FIRST TIME HOME BUYERS: Do you know what NOT to do?

By
Real Estate Agent with Springer Realty Group RS305712

 

 You just found another letter in your mailbox that the landlord is raising the rent...

                                                                              AGAIN.  

 

There it is. That thought that creeps back in to your head every time you get one of those "rent's going up" letters, or when the tenant upstairs is playing Metalica at volume 15 at 2:00AM or when you see a cute lil' house with a

"For Sale" sign in the front yard.COULD I REALLY BUY MY OWN HOME?

 

The answer is .... Yes you can!

 There are lots of to-do's that will be on your list.  But as I always tell my buyers, the DON'T do's are probably more important than the to-do list! 

  

As soon as you make that decision to begin the path to becoming a First Time Home Buyer here are

 

The Three Things to NOT DO...

  •  Do not make any major purchases or enter into any transactions that would affect your credit.  Buying a new car with a monthly payment will mean that your debt to income ratio is affected and potentially mean not qualifying for a mortgage. 
  •   If your apartment/home rental lease is coming to an end, don't sign a new 12 month lease if at all possible.  Most landlords will offer a month to month lease after you've completed your first 12 months.  Having to break a lease once your offer on your new home has been accepted can be quite costly (sometimes it could mean paying all the monthly rent due till the end of your lease and losing your security depost- depending on the rental lease you've signed.  Be sure and read your lease carefully before entering into an agreement of sale on a new home.) 
  • Don't change jobs!  This one sounds crazy, I know.  I've had a client that had an amazing job offer and because it meant a substantial pay increase, she thought it would be a GOOD thing.  Which makes sense except in the world of mortgages.  Your mortgage will be based on the length of time at your present job.  While you may be making more money at that new job, there is no past proof of income. This may not completely deter your purchase- but it will delay it.  You

FIRST TIME HOME BUYERS GUIDE (instant download)

CLICK HERE FOR INSTANT ACCESS TO YOUR FIRST TIME HOMEBUYERS GUIDE!

  • could be required to wait a certain period of time to have verification of income before being able to proceed with your mortgage application. 

Having your own Realtor to guide you through these ins and outs is absolutely imperative.  Finding a buyers agent that will represent only you (Calling on the agent on a sign without having your own buyers agent means that you would be using the same agent that already has a fiduciary responsibility to the seller. Doesn't sound like a winning situation for negotiating your best price, does it?) The good news about having a buyers agent working for you  is that it costs you nothing- that agent's commission is paid by the sellers! So why wouldn't you use your own buyers agent, right?  It's a no-brainer! 

 To find your buyers agent,  ask questions- lots of questions.  It is vital to be comfortable asking questions of your agent.  Finding that perfect fit means less stress for you on the way to the settlement table! 

   

CLICK HERE FOR INSTANT ACCESS TO YOUR FIRST TIME HOMEBUYERS GUIDE!

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Tags:
first time home buyers
homes for sale in berks county
homes for sale in montgomery county

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Rainmaker
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Brad Thomsen
Big Bear Realty - Edmonds, WA
Real Estate Services

Hi Faith LaRosse 

Great points for buyers to always remember.

Thank you for posting.

Happy Selling!

Brad

Dec 09, 2017 07:25 AM #1
Rainmaker
700,269
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good morning Faith LaRosse 

Thank you for sharing your information with us at Active Rain.

Have a great day 12/09/2017.

Dec 09, 2017 07:59 AM #2
Rainer
16,530
Tyra Hatcher Mitchell
Alliance Realty - Portland, ME
Southern Maine Realtor

Great reminders!

Dec 09, 2017 08:02 AM #3
Rainmaker
2,698,534
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good Morning and Excellent blog for buyers to know about.  Make it a great day!

 

Dec 09, 2017 08:44 AM #4
Ambassador
1,620,116
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Good advice Faith. Anthony reblogged it and that's how I find you. Look forward tor eading more from you. D 

Dec 10, 2017 08:49 AM #5
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Rainmaker
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Faith LaRosse

Serving Berks, Chester & Montgomery Counties
"Have a question? I'd love to help!"
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