Profile picture for Steven225

First Time Buyer

As a first time buyer, what should be my first steps to buying a New Home? 
  • November 21 2012 - US
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Answers (6)

Great question.

First find 2-3 realtors to interview and see who you are most comfortable with, people that you feel know the area that you are looking at, and seem to understand your personal tastes.  If none of the first three are a good fit for you, keep interviewing.

Know what you want.  Make a list of wants and needs.  Know what you aren't willing to bend on and know what things "would be nice" if you could get them.  Be open and honest with your realtor about these.

DON'T make any major credit purchases or job changes.

Ask your chosen Realtor who they would suggest to use as a lender, meet with that lender and decide what type of loan is best suited for you.  Then get pre-approved so when you do see that dream home, you are ready and able to put a qualified offer in immediately.  Housing is tight through out the country, and waiting a day or two to put the offer in very well can mean you miss out on your dream home.

I would recommend that the offer is put in with a response time of less than 2 days, don't let other offers get in the door while yours is in there, that might end up costing you thousands more to get the house, as it could start a bidding war.

Good luck and CONGRATS!!!!


EDIT:  One other thing as it was talked about in another thread, once you have an accepted offer, make sure to get a home inspection.  Once that is completed work with your Realtor to ensure that the proper corrections are made to the house, or credits for repairs are given.
  • November 21 2012
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Profile picture for sunnyview
You might check out Zillow's step by step guide to home buying. There is a lot of good information in there to get started.
  • November 21 2012
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Step one: TALK TO BANKERS AND GET PRE-APPROVED! or get your loan as fall along as you can to the point where all you have to do is pick out the house. Talk to several banks and see who gives the pest rates but be carful to not let them all do a credit score check, just the one you decide to go with. To many credit checks will bring your score down. When you are approved it looks just that more tempting to sellers and agents that you are legit and fallow through on any offer you give.

Step two: Find an agent. An agent will make your buying experience less stressful, more fun, and help you get the best deal you can while keeping others from takeing advantage of your lack of experience. 
  • November 21 2012
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Profile picture for Jordan Grindle
The first thing I would do is financing. Discover what you can afford before you start looking. Otherwise, you find yourself wasting time and being discouraged when you can't afford a particular style. Also, don't limit your financing options to a conventional bank. Look at credit unions and mortgage brokers as well. Credit unions, if you are a member, can charge a lower rate than a bank. Mortgage brokers, while there will be a fee for their services, have the ability to find the best loan for you through a variety of sources. Don't forget the government programs as well. There can be funds for veterans, disabled individuals, low income families, and a variety of others. Just remember that there are many options. 

The next step is to look for a Realtor* in your area that you can trust. Look at online reviews, ask friends about their experiences, and even interview a few agents before you decide on one. 

Lastly, start looking for a house. See what is available in your area via Zillow.com and the websites of local agencies. Also, think about your personal needs and wants. Focus on what you need first; then you will be able to discuss desires. Most importantly, be flexible and have fun!!
  • November 21 2012
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First, Congratulations! We wholeheartedly recommend contacting a realtor that is a buyer agent to assist you. In the long run, the commission paid will be a small price to pay for the knowledge and negotiations they offer. There are so many first time home buyer incentives and financing options, we are sure you will find the home you are looking for.

  • November 21 2012
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Profile picture for wetdawgs
Zillow has an excellent series of guides on home buyer.   Here's a link to the section called "buyer's road map"  with links to many of their guides.

The first thing to do is not to contact a sales person (agent) or a lender, but do some basic studying on your own so you have an idea of the process and where you stand.

When you do contact agents, you will then be ready to interview carefully.   There are some excellent agents, some lousy agents and a lot of average agents.  The more you study before you start the interview process, the more likely you'll be able to chose one from the excellent category.   (We consider interviewing 10 an easy step compared to the headaches of going with a lousy agent.)



  • November 21 2012
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