I'm Here To Help You First Time Home Buyers

 I'm Here To Help You First Time Home Buyers

Being a first time home buyer can be nerve racking. Where do I start? Who do I need to contact? What does the process involve? There are so many questions if you have not bought a home before. Here are some tips that can help you through the process.

1. Find an experienced Realtor. One that has local area knowledge and that you feel comfortable with. An experienced Realtor can make all the difference when it comes to guiding you through the process safely.
2. 80% of home buyers today start their home search on the internet. Getting a feel for what is out there in your price range is a great way to start. It can help you define what you want in a home such as neighborhood, size, or location. This can get you a good jump start so that you can share that information with your Realtor and help them narrow down their search criteria.
3. Today we are experiencing a "buyer's market". This is where there are more homes available than buyers. This is an advantage to home buyers because they have more to choose from, and more negotiating room. Because of the abundance of homes for sale, you may spend 2-3 days looking at homes before making the decision on the one that is right for you. In a "seller's market" you may only see 1 or 2 homes before you would have to make an offer as to beat out another buyer. A good Realtor will be able to narrow down what you are looking for and only show you what fits into that.
4. Take notes and a camera so that you can remember each home. Sometimes seeing 6 or 7 homes can get confusing. You want to note the positives and the negatives. Notice the surroundings such as the neighbors or if there is a highway in the back yard. I always tell my buyers that if they end up liking 2 of the homes and would like to see them again, I am happy to bring them back.
5. Once you have chosen a home your Realtor will complete the necessary paperwork and go over the contracts with you. Then they will negotiate on your behalf with the seller's Realtor or with the seller directly.
6. Once you and the seller have agreed on terms and you have what is called an "executed contract", your Realtor will guide you through hiring a home inspector, and keep in contact with your mortgage broker and the title company to ensure a smooth closing.
7. Keep in mind that sometimes things get in the way, clouds on title, bad home inspections etc. Your Realtor can guide you through and let you know all of your options. These negative things can be a hassle but don't always mean that you will not be able to close.
8. Once the title company completes their work to transfer clear title, title insurance is bought, homeowner's insurance is paid, and the mortgage is complete, you will go to your closing. Closings can be done from out of state if necessary, but typically the buyer, seller, Realtors and closing agent are present. The closing agent will go over the HUD1 statement (a standardized form) that explains all of the closing costs to and from the buyer and seller. Once all of the documents are signed, you will receive the keys to your new home.

First Time Home Buyers, it's a great time to buy!