At the Frankie Arthur Team, we want to make sure you have the best experience during the home buying process. Here are some important tips to help you prepare:
- GET PRE-APPROVED. Most offers on a home for sale require a buyer to be pre-approved. This means you have completed an application with a lender, they have looked at all of your financial information, they have told you what you can afford and what they will lend you. We recommend shopping around to get the best deal and the best interest rate before you complete the application with a lender. Make note there is a big difference between pre-approved and pre-qualified. Anyone can be pre-qualified and this will not be enough when making an offer on a home for sale.
- KEEP YOUR CREDIT IN TACT. Once you have been pre-approved, do not make any huge purchases, open lines of credit or move money around 3-6 months before buying a new home. Major changes in your credit profile can drastically affect or prohibit you from getting a loan.
- KNOW THE NEIGHBORHOOD. Before you make an offer on a home, know the neighborhood! Drive by at different times of the day to get a feel for the activity in the area. The perfect house is not always in the perfect neighborhood. Also, even if you do not have kids, make sure the school district is good because it affects the values of the homes. At Frankie Arthur Real Estate, our agents are knowledgeable of the areas and schools across the DFW metroplex.
- BID SMART. When you find a home you want, start with a bid that is affordable for you and what the home is truly worth based on a comparative market analysis. A great real estate agent will be able to tell you what other homes have sold for in the neighborhood at an average price per square foot. Don’t insult the sellers by bidding too low! This is why it is so important to have an agent who is knowledgeable of the area and the homes that have sold there. As an example, our team at Frankie Arthur Real Estate will provide a comparative market analysis on your home at no cost. You deserve the best representation, call on us today!