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Guide for First-Time Buyers

By
Real Estate Agent with Century 21 Hometown Realty

Buying a home for the first time can be daunting for first time buyers, and rightfully so. It is a very big commitment with lots of different variables. However, I'm here to help guide you, step by step, in order to make the process a bit more familiar.

 

 Get Pre-Approved by a Lender or Mortgage Broker: This is important because it will help determine an affordable price range for you so that an appropriate property can be sought after.

 

 Meet with a Real Estate Agent: Meeting with someone like me will help you clarify exactly what you want out of your new property. Not just details like 3 BD, 2 BA, but more important things like a yard for your dog or a place to entertain. Would you like a large garage or work shed? Do you prefer more privacy? Remember - you're not just buying a 2-bedroom starter home, you're purchasing a lifestyle.

 

Determine a Fair Price: Your agent will also help you compare properties in the area and establish an appropriate price for the property you want and one that also matches your budget.

 

 Discuss the Terms of the Contract: Your realtor will next help you determine details that need to be incorporated into the contract, including the length of the Escrow period (how long until you move into the home), what the financing will look like (cash or loan), and who will be doing the inspections and paying for them.

 

 Make a Deposit and Submit Documents, but Be Prepared to Negotiate: Once all of these details are settled, you will put down a good faith deposit on the home, and submit your documents to the other side (the seller and their agent). You will likely negotiate on terms and price before reaching an agreement with the seller.

 

 Begin the Escrow Process. Once an agreement has been reached, Escrow is opened. Escrow is a neutral 3rd party that makes sure the transaction is handled fairly on both sides. Your deposit will be held in Escrow, and you will then have 17 days to conduct inspections and read disclosures about the home.  That deposit is not in jeopardy until day 17.

 

 Remove Contingencies. Once you feel comfortable with the property, you will remove your contingencies from the contract, which usually happens on day 17. After you have removed contingencies, you can no longer get a refund on your deposit. However, you can get your deposit refunded at any point in the 17 days before removing your contingencies if you decide to cancel the contract, which you can do for any reason.

 

 Escrow Closes -- at Last! Once the contingencies have been removed and inspections have been made, everything moves forward until the day comes that Escrow is closed. You then sign the appropriate documents and receive the keys to your very first property!

 

 Buying a home can be intimidating the first time around, but if you find the right agent it doesn't have to be. Call me at (805) 540-9962 or email me at CrabtreeRealtor@gmail.com

 

Posted by

Kristen Crabtree

Century 21 Hometown Realty

805-540-9962

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DRE# 01751293

Comments (2)

Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

I am sure the buyers that read this will find it not only enlightening but hopefully motivate them to get into gear.

Mar 14, 2014 01:11 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Preapproval saves lives in ways. :)

Mar 14, 2014 04:44 PM