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Important considerations for homebuyers currently in the market

Without a doubt, it is currently one of the more interesting times in recent memory to consider buying residential real estate. That's because after a long and painful recession in which foreclosures hit record levels and home prices plunged dramatically, the housing market is now making an impressive recovery. This, in turn, has created a situation in which both home prices and demand are rising, while supply is limited and lending is still somewhat restricted.

It's understandable how prospective homebuyers could easily feel overwhelmed in this fast-paced environment. Fortunately, experts have compiled a few basic tips that people in this situation can consider to help facilitate the home buying process.

According to experts, the first step is always finding a real estate agent with experience navigating a competitive market, meaning they know where to look, who to talk to and how to negotiate effectively in situations where multiple offers are present.

Another step that experts recommend that prospective homebuyers consider taking is meeting with their mortgage lender to secure pre-approval, meaning they have their financing all lined up and ready to go.

Here, experts argue that this step can often put people at the front of the line when it comes to homes with multiple offers, as sellers know they are serious and can come up with the necessary funds. In addition, experts point out that getting pre-approved will help reveal ahead of time whether there are any potential red flags (i.e., mistakes) on your credit report that will need to be addressed and which could delay your home buying efforts.

Experts also urge patience throughout the entire process as it may take quite some time before the perfect place can be found. By putting anger and frustration aside, they argue that you can remain focused and improve your chances of finding the right home at the right price.

Once the right home is finally located, prospective homeowners may also want to give strong consideration to retaining the services of an experienced legal professional to handle the closing. This step can help take some of the uncertainty out of the process, and help ensure that any potential problems are identified and addressed.

If you would like to learn more about foreclosure, short sales or residential real estate transactions in South Carolina, consider contacting an experienced attorney who can answer your questions and help point you in the right direction.

Source: The San Francisco Chronicle, "Five tips for buying a home in the current real estate market," Mario Garcia Jr., Oct. 3, 2013

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