The Top Home Buying Tips / Indianapolis area

1. Check your credit reports for errors and correct them.
   Lenders look at your credit scores to see how well you've handled credit in the past. Credit scores are based on information in your credit report, which look at your credit payment history. The three major credit bureaus are: Experian , Equifax and TransUnion . These bureaus gather your payment history from your creditors. Any errors could cost you many dollars in extra interest or a denial of credit.
   
   
2. Get your finances in order.
   After you clean up your credit report, know where your down payment cash is coming from. Cash out your stock and secure those family gifts and loans before hitting the streets to tour houses.
   
   
3. Explore your loan options.
   With credit report in hand, it's time to research the mortgage industry. The traditional 30-year, fixed interest rate loan may not be the best option for your next home purchase, especially if you do not plan to be in the home for more than 3 years. There's a wide range of loan products on the market now with varying costs to you. It pays to thoroughly research which option fits your situation. This can be part of your pre-approval process. You will need to have an idea of how long you plan to stay in the house, how much homes are expected to appreciate over the next few years, and how much of a down payment you plan to make.
   
   
4. Get pre-approved by a legitimate lender.
   To get pre-approved means you've had your financial situation reviewed and verified by a lender. It gives you an idea of how much house you can afford. When submitting an offer, the seller knows you are already in a position to qualify for loan. After sitting down with a loan professional, you will also have a clear idea of your price range.
   
   
5. Make a list of "absolute must haves" and "wants" for your next home before tackling the market.
   Also know what's a deal breaker: Too many renovations needed, more than a 30-minute commute from your work, too many steps? Share your list with your real estate agent. It will help narrow your search.
   
   
6. Use an Exclusive Buyer Agent (EBA) or Buyer's agent — a Realtor® who's working for you (not just the seller).
   Now that you have an idea of your price range and your dream home list, choose your real estate agent. We recommend you use a Buyer's agent, who will be focused on getting you the best price. A Seller's agent will, of course, be looking out for the best interests of the seller. When it comes time to make an offer, your Buyer's agent will help you determine the best price and terms to offer for a property. When you're relocating to Indiana, the real estate agent we match you with will be representing YOU as a Buyer's agent. Your Buyer's agent will be paid out of the Seller's agent's commission. See how we can help as an EBA.
   
   
7. Don't buy a "too large" home.
   Make sure your future home fits your budget and time constraints. Do you want a large yard to maintain? Do you have the resources to make those monthly mortgage payments, as well as taxes, insurance, utility bills, neighborhood/condo association fees and maintenance costs?
   
   
8. Be reasonable and flexible.
   It may be a buyer's market, but don't expect that a lowball offer will get the results you want. Make an offer based on how the house stacks up against the competition. Use the expertise of The Jimmy Dulin Group when it comes to making an offer. Be flexible when it comes to move-in dates and other terms of sale.
   
   
9. Look in a district with the best schools.
   Even if you don't have children, homes in good school districts are more attractive to future buyers. We can share the latest school stats, such as graduation rates, testing scores, and other ways of evaluating the local school system.
   
   
10. Keep track of all the houses you've toured.
    It can be overwhelming to keep track of houses, especially if you're coming in for weekend of home tours. Take along a notebook to record each house you've visited and record your impressions and questions. Attach listing sheets, which will include the list price, square footage, acreage, number of bedrooms and bathrooms, basement details, and any extra amenities. Jot down something about each house to jog your memory. Use a digital camera to snap a particular feature you want to remember. If you've narrowed your search to a particular area, take along a map (enlarged if needed) to mark what houses you've seen, keyed to your notes.
    
    
11. Bid on a house after doing all the research.
    Does the house meet your needs? Is it priced appropriately? How does it compare to other homes in the neighborhood? If you're eyeing a property with an idea of starting a major renovation or landscaping project, check with the local zoning commission first to see if it's possible.
    
    As your Realtor®, we will help you evaluate your home choices and prepare a Comparative Marketing Analysis of the target home. We know our neighborhoods and can help you with the entire real estate transaction from evaluating homes through closing. We will assist you in preparing a purchase and sale agreement, which will include the terms of the offer (price, earnest money, financing, contingencies, closing date desired) and with any subsequent negotiations.
    
    
12. Get a professional home inspection and property survey.
    After you've made your offer, a home inspection will give you a professional's opinion about the condition of your intended property. It's also a good idea to accompany the inspector during the inspection to ask questions and to get a better idea of the property's condition yourself. The actual inspection should go from attic to basement, and thoroughly check for structural problems, termites, roof leaks and water damage, and code compliance. If a major problem is uncovered, you may choose to back out of the deal or negotiate with the seller for correcting the problem. Keep in mind that most properties will need some kind of repair, so don't get too focused on a small repair that the seller may be reluctant to do. Let your Realtor handle any negotiations. A property survey is required by your lender to make sure there are no property-line issues (zoning violations or a neighbor's fence placed over the property line). The seller will need to correct any problems.
    Another idea is to look for a seller who offers a home warranty. Read the fine print to see what the warranty will cover, the period of time it covers, and if it can be renewed.
    
    
13. Read the fine print before signing.
    Make sure you understand the sale contract thoroughly and ask questions if you don't. Your realtor will walk you through the closing process and make sure you have a clear idea of the costs associated with closing on your new home.
    
    
14. Don't run up your credit card bill or move money around.
    As tempting as it is to buy that new car or furniture in anticipation of purchasing a new home, put off that credit purchase. It could damage your ability to get a mortgage pre-approval. Likewise, your bank or other financial source will be taking a close look at your financial situation. Moving money around could threaten your loan approval.

Additional Tools:

	Monthly Payment Calculator: How much is the monthly payment? Provides amortization table.		Mortgage Qualification Calculator : How much house can I afford?
	Mortgage Calculator with Graphic chart		Real Estate / Mortgage Glossary
	Buyer's Closing Cost Worksheet: What will be my costs as a buyer?

Home buying resources

Helpful articles and tips: Real Estate Journal

From MSN's MoneyCentral: 8 Big Mortgage Mistakes and How to Avoid Them

Real Estate Questions & Answers

(From Inman News, the nation's leading independent real estate news service)

Buying Your Home
Investing in Real Estate
    Evaluating what to invest in, tax considerations,
    and how to do it.
Owning Real Estate:
    Maintaining and improving your home, staying financially
    healthy and other ownership issues.
Mortgage Loan Options
Selling Your Home: "How to" Tips.



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