I'm a first time buyer, how would I go about looking into buying this home.

Asked by Nancy, Port Saint Joe, FL Sat Jan 3, 2009

This question is about this property: http://www.trulia.com/property/1028757930-225-Rushing-St-Ric…

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Andre Shambl…, Agent, Miami, FL
Thu Jan 8, 2009
First, you must determine that you want to buy a home. Sounds simple, yet many people find that getting started is the hardest part. There are perceived obstacles in the minds of many would-be homeowners: Do we have enough money for the down payment? How can we get out of our current lease? Where can we afford to live? The goal is home ownership, and there are many steps to reach the goal. You may not be financially ready yet, but you need to ascertain where you are NOW in relation to your goal.

Get your finances in order. Accurately determine your financial situation and check your credit to determine where you fall as borrower. Look at all of your available assets for your down payment and examine all of the finance options available to you. If you have some credit blemishes, take the time to make timely payments to your creditors to present the best financial picture to your home lender. Make sure that you have a track record of stability in your employment history. Postpone any major purchases such as cars, motorcycles, or large appliances until after you close escrow. Your actual home purchase may still be 12-18 months down the road, but you can still prepare for it now.

Get pre-approved for your mortgage. Once you've cleared the financial hurdles, talk to your lender or broker to find out how much you can afford to borrow along with the expected out-of-pocket costs you will need to incur for the closing. This will include the required down payment (if necessary) along with funds for closing costs, which can run 3-4% of the purchase price. Pre-approval also allows you to shop for a home with an accurate price range. If you are buying in a seller's market, you may want to search for homes that are considerably below your approved price range, so that you can have the most room for negotiation.

Find a credible licensed real estate agent. Look for an agent that can work with you based on YOUR needs and your schedule. Check references of previous clients and make sure that he or she is responsive and available to you. You may not know exactly what you want in terms of a new home, and your agent should work with you to determine your needs and help you find a property that meets your immediate and future needs. Your agent should be familiar with the area where you plan to move.

Become an informed and practical buyer. Once you determine where you would like to live, determine what factors are most important for your family. Calculate your new commute time and research school information for your children. You may want to consider the proximity to a place of worship and shopping in the area. Make sure to evaluate the surrounding factors that are most important to you, along with factors that are least important.

Find a home that works for you. Check out the floorplan to make sure that it meets your needs. Envision yourself along with your family, living in the home. What are the key points of consideration for your home? If you spend a lot of time in the kitchen, then you want to make sure that the kitchen can accommodate your habits. If you will be working from home, make sure that your home office setup will work. Make sure that all of your telecommunications and electrical needs can be met. Is the backyard adequate for your family? Do you need a garage? Are you willing to make major repairs to the home? Does the style reflect your taste? Can the home grow with you over the next 5 years, 10 years or 30 years?

Make the offer. Once you have located a property that meets your needs, make an offer based on the listing price, along with comparables information and market considerations. Your agent can work with you to determine the best price, along with any contingencies for the sale.

P.S. It is good to get an independent home inspection, so that you can know what the potential pitfalls and future maintenance needs may be. Your offer may be accepted as-is; you may face a counter-offer from the seller, or you may be rejected. In a seller's market, you may find yourself bidding with several other buyers for a single piece of property. Work with your real estate agent to determine what is customary in your area. This is when his/her negotiation skills really come in handy!

Congratulations! Now get ready to move! Make sure to connect your new utilities (and disconnect your old service) along with mail forwarding.

When it comes to choosing professionals to assist you with your real estate needs...Experience is Priceless! Andre’ Shambley & Miami’s Best REALTOR®. Team, The Keyes Company, 305-788-6643. AndreShambley@Keyes.com,

Ready to refinance or looking for a better rate? For your complimentary rate quote visit Jacinta Shambley, APEX Lending, Inc. JShambley@APEXLending.com . http://www.JShambley.ApexLending.com
1 vote
Dana Schuster, Agent, Slidell, LA
Sat Jan 3, 2009
Your first step is to get yourself pre-qualified with a reputable lending institution.That way you know exactly what you have to spend. Also some sellers require a pre-qualification letter to be submitted with your purchase offer. Also be aware that some lenders will not finance mobiles. FHA will not approve a mobile 10 yrs. old or older,but this one is only 7/8 yrs. old,Then contact an agent who can get you through the contract 7 negotiation period. Your agent will probably encourage you to have a home inspection done and your lending institution will arrange for an appraisal. Your lender will not fund you for more than the appraisal value.
1 vote
Dana Schuster, Agent, Slidell, LA
Thu Jan 8, 2009

Thumbs up for a great answer!
0 votes
Lynne Bayens, Agent, Richmond Hill, GA
Thu Jan 8, 2009
Hello Nancy, I am a Richmond Hill, GA real estate agent. It would be my privilege to assist you with more information regarding the home on Rushing Street. I know that neighborhood extremely well. As you have already been advied, your first step is to discuss your financial status with a reputable lender. The lender rep will advise you on your financing options and which is best suited for you. When you make your offer on a home, you will be able to show evidence to the seller that you are capable and ready to buy. That will strenghthen your offer and help you reach a satisfactory price. Please contact me if you need more information regarding the Richmond Hill, Georgia property and contact information for reputable lenders in our area.
Web Reference:  http://LBGrealestate.com
0 votes
Hank Miller, Agent, Alpharetta, GA
Sun Jan 4, 2009
Hi Nancy -

First step is get with at least three lenders and see what you need to do to get approved. Next get at least three agents interviewed to use as your buyer's agent. DO NOT go into any transaction as a buyer unrepresented - you typically pay nothing for an agent to represent you. More info is on my site

Good Hunting -

0 votes
Tori Lawson,…, , Fayetteville, GA
Sat Jan 3, 2009
Hi Nancy,
Please feel free to contact me anytime for assistance and appropriate steps.
I look forward to hearing from you.
Web Reference:  http://www.torilawson.com
0 votes
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