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| Advice
for First-Time Buyers |
- Pre-Qualification:
Meet with
our mortgage professional and find out how much you
can afford to pay for a 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. There is no cost for pre-approval.
- 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 aren't absolutely
necessary. Realistically for first-time buyers, you probably
won't get everything on your wish list, but it will keep
you on track for what you're looking for.
- Representation
by a Professional:
Consider hiring your own real estate agent, one who
is working for you.
- Focus & Organization:
In a convenient location, keep handy the items that will
assist you in maximizing your home search efforts. Such
items may include:
- One or
more detailed maps with your areas of interest highlighted.
- A file
of the properties that your agent has shown to you, along
with ads you've cut out from the newspaper.
- Paper
and pen, for taking notes as you search.
- Instant
or video camera to help refresh your memory on individual
properties, especially if you're attending a series of
showings
- 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?
- Be Objective: Instead
of thinking with your heart when you find a home, think
with your head. Does this home really meet your needs? There
are many houses on the market, so don't make a hurried decision
that 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:
- Include
inspection & mortgage contingencies in your written
offer.
- Have
the property inspected by a professional inspector.
- Request
a second walk-through to take place within 24 hours of
closing.
- You want
to check to see that no changes have been made that weren't
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's why having a professional 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.
copyright © Agent Image 2001
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