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Pamela
October 13, 2010
(Cleveland Real Estate) For Sale First Time Home Buyer Tax Credit Able
RealEstateCleveland asked:
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September 3, 2010
First Time Home Buyer Guide to Real Estate
Eric Bramlett asked:
Buying your first home is an occasion which marks a very special passage in your life. You are about to go from being a renter to being a home owner which, in a sense, means that you’re going to be “all grown up”. But when you start going through the process of first time home buying, you might quickly find that the last thing you feel like is a grown-up. There are just so many things to consider that you can easily begin to feel overwhelmed. Take a deep breath and relax. You’re going to get through this and buy your first home.
Here are the basics of the first time home buyer guide to real estate which is all you need to know to get started with the process:
o Know yourself. The first step to buying a home is knowing what kind of home you want to buy. Believe it or not, many people go looking to buy their first home without really stopping to assess what’s important to them in a home. You should really take the time to figure out everything that you want in a home, including which characteristics are non-negotiable and which you can be flexible about. Ask yourself about everything from neighborhoods and number of bedrooms to age of the home and material of the construction. By narrowing this criteria down before you start looking into buying your first home, you’ll save yourself quite a bit of time and hassle.
o Find a realtor. Although it’s possible to buy a home without the assistance of a professional, it’s a lot easier if you work with someone who knows all about the process. Do your research into local real estate agents and find one who has the knowledge and experience to assist you in buying your first home. When interviewing realtors, ask them specifically about their experience in working with first time home buyers.
o Learn the terminology. Your realtor will be able to explain everything to you as the process goes on, but things will go a lot more smoothly if you know right away what he or she is talking about. You don’t need to know what every single thing in a contract means, but you should learn the basic terminology of the real estate process. Learn about “the closing” and “escrow” and “mortgage”. A basic book about real estate or a website defining common real estate terms can do wonders for making you an informed buyer.
o Know the market. At times, it’s a buyer’s market and at times, it’s a seller’s market. Of course, you want to buy when the market is right for you, so start keeping an eye on the market in the months leading up to buying your first home. Don’t buy until the time is right.
o Don’t be afraid to negotiate. Some people find the process of bargaining to be a natural thing but many others hesitate to negotiate. Buying your first home is an exercise in the art of negotiation. Let your real estate agent help you with this part of the process but don’t be afraid of doing it. You should get the home at the right price.
o Make sure that you’re in your budget and get a good home loan. When you were first narrowing down what you wanted in your home, you probably considered cost. Before making the final purchase, make sure that the home is within your budget. And then make sure that you can get a good loan that will allow you to pay the mortgage on your home without excessive stress in your life. The new home may be ideal but if you’re going to have to move out in a year because you can’t actually afford it, then it’s not the right place for your first home.
There are many steps that take place when you’re first buying a home, from finding the home to closing the deal. However, the basics are all the same. By knowing what you want, keeping within those limits and working with professionals who can assist you throughout the process, you’ll be able to buy your first home with relative ease. Before you know it, you’ll feel all grown up.
Debra
Buying your first home is an occasion which marks a very special passage in your life. You are about to go from being a renter to being a home owner which, in a sense, means that you’re going to be “all grown up”. But when you start going through the process of first time home buying, you might quickly find that the last thing you feel like is a grown-up. There are just so many things to consider that you can easily begin to feel overwhelmed. Take a deep breath and relax. You’re going to get through this and buy your first home.
Here are the basics of the first time home buyer guide to real estate which is all you need to know to get started with the process:
o Know yourself. The first step to buying a home is knowing what kind of home you want to buy. Believe it or not, many people go looking to buy their first home without really stopping to assess what’s important to them in a home. You should really take the time to figure out everything that you want in a home, including which characteristics are non-negotiable and which you can be flexible about. Ask yourself about everything from neighborhoods and number of bedrooms to age of the home and material of the construction. By narrowing this criteria down before you start looking into buying your first home, you’ll save yourself quite a bit of time and hassle.
o Find a realtor. Although it’s possible to buy a home without the assistance of a professional, it’s a lot easier if you work with someone who knows all about the process. Do your research into local real estate agents and find one who has the knowledge and experience to assist you in buying your first home. When interviewing realtors, ask them specifically about their experience in working with first time home buyers.
o Learn the terminology. Your realtor will be able to explain everything to you as the process goes on, but things will go a lot more smoothly if you know right away what he or she is talking about. You don’t need to know what every single thing in a contract means, but you should learn the basic terminology of the real estate process. Learn about “the closing” and “escrow” and “mortgage”. A basic book about real estate or a website defining common real estate terms can do wonders for making you an informed buyer.
o Know the market. At times, it’s a buyer’s market and at times, it’s a seller’s market. Of course, you want to buy when the market is right for you, so start keeping an eye on the market in the months leading up to buying your first home. Don’t buy until the time is right.
o Don’t be afraid to negotiate. Some people find the process of bargaining to be a natural thing but many others hesitate to negotiate. Buying your first home is an exercise in the art of negotiation. Let your real estate agent help you with this part of the process but don’t be afraid of doing it. You should get the home at the right price.
o Make sure that you’re in your budget and get a good home loan. When you were first narrowing down what you wanted in your home, you probably considered cost. Before making the final purchase, make sure that the home is within your budget. And then make sure that you can get a good loan that will allow you to pay the mortgage on your home without excessive stress in your life. The new home may be ideal but if you’re going to have to move out in a year because you can’t actually afford it, then it’s not the right place for your first home.
There are many steps that take place when you’re first buying a home, from finding the home to closing the deal. However, the basics are all the same. By knowing what you want, keeping within those limits and working with professionals who can assist you throughout the process, you’ll be able to buy your first home with relative ease. Before you know it, you’ll feel all grown up.
Debra
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June 7, 2010
5 First Time Home Buyer Mistakes To Avoid
John Anghelache asked:
Shopping for your first home can be an exciting experience.
On the other hand, if you don’t know what you’re doing, it could be a costly experience that haunts you for years to come. In this brief article we’ll discuss some of the mistakes a first time home buyer is likely to make.
Mistake #1: Shopping For A Home The Wrong Way
With the advent of the Internet, a first time home buyer might think everything they need is online. That’s just not true. While the Internet does provide good information, there is no substitute for driving potential neighborhoods. Don’t rely on fancy pictures of houses. Or descriptions of property written by experienced sales agents. Instead, get in your car and drive around the areas you want to buy in. The best times to drive a neighborhood is between 5 pm and 7 pm. That’s when everyone is home and you get to see how the area and the people who live there really are.
Mistake #2: Working With The Wrong Agent
Real estate agents have one agenda: To sell houses. They make their money by bringing buyers and sellers together. Commission-hungry agents can sometimes overstate the merits of a house. You want to work with an agent who prefers to represent buyers. These types of agents – known as “Buyer’s Agents” – have a fiduciary responsibility to serve you the buyer. The seller’s agent works for the seller. By law, they can not be on your side. So make sure you get your own representation.
Mistake #3: Not Getting A Home Inspection
A professional home inspection can save you thousands of dollars. A first time home buyer I know decided to forego hiring a home inspection company. After closing on the deal a bunch of problems crept up. For instance: the shower drain caused a leak into an adjacent room. The furnace was so old it was spewing out carbon dioxide. These two problems alone – which could have been detected by a home inspector – cost over $5,000 to repair.
Mistake #5: Negotiating The Wrong Way
When it comes to getting the best deal on the market, you must know the seller’s situation. You will not get a steal from a seller who is not motivated. But a seller that is going through some hardship that requires they sell will be more likely to negotiate price and terms. The other factor to getting a great deal is knowing what kind of market you’re in. In a “buyer’s market” you’ll do well. In a “seller’s market” you probably won’t. So do your homework and find out the conditions in your market. Then, once you find a home you like, try to find out the seller’s situation before you negotiate. Otherwise, you might end up losing the house you fall in love with to someone else who did their homework.
There are a couple of other things to keep in mind. Financing is a key issue. Make sure you get pre-approved before looking for a house. Clean up your credit report before you see a lender to get the lowest rate possible. And remember: Start early in the process so you never feel pressured into anything.
Courtney
Shopping for your first home can be an exciting experience.
On the other hand, if you don’t know what you’re doing, it could be a costly experience that haunts you for years to come. In this brief article we’ll discuss some of the mistakes a first time home buyer is likely to make.
Mistake #1: Shopping For A Home The Wrong Way
With the advent of the Internet, a first time home buyer might think everything they need is online. That’s just not true. While the Internet does provide good information, there is no substitute for driving potential neighborhoods. Don’t rely on fancy pictures of houses. Or descriptions of property written by experienced sales agents. Instead, get in your car and drive around the areas you want to buy in. The best times to drive a neighborhood is between 5 pm and 7 pm. That’s when everyone is home and you get to see how the area and the people who live there really are.
Mistake #2: Working With The Wrong Agent
Real estate agents have one agenda: To sell houses. They make their money by bringing buyers and sellers together. Commission-hungry agents can sometimes overstate the merits of a house. You want to work with an agent who prefers to represent buyers. These types of agents – known as “Buyer’s Agents” – have a fiduciary responsibility to serve you the buyer. The seller’s agent works for the seller. By law, they can not be on your side. So make sure you get your own representation.
Mistake #3: Not Getting A Home Inspection
A professional home inspection can save you thousands of dollars. A first time home buyer I know decided to forego hiring a home inspection company. After closing on the deal a bunch of problems crept up. For instance: the shower drain caused a leak into an adjacent room. The furnace was so old it was spewing out carbon dioxide. These two problems alone – which could have been detected by a home inspector – cost over $5,000 to repair.
Mistake #5: Negotiating The Wrong Way
When it comes to getting the best deal on the market, you must know the seller’s situation. You will not get a steal from a seller who is not motivated. But a seller that is going through some hardship that requires they sell will be more likely to negotiate price and terms. The other factor to getting a great deal is knowing what kind of market you’re in. In a “buyer’s market” you’ll do well. In a “seller’s market” you probably won’t. So do your homework and find out the conditions in your market. Then, once you find a home you like, try to find out the seller’s situation before you negotiate. Otherwise, you might end up losing the house you fall in love with to someone else who did their homework.
There are a couple of other things to keep in mind. Financing is a key issue. Make sure you get pre-approved before looking for a house. Clean up your credit report before you see a lender to get the lowest rate possible. And remember: Start early in the process so you never feel pressured into anything.
Courtney
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April 12, 2010
I’ll be a first time home buyer. Are there any programs that will help me save money on a mortgage? Advice?
Shelly C asked:
I’m prepping to buy my first home but have not found a mortgage agent yet. Is there any advice on government programs for first time buyers? I’m looking for the best advice to save money on a mortgage. Does anyone have any advice on how to buy smart when dealing with real estate agents? Any tricks on how to deal with them. I really want to avoid getting taken of advantage of. Your advice is really appreciated! Thanks!
Sheila
I’m prepping to buy my first home but have not found a mortgage agent yet. Is there any advice on government programs for first time buyers? I’m looking for the best advice to save money on a mortgage. Does anyone have any advice on how to buy smart when dealing with real estate agents? Any tricks on how to deal with them. I really want to avoid getting taken of advantage of. Your advice is really appreciated! Thanks!
Sheila
May 18, 2009
First Time Home Buyer Tips
Ken Black asked:
For the first time home buyer, buying your first home is one of the most exciting things you will ever do. If you have spent years living in apartments, there is nothing more satisfying than owning your own property. The process can be a little lengthy and you might hit a few bumps in the road to home ownership. The following tips will help the first time homeowner avoid some of the hiccups.
Step one is to talk to a real estate agent about the home buying process. It should not be a sales meeting and you should be able to find an agent that will agree to meet with you about the basics without having to sign a sales agreement with them. If you cannot find a good agent to talk to, you might want to consider talking to a loan officer at your bank or a mortgage broker.
An equally important tip is to get your finances in order before you apply for a mortgage. Order a copy of your credit report so you can check it for accuracy. Mistakes are common and you want to make sure that there is no fraudulent activity. You have the right to dispute errors on your credit report. If you come across something that you know is an error, circle it and send it to the reporting agency along with a letter of dispute.
Next, you should really study the mortgage industry. You need to be able to find the right loan and lender most suitable for your needs. Familiarize yourself with industry terms like debt to income ratio and adjustable rate mortgage. Learn the difference between pre-approval and pre-qualified. It will all seem foreign at first, but taking the time to learn the business will spare you from headaches in the future.
Also, you need to figure out what your wants and needs are. What kinds of amenities are you looking for? How many bedrooms? One story or two story home? You also need to consider the size of the down payment and figure out what you need to do to come up with the money for it.
You must learn about how real estate agents work. There are buyers agents and sellers agents. A buyers agents responsibility is to negotiate the best deal for the buyer. The goal of the sellers agent is to get the price that the seller most desires. The best way to find the right agent is to ask your friends for suggestions. They have all probably been in the same boat, so they can probably recommend a good real estate agent.
When meeting with a potential agent, pay attention to how they treat you. Make sure they listen to you when you talk about what you want. Also, how are their follow up skills? Do they take the time to return your calls or emails? If they do not take the time to respond, move on. There is a better agent out there for you.
When looking for a home, consider all of the possibilities. Look up real estate agents websites. Do not rule out For Sale by Owner Properties and foreclosed homes. Housing and Urban Development (HUD) homes can often be found for very reasonable prices. You do need to find an agent that is approved to sell HUD homes if you choose to take that road to home ownership.
Before you even think about making an offer, you need to consider the resale value. You might plan on being there for a long time, but you just never know. You might opt for a different climate to alleviate your allergies or you could simply be transferred by your company. You want to pick a good location that will be attractive to others as well.
Another issue that cannot be ignored are the deed restrictions, which govern what you can and cannot do with the property. If it has always been your dream to have a pool, you want to make sure that you do not buy a home in a subdivision that will not allow it because of deed restrictions.
Home inspections are an important part of the equation. Talk to your agent to find out when the inspection will be performed. It varies state to state. Sometimes the inspection will be right before the contract is signed and other times, they are performed right after an offer is made.
Finally, make sure you stay on top of things. Any number of problems can crop up at the last minute and delay the purchase of your home. If you are not sure about something with the paperwork, do not be afraid to ask questions. You might think of something that everyone else has overlooked.
Purchasing a home is a time consuming and sometimes frustrating task, but it is worth it when you have your backyard barbeques.
Arnold
For the first time home buyer, buying your first home is one of the most exciting things you will ever do. If you have spent years living in apartments, there is nothing more satisfying than owning your own property. The process can be a little lengthy and you might hit a few bumps in the road to home ownership. The following tips will help the first time homeowner avoid some of the hiccups.
Step one is to talk to a real estate agent about the home buying process. It should not be a sales meeting and you should be able to find an agent that will agree to meet with you about the basics without having to sign a sales agreement with them. If you cannot find a good agent to talk to, you might want to consider talking to a loan officer at your bank or a mortgage broker.
An equally important tip is to get your finances in order before you apply for a mortgage. Order a copy of your credit report so you can check it for accuracy. Mistakes are common and you want to make sure that there is no fraudulent activity. You have the right to dispute errors on your credit report. If you come across something that you know is an error, circle it and send it to the reporting agency along with a letter of dispute.
Next, you should really study the mortgage industry. You need to be able to find the right loan and lender most suitable for your needs. Familiarize yourself with industry terms like debt to income ratio and adjustable rate mortgage. Learn the difference between pre-approval and pre-qualified. It will all seem foreign at first, but taking the time to learn the business will spare you from headaches in the future.
Also, you need to figure out what your wants and needs are. What kinds of amenities are you looking for? How many bedrooms? One story or two story home? You also need to consider the size of the down payment and figure out what you need to do to come up with the money for it.
You must learn about how real estate agents work. There are buyers agents and sellers agents. A buyers agents responsibility is to negotiate the best deal for the buyer. The goal of the sellers agent is to get the price that the seller most desires. The best way to find the right agent is to ask your friends for suggestions. They have all probably been in the same boat, so they can probably recommend a good real estate agent.
When meeting with a potential agent, pay attention to how they treat you. Make sure they listen to you when you talk about what you want. Also, how are their follow up skills? Do they take the time to return your calls or emails? If they do not take the time to respond, move on. There is a better agent out there for you.
When looking for a home, consider all of the possibilities. Look up real estate agents websites. Do not rule out For Sale by Owner Properties and foreclosed homes. Housing and Urban Development (HUD) homes can often be found for very reasonable prices. You do need to find an agent that is approved to sell HUD homes if you choose to take that road to home ownership.
Before you even think about making an offer, you need to consider the resale value. You might plan on being there for a long time, but you just never know. You might opt for a different climate to alleviate your allergies or you could simply be transferred by your company. You want to pick a good location that will be attractive to others as well.
Another issue that cannot be ignored are the deed restrictions, which govern what you can and cannot do with the property. If it has always been your dream to have a pool, you want to make sure that you do not buy a home in a subdivision that will not allow it because of deed restrictions.
Home inspections are an important part of the equation. Talk to your agent to find out when the inspection will be performed. It varies state to state. Sometimes the inspection will be right before the contract is signed and other times, they are performed right after an offer is made.
Finally, make sure you stay on top of things. Any number of problems can crop up at the last minute and delay the purchase of your home. If you are not sure about something with the paperwork, do not be afraid to ask questions. You might think of something that everyone else has overlooked.
Purchasing a home is a time consuming and sometimes frustrating task, but it is worth it when you have your backyard barbeques.
Arnold
Comments Off