As a first time home buyer, real estate might seem like a crazy rules where the policies are made up and the norms don’t matter. As a disclaimer, the best policy is to TRUST your realtor. I know… it’s crazy to put your financial future into the hands of a trained professional. With that being said, here is a list of tried and true do’s and don’ts when diving in to real estate.
Do Your Homework
When you are buying a home, you have to have some idea of what you want. Do you want a rancher on a few acres or a cute bungalow in the old district? What sort of amenities do you want to have near you? Are community centers or events important to you? Do you prefer a neighborhood with a mix of cultures and backgrounds? These are the sort of questions you are going to be asked (if you picked a good agent 😉), because these questions will help them narrow down the perfect place for you.
Do Have Your Documents Ready
After you make that first call with the realtor, you will quickly realize that you needed more financial documents than you thought you had. It will seem like its too much, or that it’s unending and that they are asking for the same ones over and over again. That’s what it takes to have a professional take care of this for you. They are trained to work within the confines of Real Estate Law and they do the grunt work for you. Do get your credit report, do have several months of bank statements ready, as well as employment records.
DO. NOT. GET. CRAZY. WHILE. IN. ESCROW.
After you worked so hard and dealt with your lenders crazy demands and got through the inspection period and FINALLY put in an offer on your dream home- don’t ruin it all. When you send in all those documents to your lender you are painting a portrait of your finances. If you do something bananas like buy a car, get a credit card, max out your other cards, etc. etc. you will ruin that beautiful picture of yourself. While in escrow they are going to look for any discrepancies, don’t give them any reason to kick your offer back.
Do Stay In Touch With Your Realtor.
When your agents are working behind the scenes and taking care of all the little things that come up, they often need a question answered as soon as possible. When you don’t get back to your realtors in a swift manner, it could mean the difference in getting an offer accepted or missing out. Real Estate is a fast paced industry and you have to remain in good communication to keep things going.
Do Get a Home Inspection
Well, we pay for yours. But if you decide to buy or sell with the other guys, get that dream home inspected. It would be horrible if you move in and things start breaking all around you like in the Money Pit. You want to know, for sure, what shape the plumbing is in. As well as; the siding, chimney, septic, insulation, foundation. It is important for you as a buyer to do your due diligence and possibly the best way to do that, is to have the house inspected by a professional.
If you have any other awesome bits of advice for newbies, put it in the comments! We would love to hear from you!
Let’s Make Awesome Happen!