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I WANT FIRST TIME TO BUY HOUSE,WHERE I MUST NEED TO START,WHAT TO DO?

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May 19 2012 - Manchester
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Answers (10)

1.  Pre approved for a loan or if cash, how much can you afford.
2.  Interview a Realtor
3.  Start your search
4,  Find a home
5.  Have Realtor review closed sales
6.  Have Realtor negotiate best price.
7.  Come to an aggrement.
8.  Escrow deposit needs to be made
9.  Send purchase contract to Lender and title company
10.  Have appraisal and inspections done.
11.  Once lender clears all conditions you will be ready to close

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May 22 2012
After deciding if home ownership is something you'd like to move forward with, the thing to do is to speak with several lenders and see how and what you qualify for. They should be able to provide you with real numbers regarding monthly payments, including taxes and insurance and help you decide what loan program and payment you feel that you will be comfortable with. This will help you determine your goal purchase price.

Speak to several agents and choose an agent you feel comfortable with and one that is experienced in their market. There are some great agents out there that take great pride in their work and would love to help you, when you're ready,  find your new home.

Good luck!

Team Kern
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May 19 2012
Profile picture for Dunes ..
Huge Move..Huge Financial Obligation...Huge Decisions
Become informed and then become more informed..

Browse here...Provided by the Federal Gov
Find the Right Loan, you can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program. GovLoan.com

Hud Site..Read this info and read it again, check out the Links/Resources...First Time Home Buyer Info about the Process & Excellent Info/Resources for any Buyer..Buying a Home

Browse..get some idea of what's out there..programs
REO-Bank Owned Properties
Many Banks have created Sites for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale
Sites Like..Bank of America...Wells Fargo

You can find links to Bank sites here...Link

The Fed Gov has Sites for its Properties for sale, the programs they offer
HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link


Everyone imo should read the Information on the Department Of Justice
Anti-Trust Division Web Site about all the options Consumers actually have
New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home

Life changing time...Step up to the Plate..Protect yourself

Good Luck
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May 19 2012
Profile picture for hpvanc
Begin your education about 6 months before you actually contact a lender or an agent.  Start at the library, reading up on the basic principles buying real estate and mortgages (libraries due to a variety of reasons will not have many sources pushing the scam du jour).  Then go to the internet armed with your knowledge gleaned at the library, so that you will be better able to determine what is true and what is a scam.  Around the time you start actively researching on the internet start attending a few open houses in your target area, this will give you a chance to see actual houses an observe what they sell for before you start working with an agent. 

Once you have done all of your preliminary homework contact a lender(s) and verify that you can actually afford what your target is.  If you can afford more great, but it is probably best to stick to your predetermined target based on your own research.  So have the lender prepare the preapproval letter based on your target not the maximum you can afford. 

Then and only then, begin contacting agents, ask what expertise they have in assisting buyers with the pre-offer with due diligence, what other professional services they are providing between offer and closed contract, will they assist you and how they will assist you on FSBO as well as MLS listed properties, and last but not least how they are compensated and if they offer rebate (if allowed in your state) if you complete a quick easy transaction.
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May 19 2012
Profile picture for SoCal_Engr
Juliette makes some good points about what a "good agent" would do. Unfortunately, "good agents" are not a given...even if they actually represent the majority.

Consumers need to take responsibility/ownership for their own decisions, and this is best accomplished by doing some work up front. Not only does this make the consumer better prepared for the process, but it will also help in finding that "good agent" - especially since the definition of "good" will also vary from consumer-to-consumer.
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May 19 2012
A good agent would guide you to determine if purchasing is a match. For example, I recently advised my potential buyer to further educate herself by going to a CPA because she had a tricky situation.  The accountant (that I trust) let her know that based on her specific situation, disabled veteran and specific financial requirements, it may be better for her to not purchase, but to rent a home. This is why it is important to locate an educated professional who cares about YOU. You must find someone you trust working with. A good agent will care about your needs first and find the appropriate professionals who will assist you. However, generally, as mentioned earlier, once an initial meeting with clients determines they are ready to purchase, I send them to a mortgage broker. If they have not done their homework, I will provide them with education materials guiding them through a complete decision making process. Enjoy this process, it may seem scary, and you will receive a lot of differing suggestions. But, find someone educated who you trust.
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May 19 2012
Profile picture for SoCal_Engr
"Meet with a REA" is never the place to start. Neither is meeting with a mortgage broker. These are steps to take after you've done your own homework.

Dan's already provided some links to topics, but the bottom line of "done your own homework" is...

    - Educate yourself on the pros/cons of home ownership
    - Educate yourself on the basics of the real estate market/process
    - Make sure you have a financial plan that covers home ownership costs
    - Identify what you want in a home, and why ("needs" -v- "wants")

Home ownership can be great, but it's not for everyone. Do your homework and you can decide if you want to own a home. More importantly, you can avoid having the home own you.
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May 19 2012
I would ask a few friends who have purchased homes to identify names of agents/brokers that they were happy working with. Then, contact the agent and make sure you feel comfortable working with that person. Once you select an agent to work with - be loyal. They only get paid when you purchase a home. They will invest a lot of time assisting you, so be loyal. They will guide you through the process. One of the first things they will most likely recommend is to get you to a mortgage broker or banker. Often they will provide you with 2-3 names to choose from. Once you go to the mortgage broker, you will find out how much you can afford. Please "be aware", you may qualify for an amount higher than you are comfortable. For example, you may qualify for a home for $500,000, but may only be comfortable paying monthly payments on a loan for a home that is $350,000. So, make sure YOU are comfortable with the payments and then your agent/broker will help you locate a house in that range. Let's say you are comfortable with payments for a home at $350,000. Your agent/broker may show you homes in a slightly higher range. This is because you may make an offer that is accepted in a lower range than the list price. For example. They may show you a price at $375,000. That is higher than you wnat to pay. You may offer $345K for that home and receive a counter offer for $365K and settle on $355K. Just an example of the process. Remember, this is a stressful process, so select a wonderful agent who you trust and will enjoy working with for the duration. There are many wonderful agents to choose from.
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May 19 2012
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May 19 2012
Meet with a local Realtor. They can guide you through the process.
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May 19 2012
 
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I WANT FIRST TIME TO BUY HOUSE,WHERE I MUST NEED TO START,WHAT TO DO?
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