I do a lot of my business with First Time Home Buyers... A lot of them have talked with multiple agents in regards to finding one they feel comfortable with. A wise decision when you are looking to purchase what will be the largest purchase you make in your lifetime. Over my time of dealing with first time home buyers in the Charlotte area I have come across some common mistakes or things they have never thought of before addressing it with them. I have outlined what I feel are the most common things first time home buyers in the Charlotte area need to do before they go out and search for a home and after they find the home they want.
First, and probably most important is to make sure you qualify for the loan. Most people call a bank or mortgage company and get told they are pre-qualified up to X amount of dollars for a loan. Based on that number they feel they can get iinto a home. The part they do not understand is the other "fees" and add on that are added to their monthly payment when they find a home. No disrespect to the mortgage people out there; however, it is impossible to give a complete and accurate payment without knowing the home they want to buy. The sale price, closing costs the seller is willing to pay, property taxes and homeowners insurance all factor in to the monthly payment and outlay of cash the buyer has to come up with. When they find the home they want, the mortgage professional tells them here is your payment and what you need at closing in terms of cash...A lot of people get shocked by the number.
Second, pull your credit report. There are sites out there that will charge for a score. But a lot of people do not realize that they are entitled to a FREE copy of your credit report every year. Just Google the three major bureaus and request a copy of your credit report. You want to make sure that everything is being reported accurately and that there are no accounts on there that do not belong to you. It seems every time someone will say I thought I paid that off, or I did not know that was on my credit report. These things hurt your score and affect the interest rate you can get on a mortgage. So, before you contact a mortgage professional make sure you know what is on your credit report.
Third, make sure you are completely comfortable with the payment before you put an offer n on a home. When i have a client that tells me this is the home we like to put an offer in on...i give them the property taxes and tell them to contact their insurance company for a quote on homeowners insurance. Call your mortgage professional and give them the numbers and ask for a complete payment... make sure you are completely comfortable with it and then put in an offer.
Fourth, this is one that usually takes people looking at a multiple of homes to completely understand...you probably are not going to get everything on your wish list. I always ask clients to give me their wish list in regards to what features they desire in a home and location. I do my best to find that home for them. Unfortunately, it not always that easy. I am not saying compromise. But be realistic and say this is our must have and would like. then decide if the exact type of home with the features you want is not out there what you can do without.
Fifth and last. make sure that the Realtor you are dealing with is someone you feel comfortable with. Make sure they are asking you a lot of questions and looking for and sending you homes that fit what you want. this is going to be the largest purchase you make. Do not settle for an agent because Mom and dad used them or they were referred to by a friend if you are not 100% comfortable with the agent. I always put myself in the buyers shoes and sometimes have been accused of giving too much information. But I feel that information overload is better than no information. You need to make sure you are making an informed, educated decision. That is where we come into play. It is our job to guide you through the process and help you with finding the home and negotiating the sale.
Ironically, I hear is after we have found that right home and negotiated a fair deal is ...i guess we are done with you. I tell them no we have just begun. I am with you through the closing and long afterward. My job has just begun when you found a home and made an offer that has been accepted.....
Dave diCecco
Realtor/Agent
www.davedicecco.com
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