What a rush it is to buy your first home! While it’s a very exciting process, there are many things that can go wrong if you aren’t careful. Prevent as much as you can from going wrong by:
- Find a great Realtor - if you read our last blog post, we explained ways to know if you found the wrong (i.e. a bad) Realtor and need to find a better one. We cannot stress how important it is to find the right Realtor. Finding someone you click with isn’t enough; they must also be GREAT at their job. Just because you like them doesn’t mean they know what they are doing. Ask for references and follow up with those references. Check our their reviews on Yelp, Zillow and Trulia. If you think you’re working with a sub par Realtor, don’t be afraid to find a new one. This is YOUR money they are representing. If you signed a buyer agreement and aren’t happy, speak with that person’s managing broker. Often they will let you out of the agreement or assign you to a better Realtor in their office.
- Get pre-approved - if you’re our client, we won’t put an offer in on a home for you unless you’ve been pre-approved. To get a pre-approval letter you must submit a formal application along with documentation to the lender of your choice. Once you’ve done that, the lender will provide you with a pre-approval letter. This letter will provide you with a certain level of comfort about the houses you’ll be able to afford, how much the monthly payments will be, how much the lender will lend you, and it will show other real estate agents that you’re a serious and qualified buyer. Here is our list of recommended lenders
- Listen to and take the advice of your Realtor and mortgage lender - As a Realtor or mortgage lender, we’re working in your best interest. Pay attention and listen to our advice as we’ve been doing this a long time and have a lot of valuable experience. We are truly just looking out for what is best for you.
- Be Flexible - If you’re flexible, you shouldn’t have a problem making it to the closing table. For example – if you’re buying a currently occupied home, be flexible with the closing date/possession date. It takes time to move.
- Have realistic expectations - As a buyer, you need to understand what you can afford in the area you’re interested in looking at. Your Realtor should be able to help you with that by gathering comps to show you what you can afford based on your specific needs and wants. Remember that unless you have $20 million dollars, you probably aren’t going to get everything on your wish list. Be realistic based on your budget. There is no such thing as a perfect home.
Need help buying your first home? Contact us!
