Daytona Beach Buyers - Don't Make These Mistakes

Even though the 1st Time Buyer Tax Credit expires next week, real estate industry experts still predict a strong year for sales to 1st Time Buyers. Prices are down, rates are way down, and inventory high so the choices for new buyers are outstanding.

If you are in this group, though, or want to be, don't make these mistakes:

1. Don't ignore a low credit score - you will pay thousands of dollars more in interest rates over the course of your loan. Work on increasing your credit score and keep it there before you buy.
2. Don't buy other large items before you apply for your home loan, or during escrow. First, your score will go down if you buy a car or furniture or apply for credit cards before you apply for a loan. Second, lenders continue to check your credit up to the day before closing. You don't want to look like a big spender right before you want to close on your new home.
3. Don't try to save on the inspection. This money is the most important expense you will have for the purchase. Get a good inspector, and pay attention to what he or she finds. Also, if you need a pest inspection, get that too. A few dollars spent here will really save you thousands in later years when you discover things early that need to be fixed.
4. Don't make an offer without contingencies. No realtor would write a contract without contingencies, but you might go directly to a seller and not include these in a contract. Don't! Give yourself outs for the inspection, for the title, for a rise in interest rates - even if you are buying from a friend or relative. Protect yourself.
5. Don't buy without adding up all the peripheral costs and making sure you have enough - for bank fees, for insurance (especially), for repairs, and any improvements you want or need to make to be comfortable.

Remember - as a buyer, you don't pay the real estate commission. So there is no reason not to use a Realtor to protect you and represent you. Let's work together - call or email me to talk about Daytona Beach real estate.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.ormondbeachscene.com