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Has the Process of Purchasing a Home Changed?

Jul 18, 2008
Though things have had to change in some areas, the process for purchasing a home remains the same. According to the media, anyone is real estate is undergoing drastic shifts in their business. This has to do with obtaining credit for funding but not what has to be done to work with a client.

No matter what the situation, you will need to have a realtor you trust and a loan officer you believe is trustworthy. A good realtor will know the area you are looking in as well as have good negotiation skills. Your loan officer will be able to go over loan possibilities and get you pre-qualified so you know how much house you can buy.

The realtor and lender will need to talk often and it helps if they have worked together in the past and have good relations. It won't hurt if you ask them questions to make sure they are on the same page. The goal is to have both of them on your team, not just trying to get a commission.

Make sure you get a pre-approval letter before you go house hunting with your realtor. There are several reasons for this. The first is the disappointment you will experience if you find a great house and then have to pass on it because, according to the lending institution, you can't afford to buy it.

Secondly, there's nothing more nerve wracking to a realtor than to find out they have been driving you all over the place, burning their very expensive gas only to find out that you don't qualify at this time for a loan. This is one of those times you can help out by thinking how the other guy feels.

Once you have your pre-approval in-hand, take it to your realtor and go find your dream home! As long as you are prepared, have a good realtor and loan officer on your side, there is no reason to panic in this market.

There will always be people who need to purchase homes and there will always be investors who will fill the gap. However, the process remains the same. This is still a great time to purchase a property if you're currently looking. Good Luck!
About the Author
A great way to find a good realtor is to look at their blogs. Are they current and do they sound knowledgeable? This also is a good way to find a qualified lender .
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