First Time Buyers: A Step By Step Look at Home Buying
As a first time buyer, you may find yourself wading through a vast array of estate laws and customs. Depending on your location, the steps may differ which can con-volute the process or the difficulty in which the tasks are performed. Before you become a first time buyer, read through our real estate tips for first time buyers and they will help you when you begin the process.
Get Prepped in Home Buying Basics
Before you begin, get educated about the home buying customs where you live. Relatives or friends who live in another state might have some good general advice for you, but chances are the process is very different in their area, so avoid the mistake of relying solely on their advice to make important decisions.
So How Do You Learn the Basics?
Speak with a knowledgeable professional, such as an agent at Southern Real Estate, for advice about the typical home buying scenario. This does not mean you have to sign an agreement for the agent to represent you, but it is a good opportunity for you to gain some basic knowledge from an expert who deals with these transactions on a continuous basis. This will allow you to get a feel for us as your potential agent when you are ready to make that decision.
You can also talk to a bank loan officer or mortgage broker. Just be aware that they look at home buying from a different perspective, but can usually give you a basic overview of the process.
Home Buying Questions to Ask
- Will the agent help you assist you through compose your offer to purchase a home?
- What types of home inspections are standard in your area? Are there other inspections that the agent recommends?
- How much do the inspections usually cost? Are they regarded as a buyer expense? When are inspections done?
- Is a survey required for most transactions? If so, who typically pays for it, the buyer or the seller?
- Does an attorney or title company do a title search to verify that the deed is problem free? What’s the average cost for that service?
- Who acts as settlement agent, the person who puts together final paperwork for you to sign? (attorney, title company personnel, real estate broker, other)?
- Other than loan costs, what’s the average total cost for other closing fees such as taxes, settlement agent fees, etc?
- How long does it usually take to close on a home once an offer is accepted?
That’s a good start for a first time home buyer. After you have the answers to those questions, you’ll have a better feeling for the basic customs in your area.
Ready to start the home buying journey? Give Southern Real Estate a call today to schedule your personal first-time home buyers consultation at 251-368-4397!