It is always a delightful occasion when you see a first time home buyer making their first purchase. I wanted to share with some prospective first time buyers what I belive to be some key areas you need to make sure that you have down pact so you will not be in a ton of pain if something in your life goes south.
Three key points during the search and offer time:
Please make sure that you are approved to buy a house in the price range you are looking to be in. Especially in this market, it is becoming more and more evident that some buyers are stretching themselves thin. Secondary loans of the traditional 20% down payment are becoming a thing of the past. Now we are looking for buyers to put at least 25% down.
When you and your Realtor find the right home, if you do not know anything about construction or how to inspect a property, please make sure that your Realtor has a list of professionals that he or she can recommend professionals to you. Most likely, when you buy the house, you are going to live there for a few years. In the event you want to move up to a bigger or better property, then you will most likely have to sell your new home so you can buy the next house. If you have your ducks lined up, you will be able to do this without any hiccups.
Be resspectful and watch what you say infront of the owners. As most people often forget, homes are sometimes modeled after the owner and their tastes. SUPRISE! In the event you request for the owner to go over items in the house, or you see it when it is not open and you see them in passing, it is always nice to be respectful to them. Also, during an open house, sometimes people come in and make negative comments about the property. THIS MAKES IT A HEADACHE for the agent holding open the house because the negativity drive people out of the hosue. We hold open the house in the hopes of bringing in a buyer or future client and selling the property!
If you wish to comment, please do so.
Best,
Jason
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