Frequently Asked Questions regarding Buying Wichita Real Estate!

1.   Why would I use a Realtor when buying a house?  

The best reason to use a Realtor when buying a home is because it is FREE to Buyers! Some people think that the Realtor gets paid by them as part of their "closing costs".   That is NOT TRUE.   If you use a Realtor they will get paid by taking 1/2 the commission that the Sellers Realtor would have made.   The Sellers Realtor agrees to do this since the Buyers Realtor brought them the Buyer for the home.  If you as a Buyer don't use a Realtor, then the Sellers Realtor-who is not looking out for YOUR best interests-gets all the money. 

The next best reason is that you have someone looking out for YOU.   As a Buyers' Agent I will check neighborhood property values to make sure you are getting the best home at a fair price.    In addition, I am a skilled negotiator!  

As a Buyers' Agent I can help guide you through closing costs, downpayment requirements, Title Work, Escrow Accounts, Appraisals and Inspections as well as any referrals to professionals you may need.  

2.   Is now a good time to Buy a House because of the Wichita Real Estate Market or should I wait?

Now is an EXCELLENT time to Buy a home in Wichita!  The saying "Buy Low, Sell High" could not apply more than right now in Wichita.  It is unfortunate but some Sellers are truly desperate and there are record numbers of foreclosures which means you can really take advantage by buying a home at a bargain price.

In addition, interest rates on mortgage loans are at their LOWEST SINCE THEY STARTED RECORDING INTEREST RATES! (more than 30 years ago) which means lower house payments for you.  

3.  If my lease is up in 6 months, when should I start looking for a home?

4-6 months before your lease is up would be a good time to begin looking for a home in Wichita.  With todays current market some foreclosure homes take a longer time to process than the usual 30 days that most homes need.   Once you find the home you want to buy and your offer is accepted it will most likely be 30 days before you get the keys, sign your loan papers and move in.  So, ideally you would make an offer on the home you want to buy 1-2 months before your lease is up.  

4.   When should I talk to my Bank about getting a home loan?

As soon as you begin thinking that you want to buy a home, you should contact a LOCAL, reputable lender about home loans.   This applies even if you don't want to buy a home for another year.   A good mortgage lender will look at your whole financial picture, including your credit, income and debt and determine the best program available for you.   The Bank you have your accounts at now may not be the best place to get your home loan.   Some Banks are very limited in the programs they can offer, a reputable, mortgage broker can search hundreds of programs for you.   You may be suprised at your options and you may find mistakes on your credit that need to be corrected.   Loan programs come and go-you don't need perfect credit but you do need to present your best case.   I work with local Wichita lenders who provide excellent service to Buyers.   Just contact me if you would like their names and numbers!