Tips For Real Estate Buyers

**michelkhan** · 10-30-2008, 03:04 AM

First time home buyers face many challenges in understanding the process of purchasing a home, obtaining a mortgage, and knowing which type of loan will best suit their needs. Advice from well meaning loved ones can be helpful, but buying a home is a major financial commitment and you would be wise to educate yourself on the home buying process before taking the first step.

When you make the decision to purchase a home, talk with a real estate agent who can give you expert advice and valuable information. The purpose of this initial meeting is not to sign a representation agreement with the real estate agent, but instead to make yourself aware of local real estate customs in your particular area. If the agent has no time to discuss the home buying process with you, then keep looking until you find one who will. A good real estate agent will offer you information on the local real estate market and give you an idea of the types of mortgage products that are available to you. A mortgage broker or lender can also give you valuable information when you decide to buy a home.

The questions you should ask the real estate agent or mortgage broker include how to make an offer on a home you wish to purchase and the specifics involved in between making your initial offer and the final acceptance of the offer from the seller. Ask about the settlement costs, the down payment amount that you may need, and the length of time involved between the acceptance of your offer and the final closing date.

Make sure you understand your credit situation and what it means to you as far as applying for a mortgage. Down payment requirements and the interest rate you will receive are directly related to your credit score. You should be aware of exactly what is on your credit report before beginning the home buying process.

These tips will give you a good start in making wise decisions when you purchase your first home. Keep in mind that buying a home can be stressful at times and that a calm attitude and the ability to cope with any issues that may arise calmly will make the purchase of your first home a more pleasant experience. Buying your first home is one of the most exciting events in your life. Give yourself the information you need and take the advice of experts when you begin the home buying process. The experience will be less stressful and you will benefit from the knowledge you have gained.

**cherry30** · 10-30-2008, 04:22 AM

These are great tips. Thanks for sharing them. I am hoping to buy my first house soon. Something that I can call my own.

**rozi.bush** · 11-03-2008, 02:25 AM

well written article worth to read thanks.

________________
Rozi Bush
Miami Real Estate

**suziclue** · 11-08-2008, 02:07 PM

Dont' buy anything at this time, wait till atleast 2012 as the market begins to bottom. why buy when the price is droping like a knife. If you're not aware of the price declines, check out the following site in my signature:

In a few years you may be able to buy your house outright and not have a loan!

**PureLifeRealty** · 11-22-2008, 09:58 AM

Not just under bid, but way under bid and you might get lucky. And if you do get lucky, I think before 2012 it comes back. Banks might start renting before you know it. Maybe rent to owns. They will make all the money back that way

Just my 2 cents

PureLifeRealty in Costa Rica

"Leave The Searching to Us"

**DinaC** · 11-22-2008, 01:25 PM

Buyers should also make sure they are getting a good deal by comparing home prices in the area and looking at the history of a given property. There is a really helpful tool for comparing home prices and taxes, finding property values, and charting home values at ManageMyHome.com...

**Codythebest** · 11-22-2008, 05:52 PM

Originally Posted by suziclue

Dont' buy anything at this time, wait till atleast 2012 as the market begins to bottom. why buy when the price is droping like a knife. If you're not aware of the price declines, check out the following site in my signature:

In a few years you may be able to buy your house outright and not have a loan!

Don't know where you are, but here in East TN, we are rebounding already. Bottom was last summer...I begin to have much more leads now than few months back. I'm waiting a bit more of course to see if it is stable and not just an accident...

But, to get back into topic, the most difficult for a buyer is to find a buyer's agent, and not an agent wallet's agent...

**PureLifeRealty** · 11-23-2008, 06:32 AM

I wouldn't agree the the market is bouncing back yet. I would say any sales you are making is for people who have money, scooping up all the half million dollar homes for 40 cents on the dollar. Are your clients getting loans to buy these houses with little money down or people loaded, with great credit, and a huge down payment?