Advice for First-Time Buyers
Pre-Qualification: Meet with a mortgage broker to determine how much you can afford to pay for a home.
Pre-Approval: While knowing how much you can afford
is the first step, it is equally important to be pre-approved as
a legitimate buyer which will be make sellers much more receptive
to your interest. You'll also avoid being disappointed when going
after homes that are out of your price range. With Pre-Approval,
you'll actually
apply for a mortgage and receive a commitment in writing from a
lender. Therefore, assuming the home you're interested in is at
or under the amount you are pre-qualified for, the seller will
know that you are a serious buyer for his property. Costs for pre-approval
are generally nominal and lenders will usually permit you to pay
them when you close your loan.
Representation by a Professional: You'll want
to consider hiring your own real estate agent, one who will work
for you, the buyer, not the seller.
List of Needs & Wants: You should make 2 lists.
The first will include items you must have (i.e., the number of
bedrooms you need, a one-story house if accessibility is a factor,
etc.). The second list is your 'wish-list' things you would like
to have (pool, den, etc.) but that aren't absolutely necessary.
Realistically for first-time buyers, you probably won't get everything
on your wish list, but it will keep you on track for what you're
looking for.
Be Objective: Instead of thinking with your heart
when you find a home, think with your head. Does this home really
meet your needs? There are many houses on the market, so don't
make a hurried decision that you may regret later. Visualize the
house empty & with
your decor: Are the rooms laid out to fit your needs? Is there
enough light?
Focus & Organization: In a convenient location, keep the items that will assist you in maximizing your home search efforts. Such items may include:
1. Paper and pen, for taking notes as you search.
2. One or more detailed maps with your areas of interest highlighted.
3. A file of the properties that your agent has shown to you, along with ads you've cut out from the newspaper.
4. Instant or video camera to help refresh your memory on individual properties, especially if you're attending a series of showings
5. Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, positive aspects (shopping, parks, freeway access) and negative aspects (abandoned properties, garbage dump, source of noise) features of the area?
Be Thorough: A few extra dollars well spent now
may save you big expenses in the long run. Don't forget such essentials
as:
1. Including inspection & mortgage contingencies in your written
offer.
2. Having the property inspected by a professional inspector.
3. Requesting a second walk-through to take place within 24 hours
of closing.
4. Checking to see that no changes have been made that
weren't agreed on (i.e., a nice chandelier that you assumed came
with the sale having been replaced by a cheap ceiling light).
All the above may seem rather overwhelming. That's why having a professional
represent you and keeping track of all the details for you is highly
recommended. Please email me or call me dire
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Amy
Meller
William Raveis Real Estate & Home Services
361 Boston Post Road
Sudbury, MA 01776
Phone: (978) 440-8686
Fax: (978) 759-0232
Send me an email message by
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