Pre Qualification Meet with a mortgage broker and find out how much you can afford to pay for a home

Pre-Approval While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from the lender. This way, assuming the home your interested in is at or under the amount you are pre-qualified for, the seller know immediately that you are a serious buyer for the property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay for them when you close your loan.

List of Needs and Wants Make 2 lists (or download it here). The first should include items you must have (i.e., number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

Representation by a Professional Consider hiring your own real estate agent, one who is working for you the buyer, not the seller.

Focus & Organization In a convenient location, keep handy items that will assist you in maximizing your home search efforts. Such items may include:

1. One or more detailed maps with your areas of interest highlighted.
2 A file of the properties that your agent has shown to you, along with the ads you have cut out from the newspaper or printed from online.
3. Paper and pen, for taking notes as you search.
4. Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.
5. Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?

Visualize the house empty and with your décor Are the rooms laid out to fit your needs? Is there enough light?

Be Objective Instead of thinking with your heart when you find a home, think with your head. Does this home really fit your needs? There are many houses on the market, so don’t make any hurried decision that you may regret later.

Be Thorough A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:

1. Include inspection & mortgage contingencies in your written offer.
2. Have the property inspected by a professional inspector.
3. Request a second walk-through to take place within 24 hours of closing.
4. You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).

All of the above may seem rather overwhelming That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email or call me directly to discuss any of these matters in further detail.