Buying a house?

Question

I am seriously thinking of buying my first home. Where do I start?

Answer 1

Let's put your best foot forward. You need to select a couple of lenders in your area and go and talk with them. Ask them about first time buyers money. Get pre-qualified, so you know how much to look for when shopping for a home. Once you know what you can afford, make a list with two columns. One is for the things you just have to have, and the 2nd is things you would like to have.

Now look at the newspaper for open houses on weekends, and go visit a few and talk with the Realtors there. If you find one you feel comfortable with ask them to help you buy your first home. Or you can ask family, friends and co workers for names of Realtors they may recommend.

Once you've selected your Realtor, hand them your list and you're on your way to home ownership! YEA! That simple. Scary but simple.

The Realtor is your best resource, don't be afraid to ask questions about things you don't understand.

Thanks for being in the market today, our economy needs it! Hugs

Answer 2

Get preapproved for a loan before you start looking. This will let you know how much house you can afford, and go to different lendors because even though it is based on your credit rating, they will still charge different interest rates. Have the lendors run senarios for you with different purchase prices so you have an idea what the monthly payments will be, and make sure you can afford that. Talk to you them about first time homeowner programs and the requirements for that. Also talk to them about how much of a down payment they are going to require.

Then find a real estate agent to work with. Do not sign anything that says you will exclusively work with that agent unless you are absolutely sure you trust them to help you find a house (they may try to pressure you to sign this so if they find you a house you do not go with another agent. These are not required and in some ways give the agent a chance to slack off because for a certain amount of time you will have to pay them if you buy through any other agent. Just be careful and read everything you sign.

Then go look for your dream home! If you see a house you want to look at, tell your agent. That is there job to show you ones they think may interest you, but do not be afraid to speak up if you see another one and they do not take you through it.

Once you find the house you want, make sure there is nothing that will turn it into a money pit. Look for problems, and have it inspected. Just because it looks nice, does not mean it will be problem free. Also ask to see the average utilities for the past year. This will help you decide if you can really afford the house, and give you an idea of how energy efficient it is. Old furnances and air condiitoners can be really expensive to run or replace.

Enjoy the process. Buying your first house and scary and exciting all at the same time. Listen to people around you who have done it before, and ask lots of questions. And do not buy just to buy, buy because you really like and want the house.

Good luck!

Answer 3

OK questions for you.

1. Where are you thinking of buying?

2. How much do you have to put down? (don't disclose on here just think about what that figure is)

3. What is your credit like?

If your financial situation is good and your credit is too then go for it.

I lean a little different direction as far as the order of pre-qualification. I feel that it is best to find a good realtor (preferrably a buyers agent) who has done a lot of closings and has a quality lender or 2 that they have worked with numerous times and had successful transactions with and then get pre-qualified thru them. I am a realtor in Ocala Florida and find that a lot of people want to use outside of area mortgage people who don't have a clue about how we operate here. It is like throwing a hand-grenade into the whole operation. Once you have chosen a realtor and then gotten prequalified now you know what #'s you are working with, start your searching for a home. Interview home inspectors too. Find one who will truly work for you NOT the realtor. You want to know the truth about the house you are buying. Some of them try to justify their salary and some try to schmooz with the realtor to get more business--I say just do your job and be honest!!! The areas of appraisal and surveying is not really an area that you will have much to do with, it just simply must be done and the mortgage company usually deals with a lot of that.

Best Wishes & Happy Hunting!

Answer 4

Look first at what you can afford or are willing to spend on a home, that will guide you to the houses in that particular price range. Look at some of them and then having done that, you may want to adjust your budget due to neighborhoods etc if you aren't thrilled about what you see. Talk to a realtor and let them know what your needs and preferences are and I'm sure they will know your area well enough to make good reccomendations. If you can wait until about December, you can buy my house when the one I am building is completed! You know I'll give you a great deal Girlfriend!

Answer 5

First.... learn about mortgages, ownership and budgeting. Then make a list of what you need and desire in a house.... and finally...... take your time.... home prices are falling just about everywhere and for sure..... houses you see listed today for sale will be still on the market a year from now with prices perhaps 10 - 30% lower. If you've got good cash of at least 20% of the total cost, you can get great bargains in the coming year or two.

Answer 6

Hi,

Look at your finances first. Do you have any savings to use?. Find out what your credit score is (you can try this for free at mycreditreport.com). Ask family or friends for a referral to a good mortgage rep and or Realtor. You need to know HOW MUCH you can afford to spend to establish a price range.

Once you know your price range, determine WHERE you want to live. Then go to www.realtor.com and do a search. You will quickly be able to determine if you can afford what and where you want. Be prepared to compromise if necessary and try to leave yourself a bit of a financial cushion for unexpected expenses. Good Luck

Answer 7

Get pre-qualified for a mortgage. Look for a mortgage broker who will give you a ball park idea of what you can afford. Then pick a location where you want to live. Then look for houses in your price range.
Use the web site of any MLS Realtor in your area and start your search there.

Answer 8

Great! It will be a wonderful experience for you.

You can also buy homes direct. Some people sell "for sale by owner".

However, I would find a real estate agent who has references. Check with people in your town. Ask them who they recommend.

But I would also try to find a "rebate" agent with references. Same difference only you will get back a few thousand for doing nothing. Not too shabby!

Curious about flat fee real estate agents?
http://www.flatfeerealestateguide.com

Answer 9

Go to a mortgage company and get Pre-Qualified. Once you do that it will give you an idea of how much you are approved for. Then you get a Realtor and they will show you houses.

Answer 10

Find a good buyers agent and sign nothing that says YOU will pay their commission if the seller won't!