Home Buying in Fort Wayne>Question Details

Lindsey, Home Buyer in 46825

What's the most important thing that you would tell a first-time home buyer?

Asked by Lindsey, 46825 Thu Apr 9, 2009

Help the community by answering this question:

Answers

13
Adam Shoop’s answer
Hello Lindsey

Do your research and find the best agent/team possible. Also find an agent that has the time available to answer every question you have and really guide you through you first home purchase (as it can be a very tricky process).

Best regards,

Adam
1 vote Thank Flag Link Thu Apr 9, 2009
good morning..i have copied jody jone's reply that is listed below.........here it is........
2. Decide what price you can afford to spend on a monthly basis based on your budget.
this is one of the first things i ask my borrowers that are looking for a starting point when looking for their first home.....no matter what we as mortgage reps arrive at that you can qualify for......if it isn't within your comfort range......it doesn't work......it helps give us a perspective of your budget for debt....it enables us to come up with a sales price before we even do anything else...i hope that helps..bob mcclure- success mortgage partners- plymouth, michigan.......
0 votes Thank Flag Link Sat Jun 6, 2009
Find an Agent you trust or talk to a friend that you trust to refer his/her Agent to you.....nothing really gets done if you don't trust the person who is supposed to be working FOR you. Get preapproved and relax, now you can narrow your search even further. Find the home that fits your needs and make sure to close before Decenber 1, 2009....not just have an accepted offer on, but you need to close before December 1st in order to qualify for First-Time homebuyer tax credit. You can start your search at my website if you like and receive updates according to your search criteria via e-mail without having to re-enter your info....hope this helps and best of luck in your search
Web Reference: http://bkuhns.cbrwg.com
0 votes Thank Flag Link Fri Jun 5, 2009
Lindsey,

Do not rush into anything and do not place yourself in a position to be rushed into anything! Once you have researched and picked a RE Agent, or other, to work with finding a home then take time between looking at homes to research the other items of concern. You may have the option to pick your service providers so research them and learn what you can as they are not all created equal. Some providers are:

1. Title/Closing company
2. Attorney in the event you have legal questions or concerns regarding the deal. RE Agents can not provide
legal advice unless they also are attorneys.
3. Property appraisers
4. Real Estate (Home) Inspector
5. In the event the inspection suggests further evaluation by a specialized trade or profession then have a list of pre-selected tradespeople you already trust. These would include the most common of electrician, plumber, heating and cooling person, Professional Engineer, landscaper (drainage issues), etc.

Never rely solely on a reference from anyone regarding these trades/professions. The person referring them likes them for some reason but that does not mean you will. If you line these people up before the offer you don't have to worry about rushing around to find a reliable service provider during a short option period.

Read and understand every document you will be signing from the start to the end of the process. If you do not feel comfortable with explanations then have an attorney review and advise you on them. Once you sign on the dotted line it is not easy to undue.

Do not get overly emotional with any aspect of the process. Emotions WILL cloud good judgment. Remember this phrase as it applies "If it was meant to be it will be regardless of how cautious you approach the task".

Good luck!

Emmanuel J. Scanlan
PS Inspection & Property Services LLC
http://www.psinspection.com
214-418-4366 (cell)
TREC License # 7593
International Code Council, Residential Combination Inspector #5247015-R5 (Electrical, Mechanical, Plumbing and Building)
Certified Level I Thermographer (ASNT-TC1A Standards)
Texas Residential Construction Commission, Third Party Warranty Inspector #1593
Texas Residential Construction Commission, Inspector, County Inspection Program
Texas Department Of Insurance, VIP Inspector # 08507061016
Hayman Residential Engineering Services, Field Technician
CMC Energy - Certified Energy Auditor

Knowledge is power, but sharing knowledge brings peace!!
Web Reference: http://www.psinspection.com
0 votes Thank Flag Link Fri Apr 10, 2009
I just bought my first home in November. I'm 25, single, and did this on my own! Woohoo for me, right? WELLL I would HIGHLY suggest an inspector, electrician, and maybe even a plumber come and check the house out! TRUST ME, I wish I would have spent the extra money on things like these. Now, when I plug my vaccuum in, my power goes out! Something an electrician would have probably picked up on and I could have had the seller fix.

Then, get a home warranty! Its only a few hundred and if the seller pays, its no money out of your pocket. Just to keep yourself somewhat safe for atleast a year.

Don't let your emotions get the best of you. Get a pre approval, and dont go over it! Dont negotiate with yourself thinking that you can buy something higher just because you love it. Instead, take the time to see everything and buy within your budget! You dont want to be house poor.
0 votes Thank Flag Link Fri Apr 10, 2009
Interview a few agents. Let them know you are interviewing agents. Choose one agent and let the other agents know that you have decided to go with another agent. I treat every listing appointment and every buyer's appointment as if it were a job interview, because it is.

Once you have chosen who your Realtor stick with them. You want to see a house call your Realtor, you want to write an offer call your Realtor, you have hired them to do a job and hold them to it.

As far as criteria for hiring your agent...it's basically up to you, but my suggestion is to go with your gutt. Some Rookie agents are great, some Seasoned agents couldn't care less. It doesn't even have to be the agent you get along with the best or the one that tells the best jokes, but go with someone you feel you can trust to look out for your best interests, and someone who makes you feel confident in their abilities.
0 votes Thank Flag Link Fri Apr 10, 2009
Lindsey,
It looks like you have been provided with several good answers to your question. Be sure to get pre-approved with a lender first so you know how much home you can afford to buy. Next step is to find a good Realtor. Paperwork can be confusing and it is best to let someone handle it that does it on a regular basis. There are many important steps in this process and you will do best with the help of a professional.

Now is a great time to buy your first home with the $8,000 first time homebuyer tax credit in place. Just be sure to buy before December 1, 2009 before the tax credit expires.

Best of luck in this exciting time of your life!
If you have not yet found a Realtor to work with, feel free to give me a call. I would love the opportunity to meet with you and discuss your current housing needs.

Sincerely,
Heather Demerly
Broker, Owner, Realtor
Lot & Block Realty LLC
(260) 413-3789
0 votes Thank Flag Link Fri Apr 10, 2009
Find a great realtor. Saving 3% maybe true but most likely it might cost you more in the end. A great realtor will educate you about all sold properties, current market values, current and past trends, and see to it that you don’t overpay for a property. Not to mention they will guide you through the entire contract to make sure your interests are protected first. Not to mention inspections, title conditions, appraisals, all items that need to addressed and if you don’t know what you’re doing could bite you in the end. Using a realtor cost you nothing. Do yourself big favor, find a great one that you relate to and move forward with confidence.
0 votes Thank Flag Link Fri Apr 10, 2009
Lindsey,

You stand to lose nothing by collecting real estate information and becoming informed about opportunities available today. We recommend learning about the market and previewing homes.

We also strongly suggest investigating your options for financing and getting pre-approved before you begin looking. This step will clarify your budget and other options.

Good luck
0 votes Thank Flag Link Fri Apr 10, 2009
All good answers! Definitely look into the tax credit Jody was talking about. Here is a link to a good website that explains it: http://www.federalhousingtaxcredit.com/

Figure out your budget and what you can afford. Get with a lender and get financed and of course.... find a Realtor that will work for you! I happen to know one... :)

Good luck and let me know if there is anything I can help you with. Have a great day!
0 votes Thank Flag Link Fri Apr 10, 2009
1. In 2009 No1 Priority is to buy your home before December 1, when the $8000 first time buyer credit ends.

2. Decide what price you can afford to spend on a monthly basis based on your budget.
3. Next, go to several financing institutions, get information on what they can offer and get your pre-approval
amount.
4. Make a list of your must haves, your deal breakers and your maybes you would like to find in your "dream"
house.
5. Find a Realtor you can work with, who will return your phone calls and who will work for you to find the right home. It does not cost you anything to work with an agent to help you find a home. I have worked with 3 first time buyers this year, all of whom have bought their first homes. We worked 6-9mos to find the right one. Its hard, but worth it!
If you would like me to email you more info on that first time buyer credit, please get in touch and Good Luck!
0 votes Thank Flag Link Thu Apr 9, 2009
Do your own research.

Drive many different neighborhoods, speak to many different Realtors, talk to many different Lenders (not pull credit mind you, just get some idea on their proficiency and costs). Then work with the ones that gave you honest answers and didn't pressure you, or try to bully you into making a decision because you might "lose out" etc.

Having a good understanding of your own market will be an invaluable tool when finding a good deal. Yes, your Agent will be able to help you, but they are also a tool for you to use. Buying a home is a big financial decision, and you want to be happy with what you end up with.
0 votes Thank Flag Link Thu Apr 9, 2009
Find a lender and get qualified and get pre approved..Shop a lender like you would your home. Very carefully..Get referrals from friends, relatives or realtors. Find a good experienced full time Realtor. Shop location 1st, then check out school districts and then your home search.. When you find the right home make sure you have a contingency addendum in contract for a home inspection.. I wouldn't buy anything with out a home inspection from a good qualified licensed inspector to search for any defects in home that you might not be aware of. Good luck.
0 votes Thank Flag Link Thu Apr 9, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer