Tips and Tricks for First-Time Home Buyers - just in time for the April 30, 2010 stimulus deadline!
Because I am working with so many first-time home buyers at the moment, I thought I would write one general outline for all to follow.
Your first step as a first-time home buyer is to speak to a Lender to determine what type of financing you should use, how much money you will need for a down-payment and how much you can spend on a home. Which type of financing you choose as a first-time home buyer will depend on your credit score, how much down-payment you can afford, etc. I am not a Lender and will not advise in this area, but I do list several excellent Lenders from which to choose on my Preferred Vendor list. My favorite Lender is Julian James-Thomas, of 1st Capital Mortgage, by the way, 918-274-1519.
Once you know the amount you can comfortably afford, search for a Realtor to represent you in your first-time home buyer home purchase transaction. DO NOT search the internet and call the Realtor who has the property listed. You will want to work with ONE Realtor who clearly understands your goals and objectives and who will represent only your interests. If you call the Realtor who has the property listed, he/she will represent both you AND the Seller. While this can be done ethically, don’t you think you’d be better off with your personal and exclusive representation? Remember that the Seller pays the Buyer’s Agent’s commission, so this representation IS FREE to you.
Ask friends for referrals, interview Realtors and ask for references. I pride myself on my negotiating skills, but don’t take my word for it - ask for contact information of my previous clients and read my testimonials! Do find a full-time Realtor and don't be guilted into using your cousin who sells real estate part-time.
Start shopping online. Your Realtor can set up a customized search for you that is much more fine-tuned than the searches you can do on the internet. If you want a specific lot size, inside laundry, master bedroom on the first level - we can search for all this! Do a little shopping from home and narrow down your possibilities before you get in the car to actually visit homes.
Tips and Tricks for First-Time Home Buyers - just in time for the April 30, 2010 stimulus deadline!
Start shopping in person. Take your camera and a note pad. Ask questions. Is this home priced reasonably? How long has it been on the market? What is the age and number of layers of the roof? Have any major components been updated (heat, air, electric, plumbing, hot water heater) - these can be costly repairs down the road, so don’t fall in love with a house and ignore the sagging roof!
Fall in love with your future home and write an offer.
Follow your Realtor’s advice as to how much to offer, how much earnest money to put down, what to ask for in repairs and Seller’s concessions. I’ll write a bit more about this tomorrow. The housing industry is still strong in Tulsa and surrounding areas, and we’re not giving houses away yet - so be prepared to learn about the components of an offer and how to get yours accepted.
Good luck to all first-time home buyers! We’re excited for your future! 65 days until the deadline for first-time home buyers to get your contracts written - we can do it! Get started today!
Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
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If you're looking for homes for sale in Midtown Tulsa, OK or just need more information on Midtown Tulsa Real Estate, please call 918-852-5036 or visit my primary website at www.loricain.com. While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!
Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.
Ms. Lori, very informative blog post. I love how you flow the steps in sequence. I am sure those in the Tulsa OK Real Estate market will find your skills and dedication useful as you guide them through the process of finding the perfect home.
Tim and Pam - THANK YOU! My phone has been ringing off the wall lately, so hopefully, I can just send a link to this post! :-)
Great information Lori,
I have a feeling that we will be very busy as our first time buyers jump on the band wagon during these final weeks.... Good luck to everyone!
Nice process and some great information
Thanks,
Robert
One of your best Lori. It deserves a lot of business.
Kim - get ready for a work-out. No vacation until May!
Robert - thanks for dropping by to show off your lobsters!
Joe - thank you. I'm going to write today about the components of an offer. Hope this info is helpful to first-time home buyers!
This is a fantastic post Lori - packed full of good information. wow!
Hi Lori! WOW! I'm impressed! You did a fantastic job with this information for your consumer.
And, I'm telling you, these keywords have brought me some great clients too--most of them in October but, still, it worked for me!
Have a great Thursday...
Lori, Great post! You are the go-to Realtor in Mid Town Tulsa!
Anna and Debe - thank you! I got a call the other day from someone who "found me on the internet." I asked if he recalled what he googled and he said he though he typed in "tips for first-time home buyers." And that was BEFORE I wrote THIS blog post!
Rich - I am indeed! THANK YOU!
Great post for the consumer, and great for us at active rain to see how to use keywords for success!
Lori--So many good tips for first time buyers as well as buyers who haven't bought for a long time and just need a refresher. Thanks. Hope all is well in your area of the country.
Lori!
I am going to re-blog your well written post...it's good and informative...not to mention timely!
Mike - keywords, indeed!
Mary, thanks - hope you are well also!
Jane C - thank you so much!!