Chances are, if you are a potential first time homebuyer you are looking at the market and the incentives and are ready to take advantage of them and become a first time home owner. There are many areas that are facing depreciation and these locations offer some great incentives to buy. Take note, this is not happening everywhere. Some places, such as Seattle, Atlanta and Dallas are not depreciating like the areas of some parts of California, Florida and Arizona.
In the areas facing depreciation it is not uncommon to find homes that once were selling for nearly $450,000 last year to be on the market today for a hundred grand less, and still not selling. It is also not uncommon to find the homes that are selling are doing so at around 70% or less of the homes appraised value because it has taken so long to sell. Many of the homes selling today are actually selling for less than what was originally paid. This is a pretty good argument as to now being the ideal time to buy that first house. It is actually easier to buy a first home today than simply buying a different home. This is because the first time home buyer does not have to sell a home first. Additionally there are a lot of incentives available for the first time home buyer.
Finding affordable and quality homes as well as finding the right incentives and programs can be difficult. Many realtors and companies are coming to the rescue of the first time homebuyer to make the process easier. The more these companies can inform the first time home buyer of the options that are available and what they are able to do the more the market will begin to recover and thing will maybe not get any worse. If you have been thinking of buying your first home sometime in the next 5 years this would be the ideal time to take advantage of the programs, incentives and the buyer's market and buy your first home now.
Stop Waiting? Buy Now!
There are a lot of websites that can help point you in the right direction and answer questions you may have. If you are ready to buy it will probably benefit you to go ahead and buy now rather than wait. There are a lot of buyers that are concerned about the timing and want to time their purchase to the time when prices drop to their lowest point.
By then the opportunity to buy a new home may be too late or the competition too high. It is better to look around for the right home, look at the neighborhood and get a feel for the housing market in the area. While doing this continue to build up your funds and your down payment and talk to lenders and real estate agents to help you decide the time to put a bid on a house. Trust the lenders and agents to give you the advice you need when you are ready to buy a home at a price you are comfortable with.
First, get the home inspected. Arrange a time to return to the property for the inspection, typically a few days after the contract has been signed. Your REALTOR can recommend a professionally licensed inspector that will accompany you through the home and point out repairs or discrepancies if they exist. The seller will then be notified of these problems and will usually agree to take on the repairs.
Set up an appointment with your mortgage consultant and be prepared with the following financial statements: W-2 forms or signed tax forms for the past two years, copies of your most recent bank statements (current and consecutive for at least two months), copies of your most current pay stubs or proof of income if self-employed. Be prepared to pay an appraisal fee at this time if you have not already done so.
Work with your real estate agent to choose a title or settlement company for you and provide them with the necessary paperwork. The settlement company has the responsibility of making your transaction legal. They will do the title work, examine the survey, prepare mortgage documents and all the necessary closing paperwork. After the settlement, they will prepare packages for your mortgage lenders, accounting and title insurance, life documents with the county, and release escrow. The closing process varies from state to state so check with your real estate agent to verify the closing process in your state.
You will need to provide proof of homeowner's insurance at this time. You have the right to choose your own insurance company. If you have not selected one, work with your real estate agent for a referral to a reputable company. Usually you are required to pay the first years insurance premium no later than the time of closing.
Obtain certified funds for the settlement. The title company will be able to tell you a few days in advance the exact fees that will be due. Usually you would have the certified funds made payable to yourself and you would simply sign the check over to the closing attorney. This process can vary from state to state so check with your agent and closing company to verify the procedure in your state.
Conduct a final walk through of the home. Be sure to note any discrepancies from the home inspection that have already been completed. By taking the time to go through this process in a detailed and timely manner, your transition into your new home will be easy and stress-free! Now is also the time to transfer all the utilities into your name.
Both Jennifer Stromsteen & Kevin Ramos are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Jennifer Stromsteen has sinced written about articles on various topics from Real Estate, Brain and Anger Control. J Stromsteen has many years expertise in the finance, real estate, and insurance industry. She contributes to various websites such as First Time Home Buyer where. Jennifer Stromsteen's top article generates over 74000 views. Bookmark Jennifer Stromsteen to your Favourites.
Kevin Ramos has sinced written about articles on various topics from Home Buyers Guide, Real Estate and Home Buyers Guide. Real Estate Resource - Kevin Ramos is an Associate Broker with ERA Sunrise Realty in Atlanta, Georgia. Kevin is available to assist you with all of your re. Kevin Ramos's top article generates over 74000 views. Bookmark Kevin Ramos to your Favourites.