Go to a lender first, get a pre-approval, see if you qualify for grants specifically for first time homebuyers, then shop around, choose a real estate agent who meets your needs and expectations and stick with them. Good Luck and Have Fun, Patrick
Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!
A number of answers below suggest hiring an agent. But I would take a few steps back and do exactly what you are doing by asking this question: educate yourself. Before you hire an agent, you should talk to several agents (hopefully in person), ask a lot of questions about the buying process and how each individual will help you through it, then do some research about homes in areas that might be appropriate for you. You also should talk to several mortgage brokers for advice and to find one you really want to work with. Too many people assume all real estate agents and all lenders are the same. They are not. And, by the way, the buyers who tend to get the best mortgage interest rates tend to be the ones who shop for loans. And don't think that being rejected by one lender means you will be rejected by all. This often is not true.
Prudential Real Estate of the Rockies
Good question. You've started off in the right spot. Educate yourself as much as possible. Find an agent that you're comfortable working with and trust, then let the fun begin. Many say the first step is to get pre-qualified, but really there isn't a perfect starting point. Feel free to contact me if you need any further assistance or have any other questions about housing in the Twin Ports Duluth/Superior Area.
The home buying process is simple and complex at the same time.
I recently worked with a couple who asked about rent to own on Trulia because they were under the impression that was the only way they could buy a home because they did not have a large down payment.
To make a long story short, after discussing with them their needs, budget location and many other issues, we closed on their brand new home 45 days later.
So working with an experienced agent who know the market you are looking to buy in is extremely important. Different areas have different financing programs available. And then there is the whole issue of paying a fair price for the home. How do you make your offer stand out? There is also the inspection process.
If you would like to discuss more issue feel free to give me a call. I may not work in the area you are looking for but I can help. 920-988-0588
Rich Moen ABR
Make sure that they are willing to spend the time needed to make you feel comfortable through the whole process and beyond!