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Top Tips for First Time Home Buyers


Advice to Help When You're Buying a Home

First time home buyers might feel better to know that they're not the only ones who feel confused about the process of buying a home. Nearly all home buyers feel the same way, even if they've bought a house in the past, because it's easy to forget the home buying steps you took to get there once the event is behind you.

Get Educated

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 Get Educated?

Talk to a real estate agent about the typical home buying scenario. This is not a meeting that should lead to an agreement for the agent to represent you.

It's simply a general discussion about the real estate customs in your area. An agent who won't take fifteen minutes to help you understand what to expect when you're buying a home isn't much of an agent, so if the first few calls don't produce someone who will help, keep looking. If you don't want to talk with a real estate agent, how about a bank loan officer or mortgage broker? They look at home buying from a different perspective, but can usually give you a basic overview of the process.

Questions to Ask

If you decide to work with an agent, will the agent help you compose your offer to purchase a home? If not, who does help?

If the agent uses fill-in-the-blank forms, ask for a blank sample copy to take home and study.

What types of disclosures are sellers in your area required to give to buyers? Can the agent give you a sample copy of typical disclosures?

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?

Who does the title search to verify that the deed is problem free, attorneys or a title company? 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?

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. After you have the answers to those questions, you'll have a better feeling for the basic customs in your area.

Always Keep a Cool Head

Even simple problems can be a burden when you have so many details to take care of, so don't over-react if you hit a few snags on the way to closing. Keep a cool head and work with the people helping you through the transaction to resolve any issues that pop up.

Now Dig In

At this point, your remaining steps are no different than the steps nearly every home buyer must take. It's time to start digging into the details you need to get through the home buying process.

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MORE RESOURCES:

International Business Times

Mariner Real Estate acquires loan portfolio
BusinessWeek
Mariner Real Estate Management LLC said Friday that it worked with bank regulators to buy a portfolio of real estate loans worth about $760 million. ...
Leawood-based Mariner buys $760 million in real estate loans from FDICKansas City Star
Mariner Real Estate Management Acquires $760 Million FDIC Real Estate Loan ...Benzinga
FDIC sells another $760 million in REOHousing Wire
Emii.com -Bloomberg
all 24 news articles »


Jamie Dimon's real estate woes
Los Angeles Times (blog)
The bad real estate market has forced a series of reductions that have brought the listing price down by nearly half, to $6.95 million. ...

and more »


Real Estate News: Mortgage Rates Fall to 4.32%
Wall Street Journal (blog)
Mortgage Rates Hit New Low at 4.32%: Average mortgage rates hit another record low even as Treasurys sold off, according to Freddie Mac's ...

and more »


Investors Real Estate Trust Declares Regular Quarterly Common Share ...
MarketWatch (press release)
MINOT, ND, Sep 3, 2010 (GlobeNewswire via COMTEX) -- Investors Real Estate Trust (NASDAQ:IRET) (NASDAQ:IRETP) announced today that its Board of Trustees has ...
Investors Real Estate Trust Declares Regular Quarterly Common Share ...Trading Markets (press release)

all 10 news articles »


Town Hall

Mo. drops appeal of real estate ballot measure
The Associated Press
2 whether to amend the Missouri Constitution to prohibit real estate transfer taxes, which typically are charged like sales taxes based on the price of the ...
Mo. drops appeal of real estate ballot measureKOAM-TV
Mo. judge orders real estate tax on fall ballotBusinessWeek
Ballot measure on real-estate transfer tax cleared by judgeKansas City Star
Real Estate Journal Online (blog) -FOX2now.com
all 122 news articles »


RiverSource LaSalle International Real Estate Fund, Inc. Declares Third ...
MarketWatch (press release)
Investments in real estate securities may be subject to specific risks, such as the risks associated with general and local economic conditions, ...

and more »


Commercial real estate transactions
Dallas Morning News
John Barker of Marcus & Millichap Real Estate Investment Services negotiated the sale. SRK Properties purchased a 3540-square-foot retail building on 10672 ...
Rankin Commercial Properties says Commercial Real Estate Back to Black.dBusinessNews Triangle (press release)

all 4 news articles »


Why is Google Getting Involved in Real Estate?
Forbes (blog)
And what impact will it have on the real estate market at large? The answer to the first question, as TechCrunch points out, may just be that they can ...

and more »


Hypo Real Estate's Collapse on the Slopes
BusinessWeek
Snowmass Village, the Colorado ski town, got a lift in 2007 when Germany's Hypo Real Estate Holding agreed to arrange ...

and more »


Kansas City Star

Pending real estate sales inch up in July
Inman.com
By Inman News, Thursday, September 2, 2010. More homebuyers signed purchase contracts in July than the month before, according to a report by the National ...
Real Estate News: Pending Sales Rise in JulyWall Street Journal (blog)
Retail sales, number of home contracts increaseWashington Post
Broward Pending Home Sales Continue to RiseBenzinga
San Francisco Chronicle -DailyFinance
all 382 news articles »

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