Home Buying in Madera>Question Details

martha_gutie…, Home Buyer in Madera, CA

im a first time home buyer can anybody give me tips?

Asked by martha_gutierrez19, Madera, CA Thu Dec 27, 2012

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13
Good afternoon martha,

First steps:

Meet in person 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. Your Mortgage Banker will discuss the various loan programs, closing costs, and most important of all, monthly payment.

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!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Thu Jul 11, 2013
First time buyers should always think 5 years down the road. The investment isn't one that should be taken lightly and making sure the property fits the needs of your future plans is more important than you immediate needs. That said choose location, school district if relevant or might be in the future, and the homes layout as it pertains to your needs.
0 votes Thank Flag Link Wed Jul 10, 2013
When viewing a home, look for layout, space, a sense of value, convenience of location to work and schools, and features and amenities, Choose a home with an eye towards future needs. It is a big investment. If you can, stretch a little today to buy a home that you can grow into but don't over extend your budget! Once you are ready to buy, move quickly. The best properties go fast. If you find the right house today, but are not ready to move until tomorrow... You may already be too late. Not all "fixer-uppers are good deals. Before you proceed, do a careful evaluation of what you will have to invest, and consult with your Realtor to learn what you can reasonable expect when you put the home back on the market. Last but not least, shop with your head and not with your heart. Don't forget the purpose of your "needs and desires" list. Shopping for a home is an emotional process. Your heart will cost you money. Use your head!!
0 votes Thank Flag Link Wed Jul 10, 2013
You want a realtor that can help you make the right decision in purchasing a home! Someone that put you first and not them! A true professional that knows the market and knows what he or she is talking about! Any more questions feel free to contact me thank you!
Dewayne Clark
Century 21 M &M and Associates
office 559-675-5906
#01820458
0 votes Thank Flag Link Sat Mar 9, 2013
Hi Martha, I'm a licensed Realtor is the Madera/Fresno/Clovis area and I'd be happy to meet up with you in person to explain the process of home buying. It's very exciting and a bit nerve wracking at times, so you want someone who will be there every step of the way....I promise to do that for you. Call me if you want to get some more personal information and meet me! Sarita Johnson, Century 21 C. Watson. 559-307-5725
0 votes Thank Flag Link Sat Dec 29, 2012
Hi martha_gutierrez19:

Here's my "Top 4" bits of advice for any Homebuyer:

1) Find a professional Realtor® to work with to protect you interests.
Simply put, your Realtor® will be able to answer initial key questions and guide you through the process. One of the key advantages of involving your Realtor® is access to seasoned Mortgage Broker/Bankers with a track record of getting the job done. You can check to make sure an Agent is a Realtor® by going here: http://www.realtor.org/rofindrealtor.nsf/pages/FS_FREALTOR?O…

2) Obtain a "True Pre-Approval" (your most important step in my opinion).
You MAY need to improve your credit score, increase cash reserves, etc. before buying; however, at least you will have a roadmap to eventually purchasing if this is the case. Furthermore, this step can save you from wasting money on a purchase that does not close escrow!
http://www.Steven-Anthony.com/GettingStarted

3) Make sure you obtain access to your local AND regional Realtor® MLS data via an automated search your Realtor® should most certainly create for you; here's why:
MLS Data Accuracy – Where to search if you’re “without Realtor®”
http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/…

4) Avoid Dual Agency!
There are specific duties an Agent must provide. When one individual represents both Buyer and Seller conflict between two of the most important duties occur.
http://www.trulia.com/voices/Home_Buying/Why_should_I_NOT_us…

-Steve
0 votes Thank Flag Link Fri Dec 28, 2012
Get yourself a good Realtor and a good lender and you should be fine. This should not cost you anything. They will be able to explain everything to you. Talk to family and friends for referrals.
Good luck,
0 votes Thank Flag Link Fri Dec 28, 2012
Hi, your very first step should be to contact a mortgage broker and a small bank. Contacting both will give you the ability to compare and determine the best fit for your needs. Keep in mind, when using a bank you only get what they have to offfer. If you use a mortgage broker then they will shop for the best rate and at times even fund the loan if the are a mortgage bank as well. This part of the process helps you determine how much you can spend and confidently. next you will contact an agent who will guide you through the rest of the process. Try getting a recommendation from a friend, family memeber, or colleague. It's really that easy!

Chris
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Fri Dec 28, 2012
Hi Martha,

I would add that you should not purchase more than you can afford. I know this sounds like a cliche' but it's easy to get over your head even if the bank tells you what you can qualify for on paper. What you can afford or want to pay each month and what you are "per-qualified" for can be two different things. For your first home, I would stay on the lower end and be comfortable with your payments. You will be a lot happier if you have money left over each month for unanticipated homeowner expenses or things you want to change or upgrade around the house.

I would be happy to help answer any other questions on your new home endeavor from a local perspective.


- Dane

(Click on my picture for contact info!)
0 votes Thank Flag Link Fri Dec 28, 2012
As pointed out below, have the best in representation is critical to having a good experience before, during, and after you buy your home.

Why? Because like every other profession, not all agents/brokers are created equal. Not all are honest. Not all work with first timers regularly.

Here is a blog I wrote on the subject of choosing your representative - hope it helps:
http://www.trulia.com/blog/lance_king/2009/09/it_does_matter…

A great agent/broker can provide also provide you with information/referrals on all ancillary pros to help you through the process - lenders, inspectors, etc...

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes Thank Flag Link Fri Dec 28, 2012
Martha,

The first advice I would offer is to begin interviewing Realtors (be prepared to take some time with this step as it's more important to find a good honest and experienced Realtor than most first time buyers realize) Here's a link on how to do this: http://www.trulia.com/blog/LarryTollen/2011/09/how_do_you_ch…

Once you've located a buyer broker you feel comfortable with they will advise you on what you need to do to get pre-approved for a mortgage so that you are in the strongest possible negotiating position when the time comes to make an offer.

I've attached another link below offering some additional advice specifically for first time buyers.

I wish you all the best, an exciting year to come and happy house hunting.
0 votes Thank Flag Link Fri Dec 28, 2012
Hi Martha,

Here is a video I created for my first-time home buyers. I hope you will find it useful and informative.
Best of Luck. Home Ownership is an integral part of who you are. And should not linger for a long time as a mere dream.

http://www.youtube.com/watch?v=hjGxrdgX5j4
0 votes Thank Flag Link Fri Dec 28, 2012
The best tip is start working with a good Realtor who can answer your many questions as a first-time home buyer.

Meanwhile, to get yourself started, you should get a pre-approval with a local lender to assess your financial abilities to purchase a home.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri Dec 28, 2012
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