Bulgarian Properties Directory

This is a compilation of 8 good tips for first time home buyers.

1. Secure great credit.
Having good credit is reinforced over and over again when buyers are looking for financing. Paying bills reliably should be a priority. Credit balances should be kept low. It also helps if the home buyer pays more than the minimum monthly payment. A buyer can sometimes have negative items taken off their credit report by making a deal with the debt holder.

2. Save money.
Down payments, closing costs, and last minute emergency repairs require cold, hard cash. Buyers should learn to save as a step towards making their dreams come true. Even if the buyer can put away $10 a week consistently, it will be a kickoff to bigger and better things. They should keep a record of spending habits, that way it will be easier to see where cutbacks can be made.

3. Get to know a buyer agent.
First time home buyers should research different types of buyer agents. Buyers should find who specializes in working with first time buyers. These agents have extensive expertise in their specialty. They teach and guide buyers through the home buying process.

4. Review market trends.
A buyer’s agent can be a good resource in this subject. Having an awareness of average price ranges helps the buyer know if the listing price is close to fair. It also gives the buyer an advantage of recognizing a good deal quickly.

5. Get preapproval.
There are a variety of lenders, rates, grants, and programs for first time home buyers. An offer from a buyer who has been preapproved often holds more merit with the seller than a buyer who has not been preapproved. If the offer has more value, negotiations for a discount on the listing price are more likely to occur.

6. Create a summary of wants, needs, and budget to share with your buyer’s agent.
The more information a buyer’s agent has, the higher quality home search they can provide. Being prepared with a list of wants and needs saves a lot of time spent on vague viewings. Buyer’s agents welcome buyers who have thought carefully about what they want to buy.

7. Have a basic knowledge of the sales contract.
Closing time can be chaotic with the amount of information that is being tossed around. When buyers are familiar with basic terms like closing, deposit, legal description, home inspection, inclusions, exclusions, home insurance, possession date, acceptance, financial contingency, etc., the closing process can go much more smoothly.

8. Submit an offer!
Two of the biggest mistakes most buyers make are:
A. Not walking away from a home if the deal is not exactly what they want.
B. Not making an offer on a home they love.

A buyer’s agent has all of the information buyers need to make an offer of a lifetime.

Tags: buyers agent, First time home buyer, first time home buyers financing, home buyer tips

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