As they say, your home is often the largest
investment you will make. The process can be stressful
and daunting for seasoned homeowners not to mention first time home buyers…especially
in a market that in many areas of the metroplex has transitioned to a seller’s
market. Here are a few tips to prepare first time home buyers for the purchase of their first home:
Get pre-approved for a loan. Not only do you need to know what your budget
and buying power are but you will need a pre-approval letter from a lender to
submit with any offers you make when you find the home you want: the sellers will want to know that a mortgage
lender is willing to give you a loan so they can close on the sale on their
home. Don’t go shopping without one (a
The market has drastically shifted since last year. While we all want a bargain on any purchase,
when there are multiple buyers competing for a home it is highly unlikely you
will be able to pay below market value. ·
Use a licensed Real Estate Professional. You will
be negotiating prices, submitting contracts, evaluating inspection reports, negotiating
repairs…and if you end up in one of those multiple offer situations that seem
to be more and more common these days you will need support and strategy from a
seasoned professional. ·
Do not use the listing realtor (the one whose name is on the
for sale sign in the yard). That realtor
works for the seller. You need your own
realtor representing your interests not the sellers. And remember, the sellers pay ALL the realtors' commissions so it doesn't cost you anything to be represented by your own realtor. ·
Identify your criteria for a home and don’t
waste your time looking at homes that don’t fit your criteria, it will only
frustrate and confuse you.
Keeping the above tips in mind will help reduce the
stress of one of the most important purchases you will make!
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Sandy Setliff is a Realtor® with JP and Associates Realtors®. She specializes
in residential real estate sales in McKinney, Allen, Frisco, Anna, Melissa and
Van Alstyne, Texas. She can be reached at 214 620 1615 or via email
Author:Sandy Setliff Phone: 214-620-1615 Dated: July 1st 2014 Views: 3,636 About Sandy: Sandy Setliff, a longtime resident of North Texas, specializes in residential real estate sales in N...