First Time Home Buyers

From GrandJunctionHousesForSale.com

Real Estate Resources
First Time Home Buyers
By Bobby Ulibarri

Home Buying Tips And Information

First time home buyers might feel better to know that they're not the only ones who feel confused about the home buying process. I know because I was one of them. Before I started my Real Estate Career I put my foot forward and went on the home buying hunt. I had no idea what I was about to encounter while working with a builder/developer.

It seemed like no one was in my corner to guide me through the          process except "Them" and it seems like they were only interested in their behalf. Even though they had meetings with me and explained what they said was very detailed, and sensibly explained.                     I was in for a good experience of putting down a large amount of EARNEST MONEY (called good faith money) Little did I know that if I defaulted they could keep my earnest money. As it turns out, I ended up  losing my money and wondering what happened and how I got into what was suppose to be an easy transaction.  They claimed that I had defaulted. How did I default??? Well, Lesson learned the hard way! From then on I started reading and educating myself on Real Estate questions and answers.

So here I am now to help those who want someone in their corner when they are ready to negotiate a deal.

Nearly all home buyers feel the same way, even if they've bought a house in the past, because it's easy to forget the steps you took to get into a home once the event is behind you.

Get prepared In home buying basics before you begin. Get educated about the home buying customs where you live. Relatives or friends who live in another state might have some good general advice for you, but chances are the process is very different in their area, so avoid the mistake of relying solely on their advice to make important decisions. Remember the quote "If you ask three people what to do on a certain situtation, you will most likely get three different opinions.                      I once worked with a young lady who was purchasing for the first time and it seemed like every time I told her what the next step was in the process, she would go ask her mother, father and her preacher, then would come back to me and say "BUT MY MOTHER, FATHER, PREACHER TOLD ME THAT I SHOULD DO THIS"
I understand they had some experience in previous buying but not all situtations, rules and regulations apply the same to everyone. Every deal, situtation, and transaction is different and needs to have a personal, custom care and someone to work in your corner. THAT'S WHERE I COME IN!! Remember I went through this and learned the expensive way.

So,.. How Do You Learn the Basics?

Talk to a real estate agent about the typical home buying process.    This should be a meeting that should lead to an agreement for the agent to represent you. Although you need to know how your real estate professional is working. In what capacity is the AGENCY.           Is it " A Buyers Agency",    "A Transaction Broker Agency" or is it        "A Sellers Agency"                                                                                  In other words if the agent is selling a friends house, are they really looking out for you? I have free articles adressing this, if you go to the guest page and log in, it will give you access to detailed information, such as these..

Home Buying Questions to Ask

If you decide to work with an agent, will the agent help you compose your offer to purchase a home? If not, who does help?
If the agent uses fill-in-the-blank forms, ask for a blank sample copy to take home and study.
What types of disclosures are sellers in your area required to give to buyers? Can the agent give you a sample copy of typical disclosures?
What types of home inspections are standard in your area? Are there other inspections that the agent recommends?
How much do the inspections usually cost? Are they regarded as a buyer expense? Who pays for this?
When are inspections done? Dealines are of the MOST CRITICAL.
Is a survey required for most transactions? If so, who typically pays for it, the buyer or the seller? Be careful because Grampa could have put the fence there many years ago and it may not be in the proper boundary line.
Who does the title search to verify that the deed is problem free, attorneys or a title company? What's the average cost for that service? Title is so important because it conveys to you as a General Warranty, Special Warranty Deed, or many other types of deeds. Which one do you want. Know what kind of deed you are getting.
Who acts as settlement agent, the person who puts together final paperwork for you to sign? (attorney, title company personnel, real estate broker, other)?
Other than loan costs, what's the average total cost for other closing fees?

ASK, ASK, ASK, your lender what will be the total charges for me. No surprises at the closing table. You will receive a settlement statement that shows all of the charges, but the problem is typically it is not given to you until 1 day before closing. By then it may be too late to dispute any unaware charges. You also should receive within a couple of days from your lender a "GOOD FAITH ESTIMATE" It's by law and you need to ask for it. Taxes, settlement agent fees, and prorations. Buyers fees, costs, and charges are different from Sellers fees. Who is responsible for what fees and sometimes you can ask for your fees to be payed or waived. Depending on the type of loan, VA, FHA, or a CONVENTIONAL loan.

How long does it usually take to close on a home once an offer is accepted?

That's a good start. After you have the answers to some of these questions, you'll get a better feeling for the basic procedures in your area.

Always Keep a Cool Head even simple problems can be a burden when you have so many details to take care of, so don't over-react if you hit a few snags on the way to closing. Keep a cool head and work with the people helping you through the transaction to resolve any issues that pop up. There are many hurdles to cross after you sign the purchase offer, we just need to cross one at a time as I'll expain the buying process, steps and procedures. It can be very easy, gradifing, and very painless if you know and trust your Real Estate Agent.