Tips for First Time Home Buyers

Provided by Evelyn Marshall, Esquire

1.                  If you don’t already have a relationship with a lending institution, ask family and friends for referrals and work with a lending institution you feel comfortable with.

 

2.                  Get pre-approved from the lending institution so you know what you can afford before you begin looking at properties.

 

3.                  Ask family and family for referrals to experienced full time Real Estate Brokers and work with someone you feel comfortable with. 

 

4.                  Make sure you understand your relationship with your Real Estate Broker, i.e., whom do they have an obligation to and who will be paying the Broker’s commission?

 

5.                  Ask family and friends for referrals to experienced Real Estate Attorneys and hire an attorney that specializes in Residential Real Estate before you sign any legally binding documentation.  For most people this is the most expensive transaction they will be making in their lifetime, do not try to skimp and save money by not hiring an attorney.

 

6.                  Ask family and friends as well as your Real Estate Broker for referrals to experienced full time Home Inspectors and work with someone you feel comfortable with.

 

7.                  If you don’t already have a relationship with an Insurance Agent, ask family and friends as well as the other Real Estate Professionals you are working with for referrals to reputable Insurance Agents and work with someone you feel comfortable with.

 

8.                  Most lending institutions are flexible as to whom the closing attorney is and most times you may select the attorney you want to perform your closing.  Your attorney and the closing attorney may be one in the same, however, the potential for conflicts should be explained prior to representation and you should be aware of what would happen if the rare conflict does arise.

 

9.                  Once the offer has been reviewed by your attorney and accepted by the seller, if you have hired the right Real Estate Professionals, the remainder of the deal should go smoothly through closing.

 

10.              The best piece of advice I could give you is to work with Real Estate Professionals you feel comfortable with, that have your best interests in mind, who listen to what you want, and who are full time and experienced.  If you follow this advice, your first time home purchase should be a positive one.