Savannah Real Estate and Fox Properties

Tips for Buyers from

Sandy and Jan of Fox Properties

Sandy@SandyandJan.com

Jan@SandyandJan.com

Buying property is a huge financial step...

are you being represented?

In Georgia buyers have the right to choose a buyer's agent who is dedicated to looking out for their interest. Buyer's agents are compensated through fees sellers pay when listing their homes. If you don't have a buyer's agent to represent you, remember that listing agents always represent the seller! We help buyers every step of the way through the process -- from providing neighborhood and school information to negotiation, inspections and getting answers to any questions during and after the transaction.

We can show you any listed property in Savannah, Pooler, Rincon, Richmond Hill, Tybee Island and other surrounding communities.

Call today and we'll set you up on a free Internet search of all listed properties that fit your criteria.

What to do when you're ready to buy

First time buyers are going to hear a lot of words that may be confusing and scary. Words like escrow accounts, earnest money, millage rates, flood insurance...where do you begin? Here's a step by step guide to help you through this process.

Find an experienced realtor. Sandy and Jan would be a great choice, to help you though this process. Buyer agents are usually paid by the listing fee that sellers pay to put their homes on the market. A good buyer agent will be your advocate, ready to answer any questions or address concerns you may have along the path to home ownership. Your agent should work on your behalf to point out potential problems, negotiate and write your contract and guide you through the maze of inspectors, attorneys and others who will be part of the buying process.

Talk to a lender. If you don't have a relationship with a bank or mortgage broker ask around...friends or family members may be able to make a good recommendation or your buyer agent can provide a list of lenders who work in the community. When you find out what you're qualified to borrow THEN decide what you can comfortably afford. Tack on the cost of insurance, taxes to the monthly principle and interest of the loan amount and decide where your comfort zone is going to be---don't look at homes that are out of your range and become "house poor."

Decide where you want to live. Savannah has a wide variety of communities---from three story beach front condos, one level lofts in the Historic area to gated homes with amenities and starter homes in suburban towns that feature fantastic public schools. Which is right for you? Make that decision before you start looking or you could end up falling in love with a house that's in an area that's not compatible with your needs or lifestyle.

Top 5 First Time Home Buyer Mistakes:

Looking at or buying a home you can't afford.

Talk to a mortgage company and find out how much you can qualify for... make sure you're looking at homes that will have a monthly loan payment that fits your budget.

Passing on a good home because it's not "perfect."

Make a wish list of features and prioritize which ones are really important to you such as neighborhood, parking space, room size, etc.. Be specific about what you "must have" vs. what you would "like to have." Ugly wallpaper or dirty carpet should not stop you from buying a home that has good bones in a great location!"

Buying wrong size home.

Plan for changes in lifestyle such as marriage, children, etc..

Even though you're buying for needs today, it pays to think ahead!

Getting too much advice.

Sure your friends and family want to help you make this decision; they all have ideas about what you should do and where you should buy, plus they often consider themselves "expert" on home prices and mortgages. However, you are the one who will ultimately live with the decision that is made--so pay attention to your own voice!

Decide to rent instead of own - waiting for the "right time."

Why paying the mortgage for a landlord when you could be gaining equity in your own home? Home prices and interest rates are rising and you could be losing thousands in tax deductions and equity every year.

Great web sites for buyers:

Do's & Don'ts When Buying New Construction

http://www.brokeragentnews.com/news/residential/2006_7/7_28_2006_ly_1154127263.html

National Association of Realtors - 10 Steps to Home Ownership

http://finance.realtor.com/HomeFinance/Guides/Buyers/default.asp?lnksrc=REALR2LF2C0047&gate=realtor&poe=realtor

Fannie Mae's Home Buying Guide

http://www.homebuyingguide.org/

Department of Housing & Urban Development

www.hud.gov

Georgia Department of Community Affairs

http://www.dca.state.ga.us/

Georgia Down Payment Assistance Grants