I have always specialized in helping first time homebuyers make their dreams come true. More often than not, that means financing your home purchase with the minimum downpayment.
Currently there are many loan products available to assist you including loans with Zero Downpayment and Closing Costs paid by the Seller.
How to buy your first Home 1-2-3:
- Get prequalified before you shop
When I prequalify you, we’ll focus on your monthly mortgage payment. Your comfort level there is key. We’ll determine the best loan product to get you out there and shopping. Once you know your price range, you’re ready to go!
- Shop ’til you drop
The best way to find your home is to realize three things:
- Your “dream home,” lives within you. Make your “wish list,” and be prepared to compromise when you find the house that meets most of your criteria. Once you own your house, you can finish the project and make it into your “dream home.”
- Work with an experienced Realtor. Realtors with experience won’t waste your time trying to sell you something. A professional will listen carefully to you, and then identify properties she thinks meet your criteria. Be sure to communicate with the Realtor about what you like and don’t like about a house she shows you. This way she gets a “picture” of your home, and she can find it for you.
- Be prepared to work hard. Get out there every chance you get. Drive neighborhoods, visit real estate offices, go to open houses, and call on “signs.” It’s hard work finding your home, but well worth it.
- Make offers
In New York State you can only buy a house with a written contract of sale. This means that until you sign on the line with your attorney, you can literally change your mind and walk away from the deal. This is a liberating concept when you are faced with the prospect of making offers—and signing binder forms—on a Saturday afternoon or a Thursday evening. In my experience, the buyers who make offers are the folks who achieve their dreams of homeownership quicker and with less anxiety.
Making an offer does not commit you to anything but it does:
- Begin a “dialogue” with the Homeowner to arrive at a final price
- Show your Realtor you are serious about buying a home. Realtors don’t get paid by the hour: they earn a living when you buy a house. No experienced Realtor wants to spend hours and hours researching properties and driving around with buyers who don’t buy. But, Realtors understand the process can take some time. Therefore, when you make an offer you demonstrate to the Realtor your seriousness and give her good clues as to the kinds of houses you like.
- Put you ahead of the other buyers competing against you. In a cutthroat market, you’d be surprised to hear that buyers still say to Realtors after seeing a good house, “We need a day or two to think about it.” When that buyer calls the Realtor three days later, she has to deliver the bad news, “The house sold already.” Making an offer gets you in the negotiation process. And it buys you time to consider all your options.
Your “Council of Advisors”
Before you shop for your home you should consult with:
- Your Mortgage Professional
- Your Attorney
- A Certified Engineer
These three professionals are important both to give you advice and to move along your homebuying process once you make an offer on a home.
