A Step By Step Guide For First Time Home Buyers
Being a first time home buyer is equal parts exciting and stressful. Lots of moving parts, lots of legal documents, lots of information!
Just take your time, try not to worry, and enjoy the ride.
Here are some handy pointers for you
GET PROFESSIONAL REPRESENTATION
Just because your friend, parent, boss, used a certain Realtor does not mean you have to. Meet with some different agents, ask for references, search their record on the RECO website. Find someone you are comfortable with and that you can trust.
KNOW WHAT YOU ARE SIGNING
Here are some of the documents you will come into contact with: Agreement of Purchase and Sale, Buyer Representation Agreement, Buyer Customer Service Agreement, Confirmation of Co-Op. Make sure you completely understand these documents before signing anything. Do not be afraid to ask for a legal opinion either.
THE EXPECTATIONS GAME
Have you spoken to a bank or mortgage broker? Make sure you know exactly what you can afford before you start looking. Take your budget and have a conversation about the areas you can afford, what you are likely to see included, what you wish for vs what you need.
THE HOME SEARCH PROCESS
Their is no magic trick. It will more than likely not happen over night. You may be searching for the perfect home for months. Do not feel bad about this. It is just the process and one that professional Realtors are used to. Try and be realistic with your time requests of your Realtor as well. One person or team can only do so much. I also recommend you limiting the number of homes you see on each outing. Otherwise they will all blend together.
DUE DILIGENCE
Contracts can include due diligence clauses, home inspection clauses, septic inspections, or any other aspect of a purchase you think requires further due diligence.
NEGOTIATE ON YOUR TERMS
Do not let passion cloud your judgment. Rely on the professionals you have surrounded yourself with to help guide you through the offer process.