By Tal Frank | Winter 2017 | PracticeLink.com
For physicians, finding, financing and closing on a home can be a daunting task. Both time and money can be in short supply. But it is possible to greatly reduce both the amount of time and money needed for doctors to buy a home.
One of the first tips I give physicians is to assemble a two-person DREAM TEAM of a trusted loan officer who is well versed in the special mortgage financing known as a PhysicianLoan and a real estate agent with expertise in the unique needs of a relocating doctor, preferably a Certified DRS Agent. The right team will walk you through the process, ask the right questions up front and help you make critical decisions early in the process.
Time Saving Tip #1 – Location, Location, Location
We can’t ignore the first three rules of real estate: Location,
Location and Location. Amanda Thomas, a DRS Agent with
Providence Group Realty in Plano, Texas points out that
unfamiliarity with a matched location may leave residents
perplexed about where to look. Amanda explains, “Some
physicians in larger metropolitan cities like Dallas/Fort
Worth may be bound to commuting constraints set by an
employer, so finding out if this is a requirement should be
a first step.” A good agent will quickly zero in on the right
location so that you do not waste time looking in areas that
do not meet your requirements. Thomas also points out
that location is key, not just regarding commute, but also
when it comes to consideration of resale value, since new
doctors often live in the house no more than four to six
years, making resale value an immediate consideration.