How to Buy Your 1st Home With Less Pain!

Avoid the 10 Most Common, Painful, Frustrating Mistakes First-Time Home Buyers Make

Buying a residence can be a hair-raising experience. You will experience a roller coaster of emotions selecting your team that will assist with finding the right place, securing the loan, and finally moving in. For most of us, the first-time home purchase is the largest investment we've ever considered. The emotions of purchasing something so expensive and personal can often cloud our business judgment.

Most home purchasers do little or no research before they invest their nest egg. Doesn't it make sense to become as completely informed as possible before you buy your first home? Did you know that the seller is paying your fee to the buyer's agent- but you have the ability to interview any Agent that you find is a good fit and learn the variables between who is putting you in the biggest debt of your life. I always suggest for the buyer to interview the agent and lender team- if the Agent is referring you to a lender then there should be a 3-way interview to see how they work together. Buying a house is like putting you in the Indy 500 for the first time and relying on the pit crew to keep you from wrecking and most importantly to win the checkered flag. If the Realtor and Lender are not in unison, be prepared to hit the walls numerous times and that is usually when we see a CRASH. In Today's market- you need the best pit crew on the track that work in unison.

To win the checkered flag it takes a whole network in the pit crew: it starts with a Realtor and Lender to identify the buyer's needs and qualifications- once that is in place they work together with their team that consists of a Processors, Escrow Officer, Inspector, Contractors (to bid on work if needed) Appraisers, Underwriters,

This special report is designed to help you avoid 10 common and crucial mistakes. The right real estate team can help you make good sound business decisions based on your personal situation.

1. Inspect, Inspect and Inspect – An experienced team will assist with going over the inspection report with a fine-tooth comb- and if an Agent ever suggests not to get an inspection or use the sellers' inspection to save a dime- you probably need to find a new Agent. Experienced Agents always make sure the report was done by a professional organization. For condo purchases, they will also go over the CC&R's, By-Laws, and Association Fees for you. Homebuyers can't take anything for granted...they want to make sure their team has the experience to inspect everything including the "requirements" and rules of living in that residence that may be buried on page 20 of an HOA or the budget of an HOA that could mean future costs that you were not aware of. ?
2. Imagine the Property Vacant - Your furnishings and decorations will be the ones filling this new residence. Don't be swayed by beautiful furniture; it leaves with the owner. Agents can negotiate some appliances- some people want to take their W&D and Fridge. Stoves always stay and usually dishwashers too. If you see a water feature- your Agent needs to identify this and have it included in the purchase contract or it very well may be gone on closing day. ?
3. ?Income + Lifestyle = Mortgage Payment - I feel the initial intake with a client is the "Keys to Success" as we found that is the time to sit down with Realtor and Lender and honestly discuss your income level, living expenses, and qualifications for loan programs. Taking into account future considerations, children, add-ons, amenities, and fix-ups can help create a solid roadmap with less confusion in the future. Your dream home is certainly worth a sacrifice but don t mortgage your entire future.
4. ?View Several Homes – I found best practices e like to start with making sure we see at least 5-7 properties and identify the market and what you like/dislike. Don't move too slow, but don t move on the first property you see without being aware of the options- once in a while we find a Unicorn on the “first date” but we also encourage you to view other properties to clarify why we called it a Unicorn. With our help, you should be able to view enough properties to get a good overall perspective of the home market. When you find the right property all the leg work will be worth it. This can take days, weeks or months- patience matters.
5. ?Utilize Your Team - By aligning yourself with the right real estate professional you will have an entire team at your disposal. Utilize your lender, title rep and agent. Each of them should work hand in hand for your benefit. Most Professional Realtors will request to sign a buyers agreement- this basically is an agreement that states they are working for you and you are committed to working with them if they find you the home you are searching for-you can cancel this at any time and terminate this agreement. ?
6. ?Be Columbo - Check out all costs and expenses before you sign. Utilities, taxes, insurance, maintenance, and homeowner dues if applicable. Make sure all utilities (gas, electricity, and water) are on during your walk-throughs so you can inspect everything in working order. Ask lots of questions and be very detail conscious.
7. ?Do a Final Walk-Through – We will visit the property after all furnishings have been moved out to be sure there are no surprises. We like to be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked. We will not allow a closing to occur until the home is ready to hand it over as expected.??
8. ?Plan For Flexibility - Closing dates are not written in stone. Allow for contingencies and have a backup plan. If you or the sellers need a little more time to conclude the final arrangements, don't let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction. We will assist with managing any leases that may need to be broken- they can be tricky. ?
9. ?If It s Not In Writing, It Doesn t Exist - All promises and discussions should be in writing. Don t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. We keep an ongoing log in writing of all discussions and get the seller s written approval on all agreements. If you don’t understand something be sure to ask until you do- we get in the trenches at times and unintentionally think a homebuyer understands our jargon. ?
10. ?Loyalty Breeds Loyalty - Be open, honest and up front with your team. Hard feelings and disloyalty will cause headaches, and delays or may even keep you from getting into the home you worked so hard to locate. Take the time to select the right team at the beginning and your first home purchase will be a pleasing and memorable experience.