Advice for First-Time Buyers

• Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to pay for a home.
• Pre-Approval: While know how much you can afford is the firs step, sellers will be much more receptive to potential buyers who have been pre-approved. You will also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you are interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs are pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.
• List of Needs & Wants: Make 2 lists. The first should include items you must have such as the number of bedrooms you need for your family size. The second is your wish list. These are things you would like to have but are unnecessary. Realistic for the first-time buyers, you will probably not get everything on your wish list, but it will keep you on track fro what you are looking for.
• Representation by a Professional: Consider hiring your own real estate agent. One who is working for you, the buyer, not the seller.
• Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:
  1. One or more detailed maps with your areas of interest highlighted.
  2. A file of the properties that your agent has shown to you, along with ad you have cut out from the newspaper.
  3. Paper and pen, for taking notes as you search.
  4. Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.
  5. Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate and convenience.
• Visualize the house empty & with your décor: Are the rooms laid out to fit your needs? Is there enough light?
• Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet you needs? There are many houses on the market, so do not make a decision in a hurry.
• Be Thorough: A few extra dollars well spent now may save you in the long run. Do not forget such essential as:
  1. Include inspection and mortgage contingencies in your written offer.
  2. Have the property inspected by a professional inspector.
  3. Request a second walk-through to take place within 24 hours of closing.
  4. You want to check to see that no changes have been made that were no agreed on.
• All of the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please contact us directly if you would like to discuss any of these matters in further detail.