Buying your first home can be one of the most exciting events in your life. Certainly, it will likely to be the biggest purchase you have made up to that point. Everything in the process will be fresh information and can often send the calmest individual running for the pharmacy. However, being a first time homebuyer doesn’t have to be so stressful. The first step is to have a buyer orientation session with the Realtor of your choice. During that orientation, the following topics will be discussed so that you can get in shape for the process:
1. Getting pre-qualified (or pre-approved) by a mortgage loan officer.
2. Reviewing the necessary funds for the transaction, including up front costs as well as what to expect at the closing table.
3. Identifying sources of down payment funds.
4. Outlining the “do’s and don’ts” of money management during the process.
5. Drafting a preliminary negotiating strategy based on the buyer’s timetable & available funds.
6. Completing a needs assessment of home features, neighborhoods, and amenities.
7. Making a plan to transition from a lease to a purchased home.
8. Evaluating an overview of the entire buying process and sample contract.
Taking these steps gets a buyer 90% of the way down the road to success, eliminating unnecessary bottlenecks and accompanying anxiety, and leaves the buyer ultimately free to enjoy the excitement inherent in owning a first home! If you are thinking about making your first purchase, call me. I’d be delighted to review these topics and answer any questions you might have.
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