YOUR BUYER PROTECTION GUIDE
You may find yourself competing with other buyers in areas where the inventory of homes is low and demand is high. There are ways to protect yourself when preparing to enter the home buying arena. Although much of the advice below may seem obvious, it’s very easy for common sense to suddenly disappear in the excitement of bidding on a home.
Before you start approaching sellers, be sure you obtain a mortgage loan pre-approval letter, thus qualifying yourself as a serious, ready buyer. Contact several lenders and compare their rates, loan packages and fees. Protect the interest rate by locking it in. When you find a home you want to buy, ask for a professional home inspector to check out the major systems so you are aware of any repairs that may be necessary. Significant defects may cause you to re-evaluate the amount or terms of your offer. If your offer is accepted and you and the seller make agreements about what items convey with the home, get it all in writing and read every page of every document relating to the sale. Your Realtor is there to answer your questions with answers that protect you. Dave Wallace is the President of Alliance Realty, Inc. in Ventura. He can be reached at (805) 644-1111 or email davewallace@start-packing.com. http://www.venturarealestate.com