A Complete Guide for First Time Buyers
Posted on: 12 July 2017
As a first-time buyer, you want to know what to do from start to finish. Knowing this information ahead of time is going to make things much easier for you. Not having an idea where to start or what comes next is going to leave you feeling like you are stumbling around. While your real estate agent will be happy to walk you through the processes, you may not want to call them every single step of the way if you are used to being more of an independent type of person. Here is a helpful guide that will walk you through the step of finding a good property for sale.
1: Know how much you want to spend
Crunch your own numbers and come up with an amount that you know you will comfortably be able to spend on a home. Even if you get approved for more, you want to stick with the numbers you came up with that you know you can handle.
2: Get pre-approved from a lender
Go to a lender to get a pre-approval. This will let you know the maximum amount you can go up to when searching, and it lets sellers know they can take you seriously.
3: Come up with a complete list of what you want
Figure out the location you want to stay in, the type of home you want to buy, the price range, the square footage, the property size, the number of rooms and the architecture style. Also, write down any additional features you would prefer your home to offer, such as central heating and cooling, a built-in pool, a fireplace, etc.
4: Keep in close contact with your real estate agent
Give your real estate agent every possible way to contact you and let them know which methods of contact are the best. Also, if you haven't heard from them in a few days, don't be afraid to call them up to touch base. It's good to remind them how serious you are about finding a place every now and again.
5: Look for homes on your own as well
While your real estate agent will be looking for homes for you, it is also a good idea to look on your own. If you find something on your own, turn the information you have over to your agent and get them on it. You can look on reality sites, social media sites, newspapers and through word of mouth.
6: View the home in person as soon as possible
As soon as you know you want to see a house, let your agent know you can view it as soon as they can get you in. This way, there is less chance of someone else seeing it first and making an offer on it before you even have a chance.
7: Have your agent make an offer the moment you decide you want the house
The moment you know that you have found the house you want, call your agent and get them started on putting the offer through. The seller will either accept it, refuse it or begin negotiations. Once you come to an agreement, inspections can take place, paperwork will be taken care of and escrow can begin.
8: Finalize the deal
You should use a cashier's check to cover the closing costs and make sure you review the documents so you know how the money is going to be collected and distributed.
9: Enjoy your new home
Once escrow closes and the deal is done, you will be ready to move into your new place and turn it into a happy home for you and your family to enjoy for a long time to come.
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