10 Home Buying Secrets for Hispanics
Neil Terc at INMAN reveals how we can help our customers and clients. The 10 Home Buying Secrets for Hispanics can help us here in Fort Wayne understand how to do a better job as realtors or investors. Neil Terc is the president and founder of Yourcasa.com and SuCasa.com two sites that focus on the Hispanic community. Terc says the largest and fastest-growing majority right now is the Hispanic community. A group of hard-working and law-abiding citizens looking for ways to live the American dream.
- Hispanics in the U.S. account for 40 percent of the household growth, and 672,000 Hispanic households rent and have the ability to buy a home
- The Urban Institute projects that in the next five years, Hispanics will account for5 percent of new homeowners alone
The secrets sound a lot like our advice, only with some different shadings. Maybe, it is the translation.
Secret # 10: Keep your money where it is – “It is advisable to make no big purchases or move from one side to another three to six months before buying a new home.” We would say don’t buy a new car before seeking approval to buy a house.
Secret # 9: Get a Pre-Approval – “There is a big difference between a pre-qualified buyer and a buyer who has a pre-approved mortgage.” Pre-approval gives you valuable information on how much house you can buy
Secret # 8: Avoid barriers dispute – “It is absolutely essential for a survey on your property so you know exactly what you are buying.” We call barriers property lines and this may be more critical outside the U.S. Still a good idea.
Secret # 7: Do not guess Market – “Do not obsess over trying to calculate and find out the best time to buy on the market.” In other words if you find your dream house in your price range, don’t entertain the idea that it would be a better price during the slow3 season. I would add don’t try to guess the direction of interest rates to buy a bigger house.
Secret # 6: Bigger is not always better – “Sometimes it is best to buy the worst house on the block, because the worst house per square foot than ever negotiated by the larger house.” Translated this means if you compare price based on square feet, you are comparing like properties. Maybe the house just needs updating and it will be worth as much as the other house.
Secret # 5: Avoid unanticipated costs – Most people just concentrate on your mortgage payment, but also need to be aware of other expenses such as property taxes, utilities, HOA fees, repairs, maintenance.
Secret # 4: You are buying a house – “…not going out on dates with her. Buying a home based on emotion only gonna break your heart.” We agree.
Secret # 3: Give your home inspection – “Hire a home inspector. It will cost around $200, but could end up saving thousands of dollars.” This inspector works for you and can often help you avoid big problems and may help you negotiate a better price.
Secret # 2: The Secret Science of tenders – “Your initial offer should be based on two things: what you can afford (because you do not want to make the best of yourself), and what they really believe the property is worth. Make your initial bid on something that is fair and reasonable and totally not going to offend the seller.” This is interesting to us. We know that buyers would rather not make a low-ball offer for fear of offending the seller. Instead, they don’t make an offer at all.
“Also, see if the neighbors have plans to put a new addition or a basketball or tennis, which could decrease property values along the way.” Nothing worse than hearing a basketball bouncing on pavement when you are trying to sleep.
“Today, many vendors are behind on their property taxes if you have valuable information that gives a great card to negotiate a good deal. To find out, you can go to the county clerk’s office.” Nothing wrong with getting an advantage in negotiations.
Secret # 1: Describe the neighborhood before buying – Visit the neighborhood – visit at noon, morning and night. Many home buyers have become completely upset because they thought they had found the perfect home, only to find that the neighborhood was not for them.
JT Integrity Properties is here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Give us a call today at 260-202-2222 to let us know what YOU need help with!