Buying our 1st home?

Question

Me & My husband have pretty good credit and are looking to buy a home within the next 6 months. We will have money to put down, but what are the first steps that we should take, in buying a new home?? Like signing up for a realtor, getting pre-qualified? Any tips will be appreciated, than-you.

Answer 1

The first step in the home buying process is always get Pre-Qualified.....It not only gives you an idea of what you can spend but it is also used as a negotiation tool. It shows the Realtor and the Seller that you are serious and you can actually buy the house....And you will be READY, SET, GO when you see the RIGHT house for you..


And here are some handy tips I hand out to my buyers...

10 Things to Take the Trauma Out of Homebuying

1. Find a real estate agent that's simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It's critical that the agent you chose is both skilled and a good fit with your personality.

2. Remember, there's no "right" time to buy, any more than there's a right time to sell. If you find a home now, don't try to second-guess the interest rates or the housing market by waiting. Changes don't usually occur fast enough to make that much difference in price, and a good home won't stay on the market long.

3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.

4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.

5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price may lose you the home you love.

6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc., that have a big impact on what it's like to live in your new home.

7. Don't wait until you've found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don't leave yourself short and let your home deteriorate.

9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 2000 to 2006, a home's most important role is as a comfortable, safe place to live.
Choose a house you actually LIKE..

Good Luck to you, ss

Answer 2

Hi Kristen,

Congrats on being ready to buy your first home. How exciting!

First ask your family and friends if they have a realtor that they have used, themselves, and were happy with. If someone you know is happy with their realtor, by all means call that realtor first. If they get a referral buyer (You)
They know that the word will get around very quickly if things don't go well. So they will take extra good care of you for that reason, and they already proved that they can and do perform well.

If for some reason that isn't posible or you meet that one and aren't keen on them. Then call a few offices and talk to a few agents. If while speaking you like the way one of them is with you over the phone, then make an appt. and go in and talk to them. If when you are there things are great. You are all set, just stay with them. If somehow you don't click with them, end the appt. and leave without looking at homes. and try another office until you meet someone that you want todo business with for several months. You will talk to your realtor almost daily for several months it really pays to get matched up well.
They will guide you on when and with whom to get preapproved for your loan. You want to use a recommendation that they make. The reason is that they send a lot of business to good lenders and if anything should worry you the Agent will contact them and get you what you want right away. They have leverage that way. You going to a lender direct you have no leverage if you need it later.

Be very selective in the home you choose. Get as many of the features that you want that you can afford. If one of you is dying for a yard, don't buy a house without a nice yard. Things like that.

Best of luck!

Answer 3

So, you have a little time to get everything together. First-- start shopping for your mortgage-and I mean shop- with to days interest rates and you being a first time home buyer there are lots of programs out there to choose from. Get that pre approval letter and now shop for a Realtor. Sit down with them, tell them what you want FROM THEM as a Realtor if your not comfortable on to the next one. You need a Realtor who is going to represent you and negotiate on your behalf. Once you've got this done why waste your money and gas on driving? Sit with your Realtor at the computer, decide what area you want to be in, and let the search begin. You will narrow the field of frustration by following these simple steps. Be prepared for the paper work but again if your agent is worth his beans he will do absolutely the best job he can do. Your Key work is interview. We all deserve the American dream, hope yours is all you ever wanted.

Answer 4

First things first?

Education
1.)Call me I am a Loan Officer and work with over 500 banks and lenders.
2.) If you don't have a house you want, talk to a Realtor.

I will educate you through the whole process.

866-875-0050 ext 225
Bret J. Marinko
or email me at [e-mail]

Answer 5

When you see great things in the home??, also look for the negative. If you're looking for new, it's one thing. When you look at used, the be certain to look for some things that they've tried to mask when/if they remodeled. Repaired cracks in basement, floor or walls; stains and soft spots on the ceilings, windows and if old or new replacements; mildew that is visible through caulking around tubs and sinks; old siding partially replaced; cracks in bath tile, especially around tub/shower area. It could possibly have mold issues behind that tile. I would never consider a home that has the fiberglass tub enclosures as one peice. They were lazy and there could be rotting wood behind that enclosure. Toilets...look at the base and under the tank for any sign of mildew or cracks. Kitchen...older appliances, such as a built in gas stove; does it emit an odor of gas or can it wait for replacement. The furnace...old or new, roof and gutters, old or new, cracks in driveway and garage floor...poor workmanship will cost you big money when repairing. A/C unit..old or new. Wood porch??? how old??

I've even checked basements and the areas behind washer and dryer. Some were pretty sad. Also, how many huge trees are in the way of your draintile from the house to the street? Lots of them??? Think about cost to have them completely removed and kill the root. These roots will grow into your drain tile and you'll have back-ups galore; or plan on having them rotor-rutered as part of monthly maintenance.

These are just some issues I take into consideration.

Answer 6

You want to get a pre-approval letter from your lender/broker before you talk to an R.E. Agent so that you can decide what you can reasonably afford for a house payment including your taxes and insurance. You may want to go online and see what is available in your price range and criteria. What you don't want to do is make any major purchases before you get your home loan, such as car, furniture or anything like that as it will effect your debt ratio.You also want to choose a lender/broker and have your credit score handy. The reason being that if you talk to several different lenders they will all want to pull your credit and you don't want to have it pulled multiple times as it reduces your credit score and shows as inquiries which can raise a red flag. Also, you may choose a mortgage broker as they can shop for the best pricing and program to comfortably fit your specific needs. Happy to answer any additional questions.

Answer 7

Get pre-qualified first ,that way you know how much you can afford. Try going to some open houses to see what things you want in your own home and talk to the realtors there and if there is one you like you can have them do the leg work for you as far as finding the home you want.

Answer 8

I currently work in the Mortgage business, and my best advice is to get pre qualified! Then complete the steps for the pre approval. Basically when you submit your pay stubs w2's and bank statements then the lender or Mortgage company can get you an actual pre approval within 24 hours. That way you see what your mortgage will look like for that price it will also give you an awesome tool while shopping around for your home; your mortgage is all taken care of. Feel free to email me if you would like to talk about what more to expect while purchasing your first home.

Answer 9

First, try to narrow down what you want. What size house, what area of town, what features are essential or optional. How much are you willing to pay? You can look at houses for sale online or go to a few open houses to help you decide this.
Then talk to a realtor about what you want, he/she will guide you through the rest of the process, telling you what else you need to do.

Answer 10

Before you talk to a realtor, have a good idea what you want, how many bedrooms, baths, country setting vs. city, etc. We looked at a few houses, then got pre-approved and then put an offer in. Hope this helps!