The home purchase process can be stressful if you are going through it for the first time. The Monadnock Region first time home buyer advice in this blog may make it less confusing. Properties are a major financial investment and home buyers should enter with as much information as possible.
Getting Ready to Purchase
Obtain a Pre-approval
Interview a local mortgage provider and ask for a pre-approval. Keep in mind that banks may provide different programs than mortgage brokers. Evaluate the services and applicable charges to determine the best option. Get estimates on up-front costs and recurring payments. This also helps identify your maximum purchase price.
Getting Assistance from a Real Estate Professional
Find a real estate expert to guide you through the property buying process. Select one that best fits your personality. Experienced Realtors can help identify listings, prepare offers, and facilitate a smooth purchase. This guidance is particularly important to first time buyers.
During the Buying Process
Property Showings
Only view homes within your budget. This avoids the disappointment of wanting a property that is not possible for you to purchase. Viewing homes will take significant time, so sticking to your range will also prevent wasting of time.
Legal Paperwork
Real estate agents can provide advice on offers and help you negotiate them, but they do not practice law. If you need a legal opinion, look into hiring a real estate attorney to interpret legal jargon and make any necessary edits to them. Do not sign any paperwork that you are not fully comfortable with.
Property Inspections
Do not rely on an inspection to lower price or change purchase terms as they sometimes do not result in any problems at all. Also stay away from negotiating known issues. Such strategies are not typically successful and result in wasted inspection costs. In situations where issues are uncovered, sellers can offer to repair problems, provide concessions towards closing costs, or do nothing at all. Try to be fair with your demands and sellers will be more accommodating.
Walk-Thru Prior to Closing
Prior to the closing, you normally have an opportunity to walk thru the home one last time. It is a good idea to perform this after the sellers have moved out. Resolve any issues before signing closing paperwork as you may have little recourse afterwards.
Closing and Settlement
Be sure to bring proper ID to the closing. Any amounts owed must be in the form of a certified check or money order. Have your checkbook ready in case there are any final adjustments. Once the closing paperwork is filed, the home is yours!
More Monadnock Region First Time Home Buyer Advice
The property purchase process can be easier with a little advanced knowledge. For tips beyond what is included in this Monadnock Region first time home buyer advice, contact Ken Moller at The Mollers by calling 603-525-4211 or by emailing office@themollers.com.