Tips and Tricks for First-Time Home Buyers – just in time for the April 30, 2010 stimulus deadline!
Because I am working with so many first-time home buyers at the moment, I thought I would write one general outline for all to follow.
Your first step as a first-time home buyer is to speak to a Lender to determine what type of financing you should use, how much money you will need for a down-payment and how much you can spend on a home. Which type of financing you choose as a first-time home buyer will depend on your credit score, how much down-payment you can afford, etc. I am not a Lender and will not advise in this area, but I do list several excellent Lenders from which to choose on my Preferred Vendor list. My favorite Lender is Julian James-Thomas, of 1st Capital Mortgage, by the way, 918-274-1519.
Once you know the amount you can comfortably afford, search for a Realtor to represent you in your first-time home buyer home purchase transaction. DO NOT search the internet and call the Realtor who has the property listed. You will want to work with ONE Realtor who clearly understands your goals and objectives and who will represent only your interests. If you call the Realtor who has the property listed, he/she will represent both you AND the Seller. While this can be done ethically, don’t you think you’d be better off with your personal and exclusive representation? Remember that the Seller pays the Buyer’s Agent’s commission, so this representation IS FREE to you.
Ask friends for referrals, interview Realtors and ask for references. I pride myself on my negotiating skills, but don’t take my word for it – ask for contact information of my previous clients and read my testimonials! Do find a full-time Realtor and don’t be guilted into using your cousin who sells real estate part-time.
Start shopping online. Your Realtor can set up a customized search for you that is much more fine-tuned than the searches you can do on the internet. If you want a specific lot size, inside laundry, master bedroom on the first level – we can search for all this! Do a little shopping from home and narrow down your possibilities before you get in the car to actually visit homes.
Tips and Tricks for First-Time Home Buyers – just in time for the April 30, 2010 stimulus deadline!
Start shopping in person. Take your camera and a note pad. Ask questions. Is this home priced reasonably? How long has it been on the market? What is the age and number of layers of the roof? Have any major components been updated (heat, air, electric, plumbing, hot water heater) – these can be costly repairs down the road, so don’t fall in love with a house and ignore the sagging roof!
Fall in love with your future home and write an offer.
Follow your Realtor’s advice as to how much to offer, how much earnest money to put down, what to ask for in repairs and Seller’s concessions. I’ll write a bit more about this tomorrow. The housing industry is still strong in Tulsa and surrounding areas, and we’re not giving houses away yet – so be prepared to learn about the components of an offer and how to get yours accepted.
Good luck to all first-time home buyers! We’re excited for your future! 65 days until the deadline for first-time home buyers to get your contracts written – we can do it! Get started today!
Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
