Real Estate 101 for Cedar Rapids Real Estate Buyers

Being a former elementary school teacher for 12 years, I feel uniquely qualified to educate my buyers (and sellers) regarding Cedar Rapids real estate matters.  Education is in my blood and I take this process of buying a house in Cedar Rapids very seriously for my first time home buyers.

The following are important bullet points I made in a recent slide show presentation to first time home buyers.  Here are the important points to make when buying a home, or your first home.

• The seller pays the commission to both Realtors, so the buyer pays nothing out of pocket to his/her Realtor.
• It has never been a better time to buy Cedar Rapids real estate.  Interest rates are at historic lows and one national mortgage lender expert says they are going to go even lower.
• It is a Buyer's Market, which means sellers are willing to negotiate on their asking price so you can get the best deal.  It also means that there is a lot of inventory in each price range, so there's plenty to choose from.
• After the Super Bowl, it is officially the start of the "busy season" for real estate.  You'll see even more inventory coming to the market. 
• If a buyer is READY to start the buying process, they will need an appointment with a preferred, local lender in town.  We have a list of lenders we work with that get the job done.  You will need two years worth of W-2 statements from your taxes, your last two pay stubs, and your social security numbers.  From this information, a lender will pull your FICO score.  This score tells you your credit rating and from this rating a dollar amount is determined for how much home you can afford.
• A Realtor (that's ME) will sit down with you and go over homes in your price range with your specific search criteria.  From this list, we will determine the best homes to view, and then set up private showings with you and your family.
• From this list, we will pick the best two or three homes, set up 2nd showings, and pick the right house.  Then we write an offer and wait for acceptance from the seller's agent.  Once an offer is accepted, a house generally closes and is yours within a period of 30-40 days.
• Then the house has to be inspected by a home inspector, termite, radon, and others. 
• In the meantime, your lender is qualifying you for the amount of the purchase price of the home.  Your lender will also order an appraisal of the home to make sure it appraises for the accepted offer price.
• Then in 30-40 days, we close on your very own home, and you take over possession.  Generally, you do not have a payment for the first month, so you have a grace period.  Don't get comfortable with this scenario because in 30 days, your monthly payments start and must be paid on time.
• The beautiful thing about owning a home is that it is still one of the greatest investments we have.  Building equity in one's home is far superior to paying a landlord each and every month if you are an apartment renter.

For more information on the buying process, visit Christopher Smith's top rated real estate website at http://www.christophersmithrealtor.com for more information.  Here's to a happy and successful buying experience!

Christopher Smith

Traditions Real Estate Systems

www.christophersmithrealtor.com

christopher.smith.realtor@gmail.com

319-329-5988

Licensed Realtor in the state of IOWA

"Success in real estate at the SERVICE of others"

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