So You Want To Own A Home.

Nov 30, 2007 - 15:25 PM PST

So you want to own a home and you’re not sure where to start. Have no fear, Gina is here. It may be really tempting to begin by looking at homes and condo’s as the first step. However you need to remember you can’t properly finish a race without going to the starting line. Here is here is where you start

#1 Get Pre Approved for a Loan. Make a note of this. Pre Approved and Pre qualified are two different things. Pre Qualified means at minimum you talked to someone over the phone and based on what you said, without looking at your financial documents you may get a loan for a certain amount. With a Pre Qualification none of the prep work has been done and a lot can go wrong in the loan when you find challenges late in the game. Pre Approved means that you talked to a loan officer they have reviewed your credit and all your financial statements and have found a lender that is prepared to give you a loan, assuming the home you find appraises and fits the lenders conditions. This first step is a major time saver and money saver. If you have issues with your credit, it’s best to address the challenges in the beginning, not while you’re in the process of buying your home. You also don’t want to waist your time looking at homes that are not in your budget. Finding a good loan officer is key, however that is a whole article in its self. Stay tuned.

#2 Look at homes over the internet. If you can read this article you have access to a computer. When I first started this business, Realtors were afraid the internet would hurt their business. As it turns out, the internet is their best friend. Buyers that come to them that have looked on the internet first are more apt to make an educated decision quicker on what home suits them best.

#3 Interview Several Realtors. Sniff each other out. Then choose a Realtor. Most buyers don’t do this. Often the buyer ends up complaining about the Realtor and the Realtor ends up complaining about the buyer, however in reality neither person has properly laid out their expectations of each other.

#4Get A Copy Of The Purchase Agreement in Advance While You Looking For A Home. When you find a home you will end up signing a lot of paperwork during the life of your purchase. The legal language on these forms are ironically meant to clarify things, however often it’s like reading another language that only an attorney could understand. Reading this agreement in Advance will give you a chance to absorb the information at your pace and give you time to ask questions about the process that you haven’t thought to ask.
Follow these steps and it will help to make your home buying experience a good one.