FIRST TIME HOMEBUYERS

For those looking to buy their first home, there are crucial steps to take along the process. Below are the brief explanation to consider when starting the homebuying process: 

1. Make sure to choose your agent carefully. The right agent will hold a buyer’s consultation to ensure you’re familiar with the documents and processes associated with purchasing a home. Don’t be shy, check references and interview a minimum of three agents before you make your final decision. 

1. Stay on top of and strengthen your credit. During the homebuying process, do not request any new lines of credit that may disqualify you. Within six months to a year prior to beginning your home purchasing process, any new debt will dampen your chances of obtaining a pre-approval from a lender. 

1. Find a lender. Lender’s have different overlays, meaning one lender might not pre-qualify you yet another will. No lender will recommend another, therefore you must research on your own to find the right fit. It’s your responsibility to understand the lender’s (overlays) policy and procedures that supersedes the federal lending limitations, and the programs (portfolio programs/ grants) they offer which may differ from lender to lender.

1. Be decisive about your must haves. Homes are added and taken off the market daily. As a buyer, you must know your non-negotiables to be able to make decisive, quick, and confident decisions to obtain an accepted offer to your satisfaction. 

1. Negotiate. Buyer’s should have a strong sense of trust that their agent is negotiating on their behalf to ensure their interest is being protected. Make sure you’re mindful of the difference between minor cosmetic repairs and major defects. Too many deals fall apart when buyer’s assess their repair expenses and are unable to decipher what are minor repairs that aren’t worth losing the home over vs. a major repair that may have an adverse effect on the value of the property and (major ticket items: roof, foundation, structural problems, plumbing, electrical) may be negotiated with the seller prior to purchase. 

Alright, you’ve been briefed! Let’s stop renting, contact me to save money, and let’s find your dream home!

Krystal Menser,  Associate Real Estate Broker