First Time Home Buyers
10 Tips for First Time Home Buying
1. Get finances in order
If you don't have a good understanding of you finances, don't add a mortgage loan to it. Get a copy of your credit report and know where you stand and how much you can afford before sitting down with a lender.
2. Get a pre-approval letter
Once you know your own finances, sit down with a lender and get a pre-appoval letter stating how much you can really afford. This letter can be presented to sellers at the time of the offer to prove you are a serious buyer and are ready to buy.
3. Know what you want in a house
More than just number of bedrooms and size you want to know if you want a view, a large lot, fenced yard, play area close, close to schools, or room size adequate. Get specific and you can always decide once you find a good place if you can budge on some of your necessities.
4. Be ready to look when the time comes
Sellers make their homes available to you when you want so you want to be ready to see a home newly on the market or fresh from a decreased price to get first bid at it. By pushing off showings or planning ahead it can cost you the right home. Houses for Rent -Are you hunting real estate rentals? Uncover your next condo rentals and apartment rentals by looking around our for rent by owner site, FRBO.com.
5. Make sure you understand everything you sign
If at any point you don't know what you are signing or why, stop and ask. If your agent can't explain everything to you in details you can understand, maybe think about another agent. Our agents take the time to discuss every option and go over the legal jargon in detail if there is anything you don't understand. We know that you are not in the real estate business so what is old hat for us, can be scary and sometimes confussing for you.
6. Have an attend a home inspection
This is a crucial part of the home buying process. Remember, this is possibly the biggest investment you may ever make and not knowing all you can about it can cost you thousands later. Get a home inspection and go through the home with that professional learning as much as you can about the home.
7. Know that you can walk away at certain points in the process
This doesn't mean you can terminate or back out the agreement for no reason or at any time but there are certain reasons you can and get your money back. You can always walk away but knowing when and how to make sure you get your earnest money back are crucial. If financing doesn't go through, if you don't like the inspection or if any other contingencies are not met, you can walk away and all your earnest money can be returned to you. Ask your agent about specifics on how to get out of a deal.
8. Stay in close contact with your lender
Make sure you know where the process is along the line and don't make any major financial purchases during the loan time. Talk to your lender about where the loan stands and if you don't understand something on the good faith estimate. Once you have done this the first time, the next time you buy a home will be easier and less confusing.
9. Do a final walk-through on the home before closing
If anything was suppose to be done during an inspection, make sure of this before signing the final documents. Also make sure the seller hasn't damaged the home in the mean time.
10. Know that closing doesn't happen right when you sign
Closing is when all the documents have been signed, deed it recorded with the county and fund are dispursed to all involved parties. Then final closing happens and you can receive your keys. This is typically 1- 3 days after the final signing.
If you have questions on any step along the home buying process or you would like to start looking at Enterprise homes today, please give us a call and we would be happy to help
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