First Steps to Buying A Home

I get a lot of questions from potential buyers asking ” Where do I start when I want to buy a home?” Well, my First suggestion is to find a Realtor®. One that was either recommended by someone you know or an agent that you feel comfortable talking to. It is your right to choose your agent. You may have to interview a few of them to find the one you feel comfortable with. There is something called a “Buyer’s Agency” that a real estate agent should ask you to sign. This is permission to represent you as your agent. It is AR Real Estate Law that one is signed by the buyer. It will also give permission to be a “Dual Agent.” A Dual Agency just means that the agent can represent you, as well as, the seller. So, if you look at homes listed by the company the agent works for, they represent that seller. If you’re not comfortable with that, you should discuss this with your agent.

The Second suggestion would be to meet with a lender to get Pre Qualifed for a loan. You can use a lender from the bank where you do business, or perhaps your real estate agent can give you a list of lenders in your area.

It is very important to get the Pre Qualification because:

*You will know if you meet lender requirements to buy the home
*You will get an estimate of what your closing cost and/or out of pocket expenses will be
*You will know what Home Price Range to search in
*You will know what your estimated monthly payment will be ,including taxes and insurance
*You will know what loan type you qualify for;  Your agent can help you find a home that meets loan requirements
*It saves you time. So when you find the home you like, you can write an offer quickly. Some sellers may require that you provide a “pre-approval” letter when submitting the offer.

The Third suggestion is Have Fun! Look at homes that are within your budget. You may need to look at several before deciding on the one you like. Once you find the one, let your Real Estate Agent help you write the perfect offer to protect your interest.

Mortgage Interest Rates are still at Record Lows! More than likely, you can buy a home cheaper than paying rent. There are loans out there that require as little as $500 Down. Some programs will even assist in your down payment. Take the first Step, Choose me as your Realtor®.

Put me to work for You!

Teresa Smith

RE/MAX First Realty

 

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