1st time Homebuyers To Do List to buying a home
Here is a real life and practical To Do List for 1st time homebuyers to take the stress out of the buying process...follow these steps and you will find an easy and enjoyable process to buying your 1st home (or make the next purchase go smoothly).
1. Work with a local mortgage lender that comes recommended by someone who has worked with them previously or thru a Realtor referral...I recommend 3 to every buyer, so they can make the final choice on their own.
Do Not go online and work with an impersonal lender that you may never meet.
All of my recommended lenders will meet with you at a time that is convenient for you, where they can sit down and consult with you, get copies of all financials, pull a credit report and determine loan options available to you. This is truly the most important step as you will need to be prequalified and get a prequalification form from a lender before a Realtor should take you out looking at home. There are many reasons for this, but the most important are: if you are not prequalified, you do not know how a price range that you can really get a loan for and the prequalification form becomes evidence that your Realtor will submit along with an offer to purchase...without it, your offer will not be considered.
2. Once you have determined a price point that you can purchase and a lender has verified finaicials (down payment, debts, income, current liabilities, employment) and you have received a prequalification, your Realtor should be able to build a portal in their local MLS...if they do not know how to do this, find on who does...you deserve to work with a professinal that is on top of all aspects of the profession from marketing, negotiating, knowledge of the inventory, how to use the tech tools available to Realtors and how to set you up so you can receive real time results automatically delivered from the MLS to your email with homes that meet your criteria (size, square footage, amenities, school district, location, price, etc). A good Realtor will be able to set this up within 30 minutes and give you the edge you need...You would be surprised to know how few Realtors really know how to set this up!
The portal will deliver listings to your email once they become available in the MLS and everytime ther is a change in status in the MLS. For example, if a house that meets your criteria comes "back on market" or has a price change in the middle of the night, the portal will send you an email so you will have the info immediately and likely before others that may be looking for a similar home.
3. Be prepared to make an offer
Phoenix area housing market is currently in a sellers market and has been for quite some time now.
1st time homebuyers are generally looking to purchase homes priced below $250,000 and being blunt, most Phoenix homes below the $200,000 range that are in city limits and close to freeway access may not have upgrades and features you would want in a home...they may be older homes that need work. When you find a house that you could call home, make an offer!
Nice homes sell quickly (within 45-60 days) and bring market value.
4. Do not overnegotiate
Eveyone wants to feel they got a good deal...it is only natural.
Keep in mind that being a sellers market, homes priced below the $200,000 and in good shape will likely bring asking price as long as the price per square foot is justifiable by comparable closed sale transactions within an acceptable distance (generally speaking an appraiser will look for comparables within a mile of a subjuect property to help determine value and they will look for similar features and upgrades. Sometimes, especially with homes that investors have bought and renovated, an appraiser may very well go beyond the 1 mile to find homes that have been comparably upgraded and have closed as sales to help justify value. This happens quite often in areas of Phoenix where surrounding homes may be dated and/or an investor did a renovation and added square footage. Here is an example of just this...there are 3 comps that have closed within 1 mile, buth they are outside of the subdivision and the renovation included a permitted addition of 430 square feet and all other homes in the subdivision are simliar to the original size of the home.
Follow these steps and you will find the buying process seemless and enjoyable!
If you are what I call a HERO (Active duty/Retired Military, Law Enforcement, Fire and Rescue, 1st Responder, Teacher or work in a school, Healtchare (Doctors/Nurses and/or if you work for an Arizona based business) I gladly rebate 20% of the gross commission either back to you at close of escrow or to a charity of your choice!
Click for video walkthru of a beautifully renovated North Phoenix home for sale under $200,000
Call on my Team and I to offer you the service you deserve! Our team has neighborhood speacilaist Realtors valleywide!
Andrew Texidor
http://www.HeroesHomeSolutions.com
602-909-9414
Saul Mendoza- Hablas Espanol
480-206-1792
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