Interest rates are near an all-time low and the market is starting to show signs of life, giving homebuyers hope that NOW may be a good time to buy a home. But before you jump at the opportunity to begin house hunting, remember this: home buying is anything but an exact science. Still, there are more than a few tips and tricks that can help you finish on top.
Home Buying Tips
- Research the Community: Remember the old adage: location, location, location! Besides the obvious fact that you want to settle in a superb location, knowing the community can also help you in the negotiation process. What are comparable homes selling for? Are they receiving multiple offers? Are the selling for more or less than asking price? All of this information will help you make a realistic offer.
- Preapproved: Before you even think of making an offer, get preapproved for a mortgage. It puts you in a good bargaining position with the seller and lets you know what you can and cannot afford.
- The Negotiation: Be prepared to negotiate, not just the initial price, but after inspections are completed if items come up that you hadn’t anticipated.
- Contingency Time Frames: Be sure to include realistic contingency time frames in your contract if you are applying for a mortgage.
- Title Insurance: If a previous owner perpetrated a fraud, committed a forgery or the clerk of the land records failed to record or recorded incorrectly, the purchaser is unprotected without owners title insurance. With the coverage, the title insurance company incurs the expense of determining the validity of a claim and defending against the claim. If there is a title defect, the title insurance company pays the claim so that the purchaser retains ownership without loss, or compensates the owner for any and all losses incurred as a result.
We at Colony Title want to be your Title Company and real estate law firm. For additional information, please contact Tee Tillman at 410.884.1160 ext. 3007 or visit ColonyTitle.com today!
About Colony Title Associates:
Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.