I love helping FIRST TIME HOME BUYERS! I always have. I love their excitement at the prospect of home-
ownership. I love the fact they are like sponges soaking up all the information I give them about purchasing a home. I love how they are willing to listen to my suggestions and warnings throughout the process. I love handing them the "KEYS" to their first home upon closing.
Though the process is somewhat the same (which I have written about) as with any buyer, "first timers" need a little more guidance and attention. That said....
Dear First Time Buyers: you've met with me, now here are the next steps you'll need to take before purchasing your first home. In fact, before we get in the car and head out on our house-hunt.
1. MEET WITH A LENDER: of your choice, or I'll give you names of professionals I have dealt with and trust. You need to know if and how much you can afford. This is a tough market, so be prepared! I am NOT a financial expert in any sense of the word, and that is why YOU START with a PROFESSIONAL.
2. PRICE RANGE: Let's discuss your "budget" and what you and your lender have come up with based on the information you provided him/her.
3. DISCUSS YOUR WANTS & NEEDS: Give me your "wish list" of what you'd like to have in a home. A particular neighborhood/area? Maybe a garage? Large lot? Newer home? Resale?
4. WHAT CAN YOU LIVE WITHOUT? Unfortunately, within your price range (budget), you may NOT be able to afford a home with all the bells and whistles you had on your wish "list." Let's "re-organize" your wants, verses what you can afford and what can you live withOUT; like a garage for instance? Keep in mind, this is your "starter" home and someday, when you're budget is bigger and you've built up equity in your home, you may be able to sell this one (hopefully, when times are better, economically) and purchase another with all those items you want--now.
5. PREVIEWING HOMES: Now that we've narrowed down the search, let's go look at the homes within "your" budget. Keep an opened mind, because we may see some "fixers." Think outside the box. Use your imagination. How could YOU make this home work? Maybe it just needs paint (I call these my Maybeline--make up--houses). A little elbow grease... Nail and hammer jobs.
6. KEEPING NOTES: I've given you a print out of each home we're going to see. Keep notes on each one, toss out the sheets that are absolutely NO NO's. This helps narrow your search. Also, sometimes if we see a long list of homes, they begin running together. BRING a camera, as you may want to take extra pictures that were not on the original MLS printout I gave you.
7. WRITING AN OFFER: The residential purchase agreement includes: terms of your offer, offering price, earnest money deposit, closing date, disclosure requirements and inspections. Once we've prepared the agreement and you've signed it, I will set up an appointment with the listing Realtor and present it your offer. Maybe the offer will be accepted, as is, by the sellers, or perhaps we'll receive a counter back. AFTER all terms of the agreement and, or, counters are agreed upon, we move to the next step.
Okay first time buyers.... we've made it this far, now here is what to expect once we open ESCROW. Every step we take is a step closer to home ownership!!!
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