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Advice for First Time Buyers
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Pre-Qualification: Meet with a mortgage broker and find
out how much you can afford to pay for a home.
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Pre-Approval: While knowing how
much you can afford is the first step, sellers will be much more
receptive to potential buyers who have been pre-approved. You’ll
also avoid being disappointed when going after homes that are out of
your price range. With Pre-Approval, the buyer actually applies for
a mortgage and receives a commitment in writing from a lender. Tour
way, assuming the home you’re interested in is at or under the
amount you are pre-qualified for, the seller knows immediately that
you are a serious buyer for that property. Costs for pre-approval
are generally nominal and lenders will usually permit you to pay
them when you close your loan.
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List of Needs & Wants: Make 2
lists. The first should include items you must have (i.e., the
number of bedrooms you need for the size of your family, a one-story
house if accessibility is a factor, etc.). The second list is your
wishes, 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.
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Representation by a Professional:
Consider hiring your own real estate agent, one who is working for
you, the buyer, not the seller.
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Focus & Organization: In a
convenient location, keep handy the items that will assist you in
maximizing your home search efforts. Such items may include:
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One or more detailed maps with your
areas of interest highlighted.
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A file of the properties that your
agent has shown to you, along with ads you’ve cut out from the
newspaper.
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Paper and pen, for taking notes as
you search.
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Instant or video camera to help
refresh your memory on individual properties, especially if
you’re attending a series of showings
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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,
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proximity to positive (shopping, parks, freeway access) and
negative (abandoned properties, garbage dump, source of noise)
features of the area?
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Visualize the house empty & with
your decor: Are the rooms laid out to fit your needs? Is there
enough light?
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Be Objective: Instead of
thinking with your heart when you find a home, think with your head.
Does tour home really meet your needs? There are many houses on the
market, so don’t make a hurried decision that you may regret later.
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Be Thorough: A few extra dollars
well spent now may save you big expenses in the long run. Don’t
forget such essentials as:
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Include inspection & mortgage
contingencies in your written offer.
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Have the property inspected by a
professional inspector.
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Request a second walk-through to
take place within 24 hours of closing.
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You want to check 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).
copyright © Agent Image
2001
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