Washington DC is a charming city & lures people from across the globe. However, looking for a home for sale in Washington DC can be an intimidating process if you don’t know how to go about it. The following tips will help you through a smooth transaction when looking to buy your dream home in Washington DC.
Assess your present financial state:
Buying a home is a big decision, especially in a market like Washington DC. Affordability is a big concern for a lot of potential home buyers. Take your time to check out your savings, create a budget if you have not already done so, and find out how much you can afford towards a mortgage.
Find a reliable real estate agent:
Once you’re prepared to carry on with your home hunt you should get in touch with a local real estate agent to guide you through the house buying process. A pro agent is more familiar with the best neighborhoods, the latest market trend, and will help you save cash in the process.
During the transaction the sellers are accountable for compensating the buyer’s agent their commission fees. This is effectively reimbursed by the seller & something most buyers don’t even have to be concerned with. Moreover, by working with a reliable agent, buyers can get attractive home buyer rebates to put towards their purchase.
Besides helping you save on commission, a reputed agent also know the best time of the year to buy, how to discover deals that mayn’t even be listed, and which areas are seeing climb in property value. Also your agent is experienced with the local disclosures & inspection issues, and better equipped to keep your transaction running smoothly.
Get pre-approved for a mortgage:
In this competitive market getting pre-approved for a mortgage can offer you a great advantage when buying a house. It’s also a smart move to offer you an idea about just how much you can afford.
The pre-approval process is different from getting pre-qualified. Usually, pre-qualification means reporting your financial state & getting suggestions on what kind of mortgage products are ideal for you. A pre-approval is a hard hit on your credit history & usually gives you the limits of what a lender is keen to offer you.
When you put forward an offer on a house, a seller will take into account your financial state & capability to close the transaction. Having a pre-approval for a mortgage will show that you’ve got the money, or the capability to finance the house you’re keen in.
This article is written by Magnolia Realty – a leading real estate service provider that helps people that are looking for homes for sale in Washington DC.