First Time Home Buyers

• Pre-Qualification:  The first step in looking for your first home is to start with the basics.  Getting a pre-qualification with a reputable mortgage broker will let you know how much you can afford to pay for your new home. 
• Pre-Approval:  While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll 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’re 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 for 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 (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
• 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 ones you may have located on your own through the            internet or other sources.  

3.  A camera or video camera to help refresh your memory on individual properties especially if you are attending a series of            showings. if you are attending a series of showings. 

4.  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, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage            dump, source of noise) features of the area?

Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light?  Will your furniture fit comfortably?  Can you see yourself living there?

• Be Objective: Instead of thinking with your heart when you find a home, think with your head.

Does this home really meet your needs? And if it does, are you ready to make an offer?  In today’s market homes are selling fairly quickly.  Many buyers wait too long to view too many homes and when they finally decide that the first home they viewed is the home of their dreams many times it has already been sold.  However, you don’t want to make a hurried decision without thinking it through which can be a decision you may regret later. 

• Be Thorough:  A few extra dollars well spent now may save you big expenses in the long run.

Don’t forget such essentials as:

1.   Include inspection & 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 not agreed on (i.e., a nice chandelier that you assumed       came with the sale having been replaced by a cheap ceiling light).

All the above may seem rather overwhelming. That is why having a professional Realtor represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.