https://realtybiznews.com/how-to-find-a-home-you-can-afford/98726232/ With the latest on mortgages, refinancing, real estate & home tips Fri, 24 Jul 2015 14:11:58 +0000 hourly 1 http://wordpress.org/?v=4.2.3 https://realtybiznews.com/how-to-find-a-home-you-can-afford/98726232/#comment-273200 Sun, 05 Oct 2014 19:03:21 +0000 https://realtybiznews.com/?p=26232#comment-273200 This is a good guide for home buyers.
I would add for the buyer to be pre-approved for a mortgage before even beginning the search.
This saves both Buyer and Realtor time and everybody is clear on what is possible. For a short sale or lender owned property (REO) a pre-approval must be part of the offer. This is not a condition with regular offers but a pre-approval or proof of funds in case of a cash purchase should be part of any offer today regardless whether it is a depressed property sale or a regular sale. Short sales could take months so if a buyer needs a home fast, a short sale is not the way to go.
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Remember that short sales and REO’s are AS IS purchases in most cases. You get what you see! Therefore a good property inspection is essential as well as research of possible existing clouds on the title. Prices are still below regular prices but not as much as we saw a few years ago
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In general: If you know you have a steady income and you are not moving for a few years, I recommend buying. Today’s interest rates are still very low and with a fixed rate you know what to expect in monthly mortgage expense vs rents that are rising.

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