As a first time home buyer, you will probably be working with a real estate agent. Real estate agents are great resources for home buyers, as they know the area where you want to buy and often have access to listings and information about houses that would be impossible for you to find on your own. In order to make the buying process as smooth as possible, here is some information that real estate agents want their first time home buyers to know:
Get Preapproved for Your Mortgage before Shopping
This might sound counter-intuitive to some buyers, but the truth is that getting your preapproval and having your letter actually on you when you start shopping for homes allows you to first, have a better idea about how much home you can afford, and second, to be more attractive to sellers. Make sure you talk to your lender about why you want to buy a home, what your goals are, and what your financial situation looks like.
Keep in mind that a preapproval letter does not absolutely guarantee you a mortgage. It does, however, ensure that you have a much better chance of getting that mortgage once you’ve chosen a house that you want to buy.
Find an Agent and Then Start Looking at Houses
Working with a real estate agent right out of the starting gate, instead of just venturing out on your own and going to an agent once you are fed up with the process provides you with a much easier home buying experience. Your real estate agent is going to be a major asset for you. She knows where the good schools are, where the grocery stores are, how close you will be to the hospital, where are the parks are, in addition to being able to show you what houses are available in your price range.
Show Up to Your Inspection
Your inspector is not going to be annoyed if you show up to the inspection and ask questions. He’ll be able to provide you, right then and there, with a list of improvements that you can ask the seller to make before he moves out. He can also give you a list of smaller issues that the home has that you should watch out for while living in that home.