Thinking about buying your first home? Wondering if now is the time, or if you should wait to see where the market is going, or, if you need to save more money, or if you need to work on your credit. For sure, these are all good reasons to stop and think about all of these things. But, once you have had that “heart-to- heart” with yourself and perhaps, a significant other, then maybe, just maybe, you will say, “It’s time.” Ok, you’ve decided to jump in with both feet. Now, where do you go from here? Where do you start the process? Yes, it is a process, and just to let you know, it can get stressful, but at the end of the day, you generally are glad you made the decision to buy, especially if you have done your homework and scoped out the plethora of information that is out here for first time buyers. Although the home buying process can be nerve-wracking and just might rank up there in the top ten of life experiences, we can help by giving you the step-by-step process that should result in home ownership. Here are my suggestions: 1. Get a free credit report – One of the first things I always tell buyers is to check their credit so that there won’t be any surprises when they are ready to take the next step. You can get a free credit report every year by visiting this site. 2. Talk to a lender about getting preapproved. Although there are hundreds of lenders just waiting to work with you, it is usually much better for everyone involved if you can get a local lender. The reason is obvious. Most local lenders are very familiar with the local market conditions, local taxes, and insurance rates. The people you work with are more accountable to you and your needs, and you can usually save you money. Bottom line, it will save you a lot of frustration.
3. Select a real estate consultant. (I hope you will choose me) Buying a home can be a mind-boggling process. A good real estate consultant can walk you through the process and make the experience a lot easier. A real estate consultant will be knowledgeable about where to find information on schools, neighborhoods, and available homes in your price range, and will be able to guide you through the paperwork involved in the process.
4. Complete a buyer representation form. Your agent will explain the different ways that a real estate agent can work with a client and will typically ask you to sign a buyer representation agreement. This will allow the real estate agent to represent you in the purchase of your home.
5. Begin your search. Your agent will be happy to show you homes, but you can also use the power of the Internet also. About 80% of buyers begin their search on the Internet. There are a lot of sites where you can find information on new and existing homes, but if you want to search the local MLS just like I do, visit my website at www.patheath.com . |