amount you’ll need for a down payment and what they will offer in a mortgage.
4. As a ready, willing and able, you’ll want to get pre-approved by your lender. Having a pre-approval letter or knowing you can get one quickly is helpful in the purchase offer process.  In today’s marketplace, the best offer with the fewest contingencies will likely win the day with a seller.  If you have been pre-approved, you’re a step ahead of other buyers, potentially moving your offer to the top in a multiple offer situation.
5. Your heart comes into play when you begin to look at properties. Being logically prepared to financially make the move helps ensure you look at homes you can afford that you can fall in love with!  Head and heart working in tandem will ensure you spend your time looking in the right direction.

The Mardi O’Brien Team coaches, counsels, listens and can advise you on who to talk with if you don’t already have an established relationship with a lender.  Contact us today and we’ll use our network of affiliated professionals to help you be prepared for success in a buying a new home!