Profile picture for romena0212

Where do I start?

I am a first time home buyer and I don't know where to start?
What is the difference between short sale, pre-market or foreclosure?
  • March 03 - American Canyon
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)


Hi,

First of all, congratulations on deciding to become first time homebuyer!  Like I tell my clients, becoming a homeowner requires you to not just be financially ready, but emotionally ready as well. Learning as much as you can about the home buying process as well as where you want to live will help you feel confident that you can do this and will be holding the keys to your first home one day.

The homebuying process can be overwhelming at times, after all it's probably the biggest investment you'll ever make. As for myself, I would have never made it through the process without my own realtor guiding me through every step of the way...Now that I am a realtor as well, I break it down for my clients into steps:

1.) Find a realtor you trust and communicate to them what you need/want in a home
2.) Get a pre-qualified with a lender you (and your realtor trust) so you know how much home you afford
3.) Gather and bring in your documents (taxes, pay stubs, bank statements, etc.) to the lender
4.) Start seeing homes with your realtor
5.) Your realtor will take it from there in terms of writing offers and the escrow process. 

Your realtor will help you decide if a short sale might be right for you (especially for ones not approved you need a lot of time and patience). A foreclosure/bank owned home really depends on the condition of the home (the home could be a complete mess or the bank may have done some repairs).
Good luck!
  • March 03
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Neil R
  • Neil RZillow
  • 6702 contributions
Hi romena0212 -

In addition to wetdawgs contribution, you may also visit the Zillow Foreclosure Center for more helpful tips.

Thank you.

Neil
Zillow Customer Support
  • March 03
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Here's a link to Zillow's buyer's roadmap.    Where one starts depends on where you are today financially.   Many will chime in to contact a lender or a real estate agent.  My opinion is that it is best to start by familiarizing oneself with the process before introducing yourself to professionals in the area.

When you do decide to contact professionals in the area, take time to find a good one for your needs.  Like every business, the is a broad spectrum - excellent, lousy and average.

Short sale - the owner expect to sell for less than they owe on the house so plan to "short" the lender.  This needs lender approval, and can be a real pain for all involved.

Foreclosure - owner stopped paying.
  • March 03
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.