Buying Your Home

Why Buy With L Dankers Realty Group?

How can we help you buy the right home? We want you to find the home that’s right for you. We will only find and offer you homes with your particular needs in mind. We will not waste your time with “slow movers” or “high profit” homes in our portfolio.

  • We will help you determine how much home you can actually afford. Often, we can suggest additional ways to accrue the down payment and explain alternative financing methods. We can also introduce you to a mortgage counselor and arrange to have you “pre-approved” which can improve your negotiating position and enable you to achieve your home-buying objectives faster and with less stress.
  • We can work for you as a buyer’s agent and help negotiate the best price and terms for you.
  • We will help you work out a realistic idea of the home best suited to your needs – size, style, features, location, accessibility to schools, transportation, shopping, and other personal preferences.
  • We can often suggest simple, imaginative changes that could make a home more suitable for you and improve its utility and value.
  • We can supply information on real estate values, taxes, utility costs, municipal services and facilities, and may be aware of proposed zoning changes that could affect your decision to buy.
  • Although the law does not normally require an attorney to review documents or oversee real estate closings, we can provide you with a list of law practitioners to choose from if you would like to use the services of an attorney.
  • We can help familiarize you with the closing process and will obtain closing figures in advance of closing for your review.
  • We can provide you with a list of qualified home inspectors, pest inspectors, surveyors, and help to coordinate inspection appointments.
  • Appraisal to Negotiations: We are there for our clients for both home sales and home purchasing. From the start of the process to after all contracts are signed and beyond.
  • We  have access to a listing of all available homes in the Multiple Listings System, can evaluate them in terms of your needs and affordability, and will not waste your time showing you unsuitable homes.Use our Property Search to start looking yourself! 

Buying a home is one the biggest investments you will make in your life. Purchasing a home calls for many decisions and for good advice from a real estate professional. Below are some preparations you can make prior to contacting an agent. You can contact us at any time and we can guide you through the entire process as well.

Research

Do you research! Read available materials, talk to friends and experts, and spend time looking at different homes, schools, and neighborhoods to end up with your American dream. Start your search right here.

Make A Plan

Every important decision needs to be clearly thought out. Developing a home buying plan can help you focus on the important factors and organize the entire process. You may even want to use a binder with sections on house hunting, home financing, service providers, etc.

 Get Pre-Qualified

Loan pre-qualifying helps you determine the home price you can afford and presents you as a genuine prospect to the seller. A lender typically uses the 28% formula (your monthly mortgage can’t exceed 28% of your monthly income) in approving your loan. Planning your actions and getting pre-qualified will keep you out of the panic mode and allow you to take advantage of opportunities. A thorough plan will save both time and money!

 Create A Top 10 List Of Amenities

When shopping for a home, list the features (fireplace, fenced-in yard, new appliances, etc.) that are most important to you in deciding on which home to buy. Establishing “your criteria” early on will save time shopping for inappropriate homes and may keep you from buying a home on a whim. As detailed in Tip #3, your top reason for buying a home should be the value you are getting. Some of your top 10 amenities should logically be sacrificed if an incredible value is available.

 What can you afford and what do you want to afford?

Determine how much you can afford to pay for a home. Decide how much you are willing to spend for a home (different from how much you can afford).

 Mortgages

Adjustable rate mortgages have an initial fixed rate, which is followed by a period of adjustment intervals during which the rate adjusts based on the performance of several key indexes. Typically the initial fixed rate on an ARM is slightly lower than the comparable rate of a fixed rate mortgage.

Fixed rate mortgages allow buyers to take out a long-term loan without having to worry about changing interest rates or monthly payments. Most fixed rate loans are offered in either 15 or 30 year terms.

Most buyers will be well served by a fixed rate loan, but each situation is unique. While ARM loans have become less popular in recent years, they can still be a viable option for some buyers – especially those who plan on selling again in the short-term?

Whichever loan you choose; make sure that you scrutinize all the closing costs. If you are required to have a mortgage escrow account and private mortgage insurance, make sure you understand the terms and cancellation procedures (your Real Estate Agent has publications to assist you). Also, make sure there are no prepayment penalties so that you can utilize an accelerated mortgage plan. A good mortgage reduction plan can save you tens of thousands in interest costs, and shorten your loan term, with only small extra principal payments. If you experience negative changes in your job, health, or marital status, you can revert to the standard payments in your mortgage contract.

Develop A Mortgage Shopping Chart

One of the biggest decisions to make before putting a contract on a home is how to finance the purchase. There are 10,000 lenders competing for your mortgage business. The days of simply walking into the community bank and negotiating with the loan department manager are over. Today, you can apply for a loan over the Internet or even use a mortgage broker to shop for your loan with hundreds of lenders. When choosing a lender, you want to avoid apples to oranges contrasts by comparing fixed rates to fixed rates, not fixed to ARM’s. Create a chart that lists different types of loans, fees, and at least five mortgage providers (including a mortgage broker).

 Put Yourself In The Seller’s Shoes

You are about to make one of the most important decisions that will affect both your life and the life of the seller. If you take time to understand the reasons the seller bought the home, their reasons for selling, and the home improvements they have or have not made, you’ll be in a better position to evaluate the home and negotiate a better deal. In the end, the home buying process excludes the professionals and comes down to the individuals buying and selling the home. A closer look at the seller may help you in deciding whether and for how much to buy a particular home.

 Get A Home Inspection

While it is becoming more common to waive home inspections, you are making the biggest investment of your life in you home. Paying for a qualified home inspection before you buy a home isn’t just spending “a little extra” for peace of mind; it’s absolutely essential for anyone who doesn’t want to spend thousands of dollars for repairs.

 Home Protection Plans

To protect both you as a buyer, as well as the seller, it is a good idea to purchase a home protection plan? What exactly is it? A home warranty, or home protection plan, is a service contract, normally for one year, which protects homeowners against the cost of unexpected repairs or replacement of their major systems and appliances that break down due to normal wear and tear. A negotiable contract between the buyers and sellers which does not overlap or replace homeowner’s insurance policy, this type of warranty can save the new homeowner lots of headaches, as well as put seller’s fears to rest. The warranty covers mechanical breakdowns, while insurance typically repairs the related damage. For example: if a hot water heater burst and destroyed a wall in your home, the warranty would repair the water heater and your insurance would pay to fix the wall.