The home buying process can be a bit intimidating for first time buyers. The Woburn MA first time home buyer information below may help. Properties are a big investment and buyers should find out about some basics when beginning the process.
Before Searching for Homes
Select a Local Mortgage Company & Request Pre-approvals
Speak with a few local mortgage providers and request pre-approvals from your top two choices. Ask that they user a soft pull of your credit to limit the effect it will have on your score. Keep in mind that banks may have different programs than mortgage brokers. Compare their programs and closing costs to identify the best program. Get estimates on closing costs and monthly payments. This will offer a good estimation of what you can afford.
Select a Real Estate Expert
Find a real estate expert to help with your home purchase. Evaluate several agents and choose one that best understands your needs. Experienced Realtors can help you identify appropriate properties, submit offers, and facilitate a smooth transaction. This expertise can make a huge difference first time buyers.
Buying Process Information
Property Showings
Only tour listings within your budget. This prevents the disappointment of wanting a home that you cannot have. Property viewings are time consuming, so staying within your budget will also save valuable time.
Contracts
Real estate professionals can offer tips on contracts and negotiating them, but they may not practice law. Consider using a local real estate attorney to explain legal jargon and add any necessary language. Make sure that you completely understand the terms and obligations of contracts before signing them.
Inspections
Do not use an inspection to renegotiate price or other terms. Also stay away from negotiating previously disclosed problems. Such strategies often fail and result in wasted money spent on the inspection. Sellers have the option to repair issues, provide monetary concessions, or refuse to do nothing at all. Try to be fair with your requests and sellers may be more willing to negotiate them.
Walk-Thru Prior to Closing
Before the closing, you traditionally have an opportunity to walk thru the property one more time. Try and make this after the seller has removed their property. Resolve any problems before signing closing paperwork as there is little you can do afterwards.
The Closing
Be sure to bring proper identification to the closing. Closing costs and down payment funds must be certified. Also bring your checkbook for any last minute adjustments. After the closing, the property is officially yours!
Additional Woburn MA First Time Home Buyer Information
The home real estate process will be much less stressful with some advanced preparation and knowledge. For details beyond what is provided in this Woburn MA first time home buyer information, contact Scott Strang at Scott Gregory Group by calling 781-646-7600 or by emailing scott@scottgg.communityhomesforsale.com.
