| A first time home buyer may be terrified just thinking | | | | THREE: |
| about the home-buying process...where to go, who to | | | | Don't wait until you've found a home and made an |
| choose, can I afford it...how to get started. Homebuyer | | | | offer to get approved for a mortgage, investigate |
| Classroom has identified some of the sources that | | | | insurance availability, and consider a schedule for |
| cause fear and will share with you how to dissect this | | | | moving. Presenting an offer contingent on a lot of |
| fear and keep moving forward with the home-buying | | | | unresolved issues will make your bid much less |
| process. | | | | attractive to sellers. |
| ONE: | | | | SIDEBAR: |
| There is no "perfect" time to buy, any more than there | | | | Before you make an offer on a home have your |
| is a right time to sell. If you find a new home now, don't | | | | business in order! Make sure you have a pre-approval |
| try to second-guess the interest rates or the housing | | | | letter, know how soon you can move (closing on a |
| market by waiting. Changes don't usually occur fast | | | | home usually takes 30 days from the date your offer |
| enough to make that much difference in price, and | | | | is accepted). Therefore, you have to wrap up loose |
| remember a good home won't STAY ON THE | | | | ends at your current residence. Sellers don't like to |
| MARKET LONG. | | | | have contingencies (i.e. stipulations) in the contract. For |
| SIDEBAR: | | | | example, you can't close on the property until 90 days |
| "FOR SALE" signs in yards DO NOT guarantee that | | | | from the date of the accepted contract. |
| those homes are still available. Often times, real estate | | | | Remember there are other buyers in line looking at the |
| signs will remain in the yard until the home has officially | | | | same houses you may be considering. Be prepared. |
| "closed" and is off the market. This happens primarily | | | | Be ready to play ball. Handle your business to help |
| because deals fall through (do not work out) and the | | | | ensure a smooth transition. |
| home has to be put back on the market, after being | | | | FOUR: |
| taken off for that buyer. If you work with a Real | | | | Factor in maintenance and repair costs in your |
| Estate Agent you will be able to verify the true status | | | | post-home buying budget. Even if you buy a new |
| of the property at all times. If the deal falls through and | | | | home, there will be some costs. Don't leave yourself |
| you're working with an agent s/he can notify you | | | | short and let your home deteriorate. |
| immediately that the home is now back on the market. | | | | SIDEBAR: |
| Find a Real Estate Agent today! | | | | It would be wise to have an emergency fund set aside |
| TWO: | | | | for repairs and maintenance in your new home. Trust |
| Don't try to be a "killer" negotiator. Negotiation is | | | | and believe things will happen in your new home. Unlike |
| definitely a part of the real estate process, but trying to | | | | renting, there is no one to call at the leasing office to |
| "win" by getting an extra-low price may lose you the | | | | fix the toilet. Keep in mind that these responsibilities are |
| home you love. | | | | now those of the first time home buyer. |
| SIDEBAR: | | | | But, don't be discouraged, because the benefits you |
| If you are bidding on a highly desirable home, you want | | | | receive as a first time home buyer FAR outweighs |
| to make sure your offer is attractive, stands out and | | | | home maintenance. Remember, this is "your" valuable |
| gets the sellers acceptance! | | | | investment. |
| Always start by making an offer "lower" than the | | | | FIVE: |
| asking price for the home, but be careful not to "low | | | | Accept that a little buyer's remorse is inevitable and will |
| ball." Often times first time home buyers think that if | | | | usually pass. Buying a home, especially for the first |
| the seller "really" wants to sell they'll accept their offer. | | | | time, is a big commitment, but it also yields big benefits! |
| That is "improper" thinking. Sellers' have a choice in the | | | | SIDEBAR: |
| offer they'll accept just as you have the choice in the | | | | This one perhaps is one of the most important. Once |
| home you'll purchase. | | | | you commit to one home (especially after looking at |
| If you love the home and feel that it is the "perfect fit" | | | | over 20) you'll wonder if you chose the right one. You'll |
| for you and/or your family negotiate appropriately, | | | | wonder if you should have waited until next year and |
| fairly and wisely. Why miss out on the right home | | | | so on and so on. Understand that this feeling is |
| because you keep going back and forth with the seller | | | | common among the majority of buyers. Once you've |
| over $1,500? Besides, $1,500 divided by 30 years (360 | | | | chosen your home begin to settle, relax and start to |
| months) is a mere $4.16 cents more per month. Don't | | | | visualize you and/or your family living in your new |
| lose your dream home over dollars and cents! | | | | home. Those feelings of remorse tend to drift away. |