Home Buying in 10466>Question Details

Vero, Home Buyer in 10466

I am a frist time home buyer,what should i know about buying a home

Asked by Vero, 10466 Thu Jul 2, 2009

What are the most important things i need to know and what to look for.

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13
Vero,

Do your homework as to a good buyers agent. He/ She should be a realtor and will have the know-how to guide you through all your worries and answer any questions that may arise. Also make sure He/She is an expert in the art of negotiation, as this could prove vital in getting your home for the rite price. It all starts with education, so look for a reparable R.E. Agency, then do your homework on the agents and finally pick the one you feel is best suited for your needs. It seems like a lot of research but think of the 30-Year commitment you are getting yourself into. The extra research will pay it-self off when you get your new home at a great price.
Hope this helped


All the Best,

Daniel D'Amico
1 vote Thank Flag Link Sat Nov 23, 2013
Hi, there is so much to say about this topic. As an Accredited Buyers Representative myself I invite new customers to my office for a no strings attached initial consultation. Here we discuss your needs, the entire home buying process, and show you what is available in your price range. The very first step is getting yourself pre approved for a mortgage. You need to know what the banks are willing to lend you based on your finances and credit. Once you have that number you can shop with confidence and put together a solid game plan with an agent.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
1 vote Thank Flag Link Mon Oct 17, 2011
As an ABR, e-Pro agent I approve this msg but make sure the agent u find works with 1st time home buyers too..
Flag Fri Nov 22, 2013
Vero, All good advice from these great Realtors, but none of them are working in New York and noen of them are aware that we do things a bit differently here; perhaps even a little archaic...and we are attorney driven.

I am not in your sales area and have nothing to profit by, but if you want to either email me Gail@GailGladstone.com and give me a call 631-425-6150, I would be happy to 1) help you get ready BEFORE you start looking at homes 2) guide you through the process. When you are really in a position to start looking, I would be happy to recommend a really top Realtor in your area.

Feel free to call on me.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Fri Jul 3, 2009
Hello Vero,
Right off the bat, before you look at any homes I suggest you go get pre-qualified for a mortgage loan. By knowing how much house your income, debts and other factors will allow you to afford you know you'll be looking at the right priced houses, that you can buy.

It is always advisable for a buyer to work with a Realtor. It does not cost you anything in most cases since sellers have already contracted that they will pay a buyer's Realtor's fee. Even FSBO's are often times expecting to be paying that fee in exchange for the Realtor bringing the buyer and doing much, or sometimes all, of the work to get the purchase/ sale closed.

Your Realtor will help you define what are your 'wants' in a house vs. what are your 'needs'. If you have these 2 lists clearly defined and keep them in their place, you can look at fewer homes and still find the best one that is right for you.

Best of success to you. If you would like to be referred to a top notch Realtor I can do that for you. The company I am with, Keller Williams Realty is the largest single real estate firm in the nation now so we have offices almost everywhere.
0 votes Thank Flag Link Fri Nov 22, 2013
This is a very old questions!

Vero,

Contact a Certified Buyers Agent today but I hope by this time you had found your home!


Millie Valentin
Certified Buyers Agent
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
0 votes Thank Flag Link Fri Nov 22, 2013
1. You expect to get the price down after making an offer
In many markets, homes are selling for more than asking price. Some buyers win the bidding war by going over asking — only to try to negotiate the price down by asking for credits during escrow.
A better strategy: Make your best offer, and don’t assume you can negotiate it down later.

2. You wait until the eleventh hour to ask for credits
The buyers will end up walking away from the deal. The houses usually sell after at a higher price than what was negotiated with the first buyer.

3. You chase a deal at all costs
Everyone wants to save money, especially on a high-ticket item such as real estate. Unfortunately, this causes some would-be buyers to make lowball offers in hopes of getting a “deal.” Or, potential buyers lose out on homes they might have been able to get otherwise, which ends up costing money in the long run.
4. You think you can do it all yourself
With so much information about homes available online today, many people, such as tech-savvy home buyers, may assume they can buy a home without a real estate agent’s help.
But this strategy often backfires. First of all, the real estate agent’s role isn’t just about finding listings. The agent’s role today is more about presenting your offer to the seller’s agent in a way that will help get it accepted and making sure it sticks through an escrow.

A savvy agent knows the ins and outs of the local market better than an uninformed buyer with a full-time job and family. A good agent will know the back-stories behind the comps, for example. He or she will know that a comparable home sold for 5 percent less (than the home you’re considering) only because the sellers were divorcing, or the property had a retaining wall problem. Without an agent, you’d simply see that the comparable home sold for 5 percent less. You might ask the seller of the home to match that 5 percent reduction — and you’d be surprised when the seller says, “No thanks.”

Also, experienced agents have a strong network in the local market, which can give you an added edge. Good agents like to work with other good agents. And if nothing else, keep in mind that a listing agent might not even consider working with an unrepresented buyer.

Finally, the seller pays the buyer’s real estate commission, so having an agent for your home search costs you nothing anyway. Most importantly, there’s bound to come a time during the complicated real estate transaction when you have serious doubts or big questions. Your agent can be the trusted adviser you need to walk you through the maze.

[Click to shop around for mortgage interest rates and compare lenders now.]

You don’t think like a seller

Most likely, at some
0 votes Thank Flag Link Mon Oct 28, 2013
Dear Vero,

Most people consider homeownership one of the foundations of the American dream. In fact, homeownership provides financial stability for many American families. Despite this, only three-in-ten New York City residents own their homes. Instead of building equity and savings with a long-term investment in a home, most New Yorkers spend money that they will never recoup on rent.

If your looking to put a good portion of your future home such as 15 to 20% down, you can get a conventional loan where you can get a fixed rate where in which you can refinance in case things get tough in the future, or if you don't have the funds now, don't worry about it because you can always get a 3.5% down FHA loan, where the PMI sticks with you though out the whole loan life. 5% Fanny May Conventional Loans are better because you save yourself about $200 per month from the PMI interest every month.

If you have any questions or are ready to get on board to start looking for a home, you can definitely contact me and I can walk you through the process with some of our dedicated lenders.

Sincerely,

Erjon Marku
Exit Realty Search
3928 East Tremont Avenue
Bronx, NY 10465
347-445-2986
347-202-4965
0 votes Thank Flag Link Fri Aug 30, 2013
Hello, I am an active real estate agent with the number 1 real estate company in the Bronx and I have access to any home that is for sale in the Bronx. I would be happy to work with you and go over some important details that home buyers should understand before beginning the home buying process, please give me a call so that I may go over these important details with you. Sincerely, Jovannie Aquino Exit Realty Search Cell Number 917-995-2802
0 votes Thank Flag Link Fri Aug 30, 2013
Here is some more reading for you:
"Pre-Approved Vs. Pre-Qualified: What's the difference"
http://www.trulia.com/blog/elliott_r_oliva/2011/07/pre-quali…

"What not to do after you apply for a mortgage"
http://www.trulia.com/blog/elliott_r_oliva/2011/07/what_not_…

"How to pick your mortgage rate"
http://www.trulia.com/blog/elliott_r_oliva/2011/09/how_to_pi…
0 votes Thank Flag Link Mon Oct 17, 2011
Good morning Vero,

some links to my First Time Buyer's blog:
Five Steps To Making An Offer To Buy A Home
http://www.tcurranmortgage.com/2010/04/09/five-steps-to-maki…

The Myth of Too Many Credit Inquiries
http://www.tcurranmortgage.com/2010/01/21/the-myth-of-credit…

It's All About Monthly Payment
http://www.tcurranmortgage.com/2008/08/20/its-all-about-mont…

Hope that helps!
Trevor Curran NMLS #40140
Web Reference: http://tcurranmortgage.com
0 votes Thank Flag Link Mon Oct 17, 2011
Our recommendation is to take your time, not rush into anything, and become as informed about the process as possible. Begin with visiting several loan specialists to become pre-approved for financing. Be sure to request a "Good Faith Estimate" from each individual you work with. This is nothing more than a written account of the programs and rates the agent presented you with.

Attending "open houses" may provide you with a better understanding of the various locations in your target area as well as acquaint you with some possible agent to consider working with.

Good luck
0 votes Thank Flag Link Thu Jul 2, 2009
Vero, Buying a home is a big investment, but can be one of the most exciting things you will ever do. You should start by visiting local lending institutions for the best mortgage rates, then find a real estate agent that you feel comfortable with and feel you can trust. Tell your agent what you absolutely want, what you would like to have, but could live without and what you don't want. As you look at homes with your agent, tell him/her what you like and don't like about the house. This will help them know better what you are looking for. Talk to a CPA about the $8,000 tax credit for first time home buyers. And most of all have fun.
0 votes Thank Flag Link Thu Jul 2, 2009
Hello Vero,
As an experienced loan consultant in the lending business I would first determine how much is the max you can borrow so that you can look for homes in your price range. You should also seek advice from a CPA or accountant regarding how the purchase will affect your taxes and returns. Once you are able to determine your purchasing power, and are comfortable with the payments, you should begin to search in your choice neighborhood(s). If you would like a complimentary loan analysis or approval, feel free to give me a call. I can be reached at 415-424-4349. Best of luck! Al
Web Reference: http://www.loans360.net
0 votes Thank Flag Link Thu Jul 2, 2009
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