If you take five minutes and do any bit of research about first time home buying, you'll probably find an article that tells you to get preapproved and speak to a lender before looking at homes. Heck, I've done it myself. I consistently write about the proper steps to home buying, when to do things and how to do them. Does anybody follow them? Probably not. Because you may not even know you're looking for a house until you come across a home that you fall in love with.
If everybody did everything a specific way we wouldn't have such unique lending strategies and programs, aggressive real estate agents that creatively negotiate for the home and you just may never move. It's usually that beautiful house that captures our attention and gets us thinking about buying a house or selling the one we have and moving.
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This is not uncommon so, what do you do when you find a house you love you have not prepared to buy?
This is a fairly common strategy. I get people all the time calling up saying I found this beautiful house online or in the newspaper, or wherever, yet I had no plans of buying a house at this time, so what can I do?
The first thing I tell them is to drive by the house on their own. Do you even like the neighborhood? Photos of the house itself can be beautiful and breathtaking but they're not going to include the junker car neighbor next door or the fact that the house sits right next to railroad tracks or a busy freeway. If you still like the house after driving by, let's take a look at your finances. Is it even feasible to buy a house at this time? Do you need to sell a house first? These are some details that vary from person to person and they need to be discussed and figured out before we even look at the house. Think of it this way, if we did look at the house, you left it, but then we worked on the finances and realize you couldn't afford it, it would be really frustrating and would waste everybody's time.
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Now, I know that in the Portland area real estate goes very fast so this is not something that you want to take your time with. I can have you speak to a lender today to figure out if you can even afford the home and how we can go about selling your existing home, getting out of a rental agreement or affording a down payment or earnest money deposit.
Yes, the first step isn't always the way it should be but sometimes that's just the way it is. If you find a house you love, give us a call today. I can tell you if it is a current listing is already under contract, and we can discuss a little bit of your finances so we can move forward or I can offer you a list of similar homes that may be more suited for your budget and your lifestyle.