Rhinebeck, NY HomeBuyer's Checklist

Spring seems to be the time of year when you think Home – that place in the country perhaps Rhinebeck NY. I’ll start looking in the real estate section and see what pops out. You see the home in the Rhinebeck vicinity Red Hook, Millbrook, and Tivoli NY that you fall in love with and make a call to find out about the home in the picture. This might be one approach more like a romantic novel, however the ending might not be the happy ending that the princess lives happy ever after in the castle of her dreams. I would like to pose a prologue to this scenario- a focused thought process to create an opportunity for a happy ending; to some this may sound too realistic, pragmatic, down – to- earth. I strongly recommend a Buyers Checklist. http://www.dirtroadrealty.com/readytobuy/buyers.php
1. Set a target date for moving into your home or buying those acres of land. Wouldn’t it be great to cook Thanksgiving dinner in a new house this year?2. Do your homework to determine what you can really afford - have a realistic price point. If you have your heart set on a newly renovated kitchen in honor of the turkey, have you calculated the cost of the cabinets, flooring, plumbing, electrical and appliances into your overall budget?
3. Get Pre-Approved for mortgage or alternative financial program and be ready to act. You have found that private parcel of land with a pond and a beautiful view that you have been dreaming of – don’t let the possibility that a cash-on-the-spot offer will outshine your almost-there financial status and dim that dream. What will you do with your hammock then?
To Be continued-----------.

Pre - Approved Mortgage

Movies in New York City will increase to $11.75 and $ 12.00 a ticket. When you purchase your second home in Rhinebeck NY you can go to the movies for half the price and do not need to wait on line, an added bonus to the coming to lovely area. If you are considering a home in Rhinebeck, Red Hook, Millbrook NY communities before the NYC movie prices go up again, treat yourself to a pre-approved mortgage application and lock in the rate. This will work in your favor as a home buyer in many ways. It does require a little time but it usually does not cost you money. More importantly it saves you money.
A pre-approved mortgage is not the same as a pre-qualified or pre-approved letter. The differences can affect your home buying transaction. . While it's helpful to be pre-qualified or pre-approved for a home loan, it doesn't always guarantee you'll be approved for a loan.
A pre-approved mortgage ensures your financial information has been verified, and really puts real estate agents and home sellers at ease. At the same time, you're in control when making an offer to a seller. They'll know you're a serious buyer who's ready and able to make a deal.
Most of the first time home buyers want to look at homes with charm and they often shop for a mortgage only after they find that dream house. Unfortunately that home which they fell in love with gets sold to another buyer while they wait for mortgage approval. In the competitive real estate market we are experiencing, where multiple offers on a single property are commonplace, pre-approval has become mandatory for serious consideration of a potential buyer's offer.
In the house-buying process, the benefit of being pre- approved for a mortgage is twofold. Not only do you have the added comfort of knowing what you can afford, the seller may also accept your offer over another if you are pre-approved and the other party is not.
The logic here is that a pre-approved offer is more likely to result in a completed sale, while an offer by a buyer that has not been pre-approved is not such a sure thing. The seller often doesn't want to take the chance of losing the sale -- even if pre-approved offer is slightly lower. In addition, if you take the time to shop for a mortgage loan you may not only save dollars, but the bank might lock in the rate for a period of time. This is unlike your inability in NYC to lock in the place on line or the price of your movie tickets.

Observations with Possible Financial Impact

Three valuable observations in real estate that I would like you consider, if you are looking at homes in the Rhinebeck, Red Hook, and Millbrook NY vicinity. One is to start your search with homes which are listed slightly over your price point. Why, simply the majority of the homes are negotiable. Now I am not saying spend more money, I am saying if you do your homework and know the top dollar that you are able to spend including taxes, renovation, utility, and maintenance costs - look at homes giving you a 15% margin for negotiation. If you walk into a home which may be the perfect home for you, do not walk away thinking the owner will not accept my offer. Two is the due diligence function that must be performed by you, the buyer regarding what the final cost of the home will be after repair, renovation and probable increase of the assessment value of your home. You should not compare a Macintosh apple and a Granny Smith apple lumping them together under the heading of apple each have their own defining features. The lower price does not necessarily mean a lower cost. In addition to the purchase price of the home, it is necessary to learn and see for comparison what the home offers for example does the lesser price home need structural repairs that can increase the total cost of the home 5%, for example insulation, roof and windows. You might find that after you evaluate two homes that the higher price home might actually be the same cost or lower. There are many factors which influence the price the seller is seeking for the sale of their home and they have the listing agent or selling broker to look out for them. The seller has a contract with the real estate agent to do just that. The value for the buyer whether emotional or financial lies in their choice of real estate agents or brokers. This is a definite third observation- choose to work the professional who will be totally committed to you. Since in Dutchess and Columbia Counties all homes listed on the Multiple Listing System (MLS) can be purchased with any real estate agent, you should select one who is exclusively committed to you- THE BUYER