So you're thinking about buying your first home. Congratulations on making one of the biggest steps to the biggest purchase you've made to date. It's not just a purchase like a pair of shoes.... It's the grown up responsibility of becoming a HOME OWNER!
I'm shocked to find out just how much information ISN'T provided to the segment of the population that needs more data than anyone else. Where do I begin? What's any first step? Who do I ask?
It's very common to start looking on one of the websites out there that starts with a "Z" before you even know what you can and cannot afford. So right now, before you look at one more home on line...
This step is CRITICAL! Especially, know that number 3 is extremely important. You DO NEED MONEY IN THE BANK TO BUY A HOME. Even if it's a zero down loan, you will need an ESCROW Deposit (good faith money that is attached to your executed contract and held in "escrow" until closing. It will be used to go against the amount you are financing. EVEN IF you have the seller's pay a portion of your closing costs and pre-paid items.... you MUST have funds available for application, Inspections, Appraisal, and ESCROW. If you don't have $2500-$3000 at your disposal, then you might need to wait just a bit to start making offers on homes.
Once you have these 2 important contacts made and established a rapport, it's time to start officially looking. Now don't ask your Real Estate Professional "where is a good area for me to raise kids". We can't answer that question. It's not allowed, and it's actually cause for us to lose our license or have it suspended. So.... Start checking out the school situations in the city you're looking to move. There are tons of statistics out there that can help guide you. But remember, we can't.
What is the MOST IMPORTANT factor with this process? COMMUNICATION! Know that neither of these professional people will typically be working at midnight. If you want to leave an email or a text, know that either one will get back with you as soon as possible. Let your professionals know what is the best time to reach you, what method of contacting you do you prefer (call, text, email?). Know that both of these professionals will work together to get you into the house of your dreams. You just need to know the protocol and set up expectations from the beginning.
No more WHAT TO DO in this blog. I've given you enough to get you started! If you know a REALTOR, they can help you find a lender and vice versa.
NOW LET'S GET THIS PARTY STARTED!