First time home buyers should always shop around. Read the loan papers carefully for a list of all conditions that must be met before the home closing. Don’t wait for the last moment. Conditions by the lender may require a home inspection, termite inspection, required insurance polices, survey, etc. These requirements are meant for the lender’s protection and may lead to untimely delays if they are not met.
First time home buyers should get a good faith estimate of closing costs when you apply for the loan. Notorious are the home builders’ lender and other mortgage companies who specialize in lending to people with a spotty credit history. You may have to make your down payment with a cashier’s check instead of a personal check.
Avoid problems about what appliances, fixtures and other non-fixed items should be left for the buyer by the seller. If you are looking for a way to buy real estate and using a buyers agent makes sense, you may want to consider hiring a top-rated real estate professional in your area to represent you as a Buyers Agent. You DO deserve a proven real estate professional.
Before you begin, get educated about the home buying customs where you live. Relatives or friends who live in another area/state might have some good general advice for you, but chances are the process is very different in their area, so avoid the mistake of relying solely on their advice to make important decisions.
So How Do You Get Educated?
Talk to a real estate agent about the typical home buying scenario. This is not a meeting that should lead to an agreement for the agent to represent you. It’s simply a general discussion about the real estate customs in your area. An agent who won’t take fifteen minutes to help you understand what to expect when you’re buying a home isn’t much of an agent, so if the first few calls don’t produce someone who will help, keep looking.
Always Keep a Cool Head
Even simple problems can be a burden when you have so many details to take care of, so don’t over-react if you hit a few snags on the way to closing. Keep a cool head and work with the people helping you through the transaction to resolve any issues that pop up.
Take a few deep breaths and relax. The entire process can be a fun adventure if you let yourself have some fun with it!