#3Cent Thursday | EPISODE 5
TOP 3 THINGS EVERY FIRST TIME HOME BUYER SHOULD KNOW
Are you looking to buy your first house, but don’t know how it works? Don’t worry, we’re here to help! Today, we’re going to share with you three important things you definitely want to know as a first time home buyer!
There’s a lot to buying a home, and if this is your first time, you’re probably going through a learning curve. So we’re here to teach you some things that will help you along the way.
Let the countdown begin!
MORSEL #3 – ESCROW IS TYPICALLY 30-60 DAYS!
This is really helpful to keep in mind if you have a timeline that you’re working with. If your lease is expiring or you need to be moved in by a certain date, allow yourself ample time to not only go through the escrow process—the time period from the date your offer is accepted, to the date you can move in—but also to look at homes and get your offer accepted, because often times the first home you see is not the one you buy, and the first offer you submit is not the one that gets accepted, especially in a competitive market!
MORSEL #2 – GET PREQUALIFIED FIRST!
Now this is HUGE because most people—understandably so—want to look at homes first. I mean, of course, that’s the fun and exciting part, right?! But trust me, you will save yourself a TON of time and frustration if you get prequalified before you go house hunting! Sometimes what you think you can afford and what you can actually afford—because the lender decides how much money you can borrow, not us, and not you—are two different things. So getting prequalified first will give you the maximum purchase price of a home that you can actually buy.
MORSEL #1 – YOU PAY ZERO COMMISSION!
That’s right, as a buyer, you never have to pay commission to a real estate agent! So what this means is you should ALWAYS use one! Find one that you trust, like working with, and of course one that has your best interest in mind. Reach out to them at the beginning of the process because if they are a good real estate agent, they will be more than happy to guide you from the beginning. Although we do recommend you get prequalified before you start looking at homes, you can definitely find an agent prior to getting prequalified. This is because the agent you choose should be well connected in the industry and have a great lender that they can refer you to, if you don’t already have one in mind yourself. Your real estate agent should be your ultimate guide from the very beginning to the very end of your entire home buying adventure!
Thank you so much for reading, and we hope you've found this information helpful! Please reach out if you are starting your journey as a first time home buyer; we would love to help you!
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