First and foremost, a good real estate agent can answer all of your questions and point you in the right direction. Even if you are not ready to buy for a while, an agent's advice will be invaluable. Avoid early disappointment. You cannot begin the process of determining a sales price until you get pre-approved, nor look at homes until you know how much home you can buy, all of which an agent can assist you with.
Here are some tips to get you started:
Lenders come in all types. Some make only certain types of loans. Others have a broader ability to match a loan to specific needs. Don't automatically assume that the place where you maintain a checking account is the best place to get a loan. Ask your real estate agent for a referral. Agents know which lenders perform and which do not.
Once you have determined your down payment amount, set the funds aside and do not alter your financial situation. Lenders will track all monies coming into your checking and savings accounts, and large unexplained sums or monies from unusual sources could cause difficulties. Ideally, you want the money in your account for two to three months, which is called "seasoning." Make sure you:
Little is worse than writing offer after offer and none accepted. It can dampen your spirits and make you start to wrongly believe that you do not deserve to buy a home. Start by listening to your agent's advice. Don't be that buyer who thinks she knows best or you may become that buyer who needs to learn the lessons of rejection. Follow these tips to catch the eye of the seller:
Once your offer is accepted, you will enter the process of closing on your new home. Part of the home closing process involves due diligence on the part of the buyer. Talk with your agent about the types of inspections you might want to order and the timeframe for your contingencies. These steps will help you close:
Allison is passionate about relating to people, sharing her knowledge and creativity, and consulting with her clients through the process of buying or selling a home.