Profile picture for lilceldridge0806

first time buyer and were clueless

We are looking forward to buying our first home. The only thing holding us back is we do not know where to start. The only thing we do know is where we what to buy. We are not sure where to start. Any suggestions or info would be greatly appearicated.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 15 2011 - East Houston
We think we've answered this question for you!
 
 

Replies (12)

Profile picture for Dunes....
You need to become aware of your options and formulate some type of plan first..before running off haphazardly to any old Lender or RE Agent...


This is a MAJOR Decision and Financial Obligation with many possible life affecting impacts..good and bad

I would suggest you give this Fed. Gov. Site a look, it has all the Current Fed Housing Loans (FHA/Vet/USDA ect.) and you search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program.....Fed Loans..Housing

I would suggest you read the 9 Steps to Homebuying on the Hud site as they are an excellent guide & Resource....
(Step 3 is interview lenders..Step 5 is interview RE Agents)..
Buying a Home

Check out all this information from the Dept. of Justice Web Site...
Competing Models of Real Estate Brokerage

Consumers Can Save Thousands of Dollars in Commissions

Competition and Real Estate... Real Estate Laws in Your State

Rebates Make Buying a Home Less Expensive

Rebate Calculator

You could also make use of the Fed Gov and Banks Sites they have created to allow the Public to view their Properties for Sale/Foreclosure/REO..Get a feel for Prices and different Options

Sites like...HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link

Bank sites like....Bank of America...Wells Fargo
You can find links to Bank sites here...Link

For finding Public Records, Property Records, Tax Sales posted ect. you may find this Public Records Search Engine helpful...Check it out
Free Public Records Search Directory

You have options .. become familiar with them& Good Luck
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 15 2011
First of all congratulations on buying your first home!  I love working with first time buyer's and would have loved to work with you. 

The first place to start is to hire a good agent.  A good agent can give you great referrals for a lender.  You will need to see if you qualify.  At first they can do a pre-qualification over the phone.  Also, sit down and do some financials.  See what payment you are comfortable with.  If getting a loan you will need good credit (above 600).  Your credit will determine if you can qualify for a loan and what type of loan you will get.  Rates are so low right now and home prices also that this should be cheaper than renting.

Best of luck, it will be very exciting!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 15 2011
Profile picture for wetdawgs
Welcome to Zillow.

Thank you for taking time to become less clueless (i.e. educate self) before jumping into one of the biggest financial decisions of your life.  That approach will help you make a much better decision, rather than expecting agents and lenders to be making the decisions.  Kudos.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 15 2011

1.   Meet with a mortgage banker to determine if you can get financing and what mortgage payment you'll be comfortable with.

2.   Do some research online as to your preferred areas (those within your budget) and then drive those areas.

3.   Research, research, research. Don't trust an an agent / broker to handle all matters for you or you may be severely disappointed. It's your responsibility to be an informed consumer.

4.   When you interview agents, make sure that anything they tell you can be backed up by hard data. If they can't provide it, then move on. A professional agent will be able to give more than just "seminar answers" to some tough questions. Make sure your agent understands surveys, contracts, title commitments, closing documents, etc. and know what questions to ask during the interview. Let me know if you need formulating the right questions...I have a short list of not so common questions that will help you quickly determine the knowledge of the agent you're interviewing.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 16 2011
@Dunes, Great answer, great directives!  I agree 100%!

Talking with a lender or an agent is not the first step in the home buying process.  Educate your self as much as possible by following the links Dunes has provided.  Another option is to attend a home buying workshop sponsored by your local HUD sponsored non-profit housing consulting firml.  The HUD website can direct you.  Generally there is a small fee, but the certificate from the class is required by many lenders for first time home buyers. They will also be able to advise you of any local or state grants that are available in your area.

The more knowledge you have before talking with a lender or a real estate agent, the better you will be at assessing whether or not the person is representing you in the manner you want to be represented.  Remember, you are "hiring" both the lender and the agent and they "work" for you.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 16 2011
Dunes gave you a thorough list of great places to go on-line for good help.  The only thing I would ad is to find an experienced Buyer's Agent.  Try www.NAEBA.org and www.REBAC.net.

Good Luck with your search

Ronn Huth, Exclusive Buyer's Agent  [Phone removed by Zillow moderator.  Please refer to our Good Neighbor Policy for more information.]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 16 2011
Profile picture for Dunes....
@ Deborah..Thank-you and I Nominate you for Best Answer ;)



.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 16 2011
I would tell you to do your research and talk with several different Realtors in your area.  Find one that has the heart of a teacher and is going to walk you through each and every step with patience.  The same is true with the lender that you choose.

Personally, I do a Buyer interview with every client.  I want to get to know my clients on a personal level.  The key is building trust.  You need to feel comfortable with your Realtor just as much as they need to be able to trust you too.  They will represent you in one of the largest financial transactions in your life and guide you through an extremely emotional purchase.  They should give several suggestions for lenders and that person should have that same heart of a teacher.

Best of luck and enjoy the entire process!!!!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 16 2011
The first thing you need to know is if you qualify to buy a home. So I recommend to get pre-qualified with a lender.
There is also several seminars for First Time Home Buyers.  Most of them are offered by non-profit organizations.  The HUD website has on its site the name of lenders who hold this seminars in your town.

In the class you will learn about the process, the terminology used, etc.
Also, if there are incentives given by the local government to first time buyers to help pay the closing cost.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 28 2011
1st I woul dask frineds fro referrals fro a real estate agent (seaoned one since you are 1st time buyers) and a lender.  Interview both until you find someone who you feel is a good fit with your needs and wants.  these two professional can make this process easy and fun...no woryy when you fin dtrue professionals they will do most of the work for you so you can enjoy and follow there lead...
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 28 2011
Congratulations on your decision to buy a home.  I am also a huge proponent of "educating yourself first".  Look for information on everything from the home buying process to how to find the right agent, from reliable sources.  This will give you the tools you need to make good decisions.  Best of luck to you!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 28 2011
Profile picture for sunnyview
As first time buyers, it is your job to ask a lot of questions and educate yourself. Do not expect an agent or a lender to make decisions on your behalf. There are many things that a professional can help you with, but that does not mean that you can sit back and trust them to decide what is best for you.

Get all the information you can. Read Zillow to find out about things that you do not even know that you don't know. About.com is another excellent site here that has a good first time buyer guide. The best way to learn is to read and ask questions. In the end, you cannot trust any professional more than you trust yourself. You may be new to the process, but be a participant not a buyer to be led by others goals.

Decide how much you can afford before you talk to a lender. Decide what type of house will be good for the long term. Line up a plan and give yourself permission to say no to your agent or lender until you decide what to do. This is your purchase and a good agent will respect your right to make your own decision. Buying can be an exciting process if you are educated and ready.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 28 2011
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
first time buyer and were clueless
Profile picture for sunnyview
Latest reply by sunnyview
June 28 2011 | 12 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 9311 Balsam Ln, Houston, TX Home For Sale
    9311 Balsam Ln, Houston, TX 77078

     For Sale: $49,900

    • Beds: 4
    • Sqft: 1188
    • Baths: 3.0
    • Lot: 7104
  2. 9314 Forest View St, Houston, TX Home For Sale
    9314 Forest View St, Houston, TX 77078

     For Sale: $25,000

    • Beds: 3
    • Sqft: 1122
    • Baths: 1.0
    • Lot: 17220
  3. 8446 Carolwood Dr, Houston, TX Home For Sale
    8446 Carolwood Dr, Houston, TX 77028

     For Sale: $50,000

    • Beds: 3
    • Sqft: 1484
    • Baths: 1.0
    • Lot: 13688