With the 2008 real estate market comes it’s reward’s and negatives. The rewards of a market like 2008 is home buyers who could not afford to buy their first home are fast becoming home owners. If you have been saying “I want to buy my first home” now may be the time you were looking for.
First time home buyers and what you should do. First and foremost get pre-approved with a qualified loan officer. The approval process is quite simple and no reason not to do it. The benefits are you’re ready to buy when you find the right home, you need and must have a pre-approval letter to send with your offer anyway, you will know your payments and you will know what you can spend. It’s crucial this is done first as not to be disappointed later if you have been looking at homes for sale in the wrong price bracket.
Next determine the area you want to live in and focus down on style of home. Do you want one floor living of a rambler or is a split entry OK. Ask your Realtor to explain the differences and the price range will usually vary for most style homes as well.
OK you have your loan ready, you know what kind / style home you want and you know the area you want you’re first home to be in, time to get out an look at properties.
Once you find the property you would like to make your first home look it over good, compare the comparable homes for sale and recently sold in the area with your Realtor to determine the fair offering price and negotiate your deal. Once you have an accepted offer make it subject to a home inspection. Inspection’s typically run around $300.00 for a common 2,000 sq ft home and is well worth it. Certified License Inspectors can help determine condition of foundation, roof, mechanical and more so you don’t end up with a lemon on your first new home.
If all goes OK you are ready to proceed to closing, prior to your close date you will schedule a final walk through to visit the property again to ensure it is in the same condition as it was when the offer was made.
At closing you will need to bring license or proof of identity, funds as needed and it will typically take about an hour. For any more information or details on buying your first home feel free to contact me at 612-282-7653 and happy home shopping!
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