First-Time Buyers
We LOVE helping first-time home buyers.
At Swan Realty, our buyer representation focuses on education. We will communicate with you regularly, providing valuable market knowledge and expertise to guide you through each step in the real estate transaction process, starting with mortgage pre-approval, contract negotiations, home inspection and warranty options, appraisal, homeowner’s associations, title considerations, closing, and more!
The Home-Buying Process
Pre-Qualification
Meet with a mortgage broker and determine how much you can afford to pay for a home.
Pre-Approval
While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when purchasing homes out of your price range. With Pre-Approval, the buyer applies for a mortgage and receives a written commitment from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Preapproval costs are generally nominal, and lenders will usually permit you to pay them when you close your loan.
Making a List of Needs & Wants
Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) that are unnecessary. Realistically, for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
Representation by a Professional
We highly recommend hiring your buyer’s agent, someone who is working for you, not the seller. In a typical real estate transaction, the buyer’s agency commission fee is paid for by the Seller/Listing Brokerage. Without proper representation, experience, and guidance, you could potentially overspend on the purchase price or overlook the property, HOA, title problems, etc., that otherwise would have been resolved before you closed on the property.
Focus & Organization
In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:
One or more detailed maps with your areas of interest highlighted.
A file of the properties your agent has shown you, along with ads you have cut out from the newspaper.
Paper and pen, for taking notes as you search.
Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.
Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area
Visualize the House Empty with Your Decor
Are the rooms laid out to fit your needs? Is there enough light?
Be Objective
Instead of thinking with your heart, think with your head. Does this home meet your needs?
Be Thorough
A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:
Include inspection & mortgage contingencies in your written offer.
Have the property inspected by a professional inspector.
Read and understand your HOA obligations (if any)
Understand your title commitment
Request a second walk-through to take place within 24 hours of closing.
You want to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale has been replaced by a cheap ceiling light).