I have been getting many calls regarding first time home purchases. It seems like there is a lack of understanding because everyone, instead of taking the time to research what to do and what they need, thinks buying a home in this market is easy. This point of view cannot be further from the truth. Thus, I made up the best list I could think of, of what first time buyers/investors need to do before talking to an experienced professional:
1) Getting a "Preapproval" letter
- this is huge and probably the biggest step in the process because it proves to us, the realtor, that you have the money for a mortgage thus the bank trust to give you x number of dollars for a mortgage etc...
2) Time frame of the move
- if you are looking to move within 6 months to a year or have NO time frame, what does that tell realtors? It tells us that you cant be serious enough if you have a time frame longer than 3 months. Look, we know this is the biggest decision of your life, financially speaking however if you have the funds, think this is the time in the market to buy, always waiting for the perfect opportunity why are you waiting.
3) Have you been looking for a while?
- if you just started chances are you wont by for a while, you have to get used to the area, used to professionals you want to work with, and used to what you want, without this experience by yourself it is hard for you to say ok this is what I want, now im ready to pull the trigger.
- so look for a while on your own, once you feel that your "ready" and say i want to move as soon as possible and have a preapproval, then you are officially a "buyer" and congrats :)
Knowledge is Power
Hope this helps, any questions regarding the buying process, contact me directly at (201) 533-3070