Pre-Home Buying Checking list that all First Time Home Buyers Should follow!
If you're a First time Home Buyer and thinking about buying a home, make sure you cross off your check list of tips you should follow!
First Time Home Buyers Tip # 1-- Make sure that if you are renting you have either spoken with your land in advance or at least given a 30 day notice. In most all cases, a land lord will keep your security deposit for breaking the lease early, at the very least. If they will not take your security deposit as liquidated damages and call it even, ask about the cost of a lease buyout. Usually this a set fee and may be a higher cost than your security deposit to exit the lease, with no strings attached, providing the home is left in good condition. Please check your state laws but usually a land lord can not sue--and win-- for the full amount of the remaining lease. They are entitled to the security deposit and all fees associated with re-renting the home, provided they can show due diligence of having done so. A land lord can not receive double the rents for a home. You can even offer to help advertise the home to help get it rerented.
First Time Home Buyers Tip #2--It is best if you speak with a real estate professional before beginning the buying process. No need to start going out and looking at homes, kicking doors and banging on windows if you have not prepared yourself with all the information you need to make informed decisions. Ask your real estate professional about the buying process, what to expect, how long does it take to close, Home Inspections, Appraisers, how much can you expect to spend, housing market pricing trends and discuss the different types of mortgage loans available for the type of property you wish to purchase and more.
First Time Home Buyers Tip #3 --Preferably, call and speak with a mortgage lender, prior to beginning your search for a home. I would even recommend speaking to your real estate professional about trends they have seen in the real estate mortgage industry and some of the pit falls to watch out for. NOTE; Getting a mortgage loan from you personal bank is not always the wisest choice, confirmed by Money magazine. Mortgage loans today are primarily granted by automated systems looking for specific checks and balances, not HUMAN INPUT, PREFERENCES OR FEELINGS.
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