First Time Home Buying

Home Buying 101

• Related Articles:
  • Finding the Right Mortgage
  • First Time Home Buying
  • Pros and Cons of Agent vs. Owner
  • When To Buy a Home
  • Houses for sale for $5,000 or less across America
  • How to Avoid Loan Fraud
  • Home Buying: What To Avoid
  • Avoidable Mortgage Mistakes
  • Prepare for the Move to your New Home
  • How Much Home Can You Afford?
  • Tips on Saving for a Down Payment on your New Home
  • Getting Ready to Purchase a Home
  • The California Housing Market
  • The Texas Housing Market
  • The New York Housing Market
  • The Florida Housing Market
  • When To Buy a House
  • Home Buying Tips and Tricks
  • 5 Common Home Buying Mistakes To Avoid
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While buying a home can seem daunting and overwhelming to a first time home buyer, a few simple real estate facts and home buying tips can make the whole process run smoothly. One of the quickest and easiest ways to start learning about purchasing a home is by asking friends and acquaintances that live in an area similar to where you are hoping to buy. They can help tell you the basics of home buying in that area while informing you of any hidden gems within the community.  Reading  testimonials can also be a good way to find out what experienced home buyers are saying. 

Another way to get a differing opinion would be to ask a loan officer or bank about purchasing property. These parties might be able to address home buying in ways a real estate agent might not. The better informed you are, the easier the process as a first time home buyer will be. The true guide to buying a home, though, is not being afraid to ask questions. On the contrary, the more specific questions you ask, the more likely you are to find a home you want without any unwanted surprises. If you need help choosing your first home, consider some of these inquiries:

Real Estate Agents

If you decide working with a real estate agent is the best course of action for you, will she help you compose your home offer? What kinds of forms are used? Would it be possible to see these forms in advance? If the agent does not compose the offer forms, who does?

Disclosures

Sellers are often required to give prospective buyers a number of disclosures. What types of disclosures are standard in the area in which you are searching for a home? Is it possible to obtain a sample copy of a typical disclosure?

Inspections

What is the most common type of home inspection in the area? Are there certain area specific elements that should be looked for (i.e. flood damage, etc.)? Are there other real estate inspections that your agent might recommend? How much to inspections typically cost and are they considered a home buyer’s expense? When is the inspection typically performed?

Surveys

Is a survey required for the home buying process? If so, who pays for the survey — the buyer or the seller?

Title Search

Title searches can assure you that a home’s deed is problem free and the property title is clean. If you desire a title search, it is wise to determine the average cost. Additionally, who usually performs the title search — attorneys or a title company?

Settlement Agent

A settlement agent is the person or entity that assembles the final paperwork for you to sign before buying property. A number of people might act as settlement agent, so it’s a good idea to ask who will be doing so in your particular home buying situation — an attorney, a title company, a real estate broker or someone else?

Total Cost

When all is said and done, what is the average total cost for all fees outside the home loan cost? This includes taxes, settlement agent fees, and a number of other closing costs. Make sure to find out specific figures to avoid a higher price than intended.

Closing 

How long does it usually take to close on a home once an offer is accepted? Can the process be expedited if need be? What obligations does the home buyer have once the deal has been closed?

Other Articles on Home Buying

Finding the Right Mortgage

With all of the elements involved in a home mortgage, it is important to find a mortgage... read more

First Time Home Buying

While buying a home can seem daunting and overwhelming to a first time home buyer... read more

Pros and Cons of Agent vs. Owner

With the advent of the Internet, more homeowners chose to bypass a real estate agent? read more

When To Buy a Home

In real estate, there are buyer's markets and seller's markets. In a buyer's market, real estate prices tend to be rather stagnant and homes often sit on the market for extended periods of time. read more

Houses for sale for $5,000 or less across America

Back in the 1950s, low housing and construction costs and a robust American economy made it possible to buy homes for what are now considered ridiculously low prices... read more

How to Avoid Loan Fraud

It's hard to know the line between snatching an exciting real estate deal and falling into a trap. The desire to save money often clouds our hunch that, if a deal seems too good to be true, it probably is... read more

Home Buying: What To Avoid

While buying a home should be a rewarding and exciting experience, there are a number of factors you should take care to avoid... read more

Avoidable Mortgage Mistakes

Understanding home mortgages may often seem daunting, as it's not very often that you shop for a home. It makes sense that the process may feel unfamiliar to you, but it's important to learn as much as possible about the process because a mortgage is such a large amount of money. By understanding the mistakes that others tend to make, you can avoid them yourself... read more

Prepare for the Move to your New Home

While the process of home buying can seem overwhelming, it's often the move that turns out to be the most daunting. With a handful of simple preparations, however, you can ease the stress of the move itself and enjoy your new home even more. By laying out the steps you'll need to take before taking them, you'll be sure to remember everything and have all that you need on hand. read more

How Much Home Can You Afford?

One of the first decisions you have to make once you begin your search for a new home is what kind of price range you can afford for your home loan. By determining this before you're deep in the home search process, you can avoid disappointment and more accurately concentrate your efforts to find the home for you and your family... read more

Tips on Saving for a Down Payment on your New Home

Even though it may be tempting to take up lenders on their offers aiding new home buyers by waiving their mortgage down payment, you should do your best to put a generous sum down when buying your new home. The long-term benefits of a large down payment far outweigh the temporary monetary relief provided by alternate lending plans. read more

Getting Ready to Purchase a Home

While home buying entails a lot of excitement and a new start for the home owner, there's a lot more involved in the decision to purchase a home than initially meets the eye. Surprisingly, finding a home that meets your needs and making an offer may not be the most difficult tasks involved in purchasing a home. read more

The California Housing Market

If you love the sun and surf or simply enjoy the California lifestyle, you might want to consider purchasing one of the many foreclosed homes in California. While the California foreclosure housing market tends to fall on the more expensive side, buying a foreclosed home allows you to find a treasure for a fraction of the cost! read more

The Texas Housing Market

If you've kept up with the latest housing trends, you'll know that you might want to consider purchasing one of the many Texas foreclosed homes. While the housing in Texas continues to grow in popularity, buying a foreclosed home allows you to find a treasure for a fraction of the cost! read more

The New York Housing Market

If you love Broadway, Times Square and the fast-paced New York lifestyle, you might want to consider purchasing one of the many New York foreclosures. While the housing market in New York tends to fall on the more expensive side, buying a foreclosed home allows you to find a treasure for a fraction of the cost! read more

The Florida Housing Market

The Florida Housing Market If you've kept up with the latest housing trends, you'll know that you might want to consider purchasing one of the many Florida foreclosures on the market. read more

When To Buy a House

Buying a house is a serious matter. Knowing when to buy is one of the most important parts. If your looking for a foreclosed home, knowing how to read the real estate market for the best time to buy is essential. Read this home buying article to find out. read more

Home Buying Tips and Tricks

Once you have decided it is time to purchase a home, the next step is choosing which home is best for you and your family. While this might seem like an easy task, there is more to consider than you might imagine. With all of the homes on the market, it can be hard to determine which home has all of the elements you desire for a price you can afford. read more

5 Common Home Buying Mistakes To Avoid

The prospect of buying a home can be exciting and it is hard not to get overly eager. There are important steps and details, however, which will make your home buying purchase a rewarding one. Decisions regarding your home and mortgage are large ones with lasting impacts. By knowing some of the more common mistakes that people make when buying a home, you can try to avoid them and keep your experience positive and easy. read more