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Marx-Bensdorf logo
  • Home
  • About
    • Our Realtors
    • Real Estate Resources
      • FAQs About Memphis
      • FAQs For First Time Home Buyers
      • Common Real Estate Terms
    • Our Leadership and Support
    • Community Outreach
    • Memphis Real Estate Blog
  • Our Agents
    • Carrie Anderson
    • Cathleen Black
    • Jeff Blakeney
    • Melanie Blakeney
    • Ashley Bonds
    • Melody Bourell
    • Katie Nichols Cook
    • Jon Dickens
    • Kelly Erb
    • Robin Fauser
    • Golda Frankland
    • Rip Haney
    • Lita Hurston-Reed
    • Laurence Kenner
    • Elizabeth Kuhlo
    • Maria Krahn
    • Jake Lawhead
    • Tracy Dougan Lombardo
    • Jerry Lucius
    • Diane Benson Malkin
    • Hugh Mallory
    • Mindy Okeon Mattingly
    • Thomas Murphree
    • Jordan Nichols
    • Mike Parker
    • Barby Perlberg
    • Jimmy Reed
    • Sheldon Rosengarten
    • Marcy Seidel
    • Stephanie Sheahan
    • Alta Simpson
    • Jim Simpson
    • Myra Sheddan
    • Melonie Sain Simpson
    • Angie Street
    • David Tester
    • Jenny Vergos
    • Ward Walthal
    • John West
    • Lauren Harkins Wiuff
  • Areas We Serve
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Carrie
Anderson

(901) 237-2735

anderson@m-brealtors.com

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Cathleen
Black

(901) 682-1868

cblack@m-brealtors.com

Melanie Blakeney image
Melanie
Blakeney

(901) 489-6974

mblakeney@m-brealtors.com

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Jeff
Blakeney

901-237-4542

jblakeney@m-brealtors.com

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Ashley
Bonds

(901) 485-2179

abonds@m-brealtors.com

Melody Bourell image
Melody
Bourell

(901) 461-4016

mbourell@m-brealtors.com

Katie Cook image
Katie
Cook

(901) 628-3065

kcook@brealtors.com

Jon Dickens image
Jon
Dickens

(901) 496-5702

jdickens@m-brealtors.com

Kelly Erb image
Kelly
Erb

(901) 355-3830

kerb@m-brealtors.com

Robin Fauser image
Robin
Fauser

(901) 494-0355

rfauser@m-brealtors.com

Golda Frankland image
Golda
Frankland

(901) 229-3083

gfrankland@m-brealtors.com

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Rip
Haney

(901) 351-2190

rhaney@m-brealtors.com

Lita Hurston-Reed image
Lita
Hurston-Reed

(901) 682-1868 Ext. 326

lhurston-reed@m-brealtors.com

Laurence Kenner image
Laurence
Kenner

(901) 351-4210

lkenner@m-brealtors.com

Maria Krahn image
Maria
Krahn

(901) 481-0253

mkrahn@m-brealtors.com

Elizabeth Kuhlo image
Elizabeth
Kuhlo

(901) 356-5452

ekuhlo@m-brealtors.com

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Jake
Lawhead

(901) 682-1868

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Tracy Dougan
Lombardo

(901) 581-3257

tlombardo@m-brealtors.com

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Jerry
Lucius

(901) 355-3076

jlucius@m-brealtors.com

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Diane Benson
Malkin

(901) 604-8245

dmalkin@m-brealtors.com

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Hugh
Mallory

(901) 497-9756

hmallory@m-brealtors.com

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Mindy Okeon
Mattingly

(901) 246-1060

mokeon@m-brealtors.com

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Thomas
Murphree

(901) 359-3847

tmurphree@m-brealtors.com

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Nichols

901-682-1868

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(901) 277-7275

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(901) 619-8543

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(901) 682-1868 ext. 303

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(901) 682-1868

shelrose@memphisrelocate.com

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(901) 422-1665

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(901) 412-8600

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Sheddan

901-870-0154

msheddan@m-brealtors.com

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(901) 682-1868

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901-484-0792

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(901) 351-3439

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901-634-2271

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John
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(901) 682-1868 ext. 389

jwest@m-brealtors.com

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Lauren Harkins
Wiuff

(901) 859-3565

lharkinswiuff@m-brealtors.com

Friday, June 5, 2020

The Dos and Don'ts of Home Buying

The Dos and Don’ts of Home Buying

Buying a home is easy, right? Just pick a house and buy it! Ideally, buying a home would be as simple as buying groceries. But at Marx-Bensdorf, after more than 150 years in real estate, we can tell you that it’s not as simple as 1-2-3. However, there are a couple of things you can do to help keep yourself on track, as well as some we recommend avoiding.

The Dos

Work With A Licensed, Experienced REALTOR

A good REALTOR who is seasoned in both the profession and the market can be of great benefit to their client.  That’s why having an experienced agent is so important. Always choose someone you feel understands your needs and is going to work the hardest for you.  REALTORS have many clients, but having an agent that makes you feel heard and important is key to a successful relationship.

Marx-Bensdorf has been serving the greater Memphis area for over 150 years.  We love what we do, and we’re dedicated to exceeding the expectations of our clients.  With more than 45 REALTORS, our combined expertise makes us one of the most knowledgeable and connected firms in Memphis.

Get Preapproved

Like any purchase, you need to know how much you can spend and how you are going to pay for your home. We can’t stress this enough! Getting pre-approved is imperative because it gives not only you but the seller and listing agent the confidence you are a valid candidate to purchase the property.  Many sellers won’t even consider entering into a contract with a buyer who isn’t preapproved.  Not only will it help you during the buying process, but getting preapproved will also help you figure out just how much house you can afford. You may want to buy less house than you can afford, but you want to know the bank will back you if you do.

approved

Know What To Expect

When taking on any new endeavor, it’s important to do your due diligence. Buying a home is a lengthy and oftentimes confusing experience. Knowing the typical flow of the process will not only remove some of the stress and uncertainty but will also let you focus on unexpected issues that may arise

READ MORE:  How To Buy A Home  →

Consider The Resale Value

This is a trap that first-time homebuyers often fall into. They find a newly remodeled home, complete with recessed lighting, new kitchen appliances, brand new floors, and a lovely coat of paint on the outside. Who could ask for more?

It’s important to check the property values of the homes around the one in which you’re interested. If your dream house is the most expensive property in the area, that might mean you’re going to have difficulty selling it later for a price you deem appropriate. It doesn’t necessarily mean that the neighborhood isn’t good, just that the seller has put a significant amount of money into the property regardless of the location.

On the flip side, a house that’s less expensive than many of the houses surrounding it may need some serious work, but it can also mean you’ll pocket a significant amount of cash if and when you decide to sell.

Understand the Lingo

What are closing costs?  What is escrow? These are good questions! Knowing some real estate terms can help when buying a house. Your real estate agent is there to educate,  guide, and to answer questions. Doing some research ahead of time will help you to communicate with your agent and others as effectively as possible throughout the process.

SEE MORE:  Common Real Estate Terms  →

The Dont’s

Don’t Let Your Emotions Pick Your Home

There is absolutely no doubt that buying a home is an emotional process. It’s important for a house to feel right just as much as it should have the features you want. After all, it’s going to be your home! But sometimes our emotions can get in the way of good sense. You may find a home that you think is just perfect. It’s everything you want. You can see yourself hosting parties and raising a family and growing old there! You could probably stretch your budget a little further, right?

 

Don’t do it! There’s no point in buying a home if you can’t afford the utilities or the furniture to go in it. There’s no benefit to damaging yourself financially for a swimming pool. Try and approach home buying as rationally as possible. We’re not saying you shouldn’t get excited, but keep your expectations realistic and you may discover that you and your agent find another home you love even more.

Don’t Shop for a House Before you Shop for a Mortgage

Daydreaming and looking at properties is a great way to whet your home-buying appetite, but don’t go in blind.  Until you’ve gone through some preliminary steps (selecting a REALTOR, a lender, and getting preapproved), we recommend waiting to go and look at a property. As we mentioned, many sellers won’t even work with buyers who aren’t preapproved because it doesn’t have the appearance that they’re serious about putting in an offer. So don’t put the cart before the horse, and you’re less likely to be disappointed.

girl with money

Don’t Buy a House Just Because It’s In Your Budget

Because a home is in your budget, it doesn’t mean it’s the one. Sometimes you walk into a beautifully staged home and know it’s the one you want to buy, and that’s great! But you’d be remiss if you didn’t at least take a look at other properties. If anything, this will show you your options.

Don’t take the Seller’s Word For It

We really can’t stress enough the importance of a professional home inspection after you are under contract. . A listing is designed to “Wow” you. Remember, paint and furniture can hide or distract you from seeing underlying problems. Presumably, you’re going to be in your house for a long time, and certain repairs can be very costly, particularly for first-time buyers.

Don’t Change Jobs or Buy A Car

This tip is less obvious, especially for individuals who haven’t tried to obtain a loan When your finances are being closely examined by your lender, it’s critical that you don’t do anything that changes your financial profile. Don’t Make Any Major Credit Card Purchases

This tip comes on the heels of our last “don’t.”  Just as you don’t want to do something that will shift your income, you also don’t want to do anything that will significantly change your debt-to-income ratio. Buying that perfect sofa on sale the week before you close is very tempting. However, any sudden change in credit may stop your home-buying process.

Posted by David Tester at 8:02 AM
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