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Friday, October 03, 2008

The First and Most Important Step in Buying a Home

I frequently come in contact with first time home buyers. I ask them the same question I ask the more experienced buyers. Have you taken care of the first and most important step?

Most folks don't recognize what I am asking them. The first and most important step is getting qualified.

What does it mean to get qualified? Simply put this means - mortgage financing. If you are a cash buyer - and there are not that many - you still should be aware that any seller will want you ti provide proof of funds. This may be as simple as a letter from a bank or investment company. Paying cash does sometimes give you a little more leverage in the negotiations.

For the rest of us qualifying means getting with a mortgage broker or bank, submitting an application and getting pre-approved. There is nothing more disheartening than to find the perfect home and then find out you can't get the financing!

Sellers want to know that they are entering into a contract with a party that has the means to get to the closing table. When you submit that offer you want to be able to prove to the seller you have already secured financing. Of course, the final approval on a mortgage does not happen until the appraisal has been done!

If you are considering a purchase in Brevard County and have questions on the process, please feel free to contact me. I can be reached at 321-693-3850 or by email to

Gary Waters, licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.

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