First Time Buyer? Where do I start?
Thinking of buying a home? The first step is to talk with a lender. Typically you'll need a pre-approval letter to place an offer on any house and it's good to know exactly what you're qualified to purchase. It's probably best to go with a big name bank or someone local since there's so many scams on the internet.
Next step is to contact an agent who can email listings that match your criteria and price range for review and to schedule showings.
Be awsre that foreclosures typically need paint & carpet throughout and the appliances are usually missing. They are usually priced very agressively and are sold as-is for the most part. As for short sales, please be advised that the whole process can take anywhere from 3 months to 6 months and quite possibly longer.
Also be advised that for an FHA loan (min 3 1/2% down payment), credit scores need to be above 625 or 640 to qualify. There's also closing costs which average 3 - 5 % of the sales price, but you can always request that the seller pay a portion of these. Costs outside of closing: Inspection - Ave $350, Appraisal through your lender- Ave $400 and Termite Inspection - Ave $50.
Settlement (closing) usually occurs within 45-60 days of contract ratification.
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