It is My First Home - How do I start?

Where do we start?

1) Do I just start riding around looking for signs?

2) Is my credit good enough to get a loan?

3) What if something is wrong with the home I pick? 

4) Do I have to pay a Realtor to find me a home? 

5) All of these are good questions and we will try to answer some here and hopefully alleviate any fears you may have! 

Contact a Realtor! 

You knew I was going to say that because I am a Realtor.   :)  There are good reasons to make this your first stop.   First, the seller pays the commission on both sides as a rule.   The seller has a professional Realtor working for them so it makes sense that you have a professional working to negotiate for your best interests and the best part is the seller is paying for it!  Because a professional Realtor negotiates a lot of contracts we can protect your interests and we are good at it.   We can also negotiate the items that will help you the most like closing costs, home warranties, inspections, etc.    In addition we know the other professionals in the area and can recommend people like mortgage professionals who will help you get the best terms and interest rates. 

Get Pre-Approved for a Mortgage!

Sometimes people put this part off because they are afraid of the answer they may get.   Swallow your fear and get the pre-approval!   If the worst thing happens and they can't approve you - chances are they will be able to tell you the steps you need to take to buy a home 6 months from now.     Most of the time you will get approved and you will be on your way to buying a home.   A pre-approval helps you 2 ways:

1st) You will be a stronger buyer because the seller knows you have the money to buy his house.  This will make us stronger negotiators and we will get a better deal!

2nd) It will give you a ceiling amount that you qualify for and we will know not to look at houses above that ceiling. 

Look at homes online!

Looking at the homes online will give you a feel for the types of homes in particular areas and the prices.   On a good Realtor website you will also be able to compare schools, map properties, and gather other info that is important in your search.   Be aware:

1) Homes will not look the same in person that they do online - some worse - some better - but definitely different. 

2) Listen to the guideance you are receiving from your Realtor and Mortgage person - they do this everyday! 

Physically begin to Search for Homes with your Realtor

Now that you have an idea of the homes you want to see - set an appointment to look at homes with your Realtor.  You will probably find a home quicker than you think.   There will only be so many homes that fit your price range and other criteria so it is simply a matter of choosing the home that fits you out of this group.  As you physically look at homes this will probably become clear pretty quick.  

Write an offer!

When you find the home that fits you - write an offer!   We can help you draw that up by pulling up the comparables in the area and using our experience with the"feel" of the market we can make an offer that is a good deal for you and protects you from making the wrong move.  We will write things into the offer like being able to do inspecitons, warranties, and protecting your earnest money.     A good Realtor will be able to protect your interests while helping you buy the home you want. 

What if something is wrong with the house?

Remember we negotiated in the contract a time for "due diligence" so that we can inspect the home.  We will hire a whole house inspector.  He will check the roof and foundation, air conditioning, heat, and all appliances.   He will run every faucet and flush every toilet.   We will get a report and ask for any concerns we have to be fixed.  We will also check for termites,  shore up our financing, and have an appraisal done.  If any of this turns out to be a problem that cannot be solved we will have the right to walk away and go find another home. 

Negotiate the Contract

If we make a good offer sometimes it will be accepted right away but many times we will need to negotiate.  Listen to your Realtor in this.  My wife and I negotiate about 75 contracts per year.  We have a lot of experience and in addition we actually study negotiation tactics to become better negotiators. 

Let us help you make a wise decision and a good investment!

We are under contract - Now What? 

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