Any home buying tips?

Question by ddawwnnwwrri: Any home buying tips?
I have never bought a home before and was wondering if anyone had any thing they could tell me about the process. Any tips or things they wish some one had told them before they bought their home. My husband is deployed, so I’m doing this alone and feel so lost! Thank you!

Best answer:

Answer by alterfemego
Oh goodie, a buyer! lol Well your first step is to locate several lenders in your area, and have them go over their loan programs. Select the one that you feel has the best program based on your finanical situation. Go ahead and have them start the loan application process and get a qualifying letter. You’ll need this when you make an offer.

2nd make a list of what you “have to have” in your home and what you would “like to have”.

3rd If you don’t already have a realtor, I suggest you visit open houses in the area you want to live and talk with each agent. When you find one you feel has the local knowledge and you are comfortable with, ask them to help you find a home.

4th Give them your list!

Now what happens from here is you will look at homes and when you find the one you like, you and your agent will sit down and write an offer. Make sure you have the agent pull all the solds in that area for the past 6 months, so you know you are making a good offer. Let’s not play games here, if the list price is a good price based on the solds, then offer them list price. Make sure to write in the offer that you want answer within 24 hours. Once the offer is written, depending on where you are, your agent may make a presentation to the seller, or it may be faxed over to the listing agent to present to seller. The seller has 3 options: #1 to accept, #2 to counteroffer, #3 to reject.

Once accepted, the paperwork is then sent to the closing company to prepare all the documents for closing. This can take anywhere from 30-60 days. The actually closing date is negotiable at time off offer and could be quicker.

Your loan company will complete your loan application and all the necessary credit checks etc. and send the mortgage package to the closing company either the day before closing or the morning of. At the closing you the buyer has the most paperwork to sign. It generally takes about an hour. Sometimes the seller will attend, sometimes not. Again each state handles this process differently.

Caution: Don’t go out an buy a bunch of new stuff until after you close!

I hope you enjoy the process and find that dream home!

Hugs from Minnesota

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6 Comments → “Any home buying tips?”

  1. linlyons

    Oct 04, 2012

    first, you might decide what communities are, and are not acceptable.
    and your price range.
    for many folks that boils down to which school districts are okay and not okay.
    then make a list of things you want, and things you don’t want.
    mine went something like:

    don’t want:
    busy street
    high power lines

    do want:
    reasonable rooms
    solar panels / hot water
    no swimming pool (you really don’t want to maintain one).
    on a hill, or not (sliding hills estates looks nice – dynamic view)
    close to transportation and/or shopping.
    good place to raise kids.

    make your own list.
    it’ll help both you and your realtor.

  2. VAgirl

    Oct 04, 2012

    I am closing on a house Oct 30 🙂 and the 2 biggest things I can say are get a buyers agent and HOME INSPECTION!!!

    We used an agent for our purchase who was looking to get us in a home-she wanted to see us get a great house and it cost us nothing. She really worked to get us a great deal and since she was a local person she was able to get us great info on the house. I would really encourage you to get a realtor vs just calling the listing agent.

    And get a home inspector. I found mine through an agency that accredits home inspectors and lists those who are accredited on-line. Our inspector found some minor issues that allowed us to get more money off of the house to fix those things and she gave us peace of mind on the condition of the roof, basement, and brick work. It was money well spent.

    Good luck!

  3. stl_eliza_20

    Oct 04, 2012

    Hire a buyer’s agent! Someone needs to represent your interests in this deal. They should be able to answer the rest.

  4. Ron Berue

    Oct 04, 2012

    Y!A doesn’t provide enough room for everything. “Everything” would probably require a book!

    The information I’m giving you only scratches the surface: This is what you should do:

    Doing things this way helps to reduce the emotional stress and the “Buyer’s remorse” you may experience.

    1] Ask about First-time Home Buyer Programs in your county and/or municipality..

    2] Get pre-qualified at a bank or S&L. Changes are “coming down the pipeline” for home buyers.
    Discuss different mortgages for your needs, wants and desires.
    Generrally, I suggest a fixed rate, open-end, no pre-payment penalty mortgage.
    Mortgage companies tend to have higher fees.
    3] Ride through different areas you are qualified for and make notes of the signs of the busiest agents in the busiest offices.
    4] Make phone calls to those agents. Find one you can feel comfortable with. Work WITH her or him! She/He can show you just about any property on the market. In the great majority of cases, the Agent is not being paid by you for her/his services. Yes there are some fees.
    Title Insurance with the approriate endorsements is imperative!
    IF you want an Agent to work exclusively with you, then you should retain an atgent to represent you. This is known as a Buyer Broker ior Buyer’s Agent.
    5] Become familiar with the agreement of sale or the sell-buy contract.
    6] DON’T let ANY ONE put you in a property “over your head” OR more than what you feel you can comfortably afford. This is the main reason why you were pre-qualified.
    7] When you find the property you want, make sure you get a home inspection done by a reputable home inspection service – a member of ASHI – The American Society of Home Inspectors…
    It costs a few hundred dollars BUT its well-worth the investment and the peace of mind you will get..

    Thanks for asking your Q! I enjoyed taking the time to answer it!

    Ron Berue
    Yes, that is my real last name!

  5. matsonb

    Oct 04, 2012

    Get pre approved FIRST not only to see what you qualify for but also to see what payments you are comfortable with. Ask friends and family to refer you a trusted Loan Officer they have used…

  6. mrssilentwarrior

    Oct 04, 2012

    Great answer “Alter!” I’d like to add to that because I loved working with 1st time home buyers. I was screwed as a buyer so I got into the business myself and I like to think I helped a lot of people due to my bad experience. Anyway…

    THERE ARE NO DUMB QUESTIONS!!!!!! Don’t be afraid to ask questions. READ EACH DOCUMENT CAREFULLY BEFORE YOU SIGN ANYTHING!!!! If there’s anything you don’t understand or you feel isn’t clear, talk to your realtor. It’s the realtor’s job to represent you and have your best interest in mind, first and foremost. If you feel your agent is brushing you off, seems unsure of how to answer your questions or seems uneasy, then this isn’t the agent for you. You might also visit agencies or call and ask to speak with a managing broker. Explain your situation and he/she might be able to refer you to someone who specializes in 1st time buyers. Also something to be cautious about, if you use the same agency the home is listed with, ask your agent if he/she is the listing agent. This is called duel agency. Although not illegal, I personally feel that a duel agent can’t represent either client to the full extent.

    The BEST of Luck!!

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