Getting the Ball Rolling on Buying Your First Home
Buying a house is potentially one of the biggest things you will do in your lifetime and with so much to do it can be tough to know where to start. At the closing table with you at the end of the process will be two people, your loan officer and your real estate agent. If they work well together you will experience a pretty pleasant transaction, with most drama being handled before you even hear about it.
So if you are looking for a place to start, wouldn’t it make good sense to make your first step be hiring your Real Estate Agent and Loan Officer and put your team in place?
Getting an Agent
A Real Estate Buyer’s Agent can make things easier and you don’t have to pay them a dime. They are paid by the seller of the house you buy, based on an amount negotiated between the seller and his listing agent. Your Buyer’s Agent is not just there to turn the key and let you in the house, but to research the market, assist in negotiation, process paperwork coordinate the transaction, deal with home inspections and other pre purchase tasks, and guide you through closing. There is a lot of responsibility and ethic involved on behalf of the Buyer’s Agent so you don’t want to take lightly the matter of choosing one. Referrals from friends and family are good.
If you are familiar with a particular company, call them. Or call the name on the sign of a house you saw that you liked. Upon meeting, if you like him, keep him! If not, call someone else next time until you find the person with whom you have good communication and a genuine interest in your project.
Get Your Mortgage In Place
Now you need a Loan Officer to give you a budget (with and without escrow) , a mortgage approval, and payment scenarios based on your credit and income information. Again, references and association with a reputable company are important factors. Your best referral, though, will come from your Buyer’s Agent who has worked with many lenders and knows which ones deliver what they promise and gets the job done as efficiently and drama free as possible.
Home Buying Should start with finding a Real Estate Agent and Loan Officer, and end with you receiving the keys to your new house. Expect some stress and drama along the way but know that with a good team and that approval in your pocket you will soon be enjoying life in your new home.