Bob Wallace at Ganong Real Estate

1st Time Homebuyer Tips
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 cell- 603-494-3714
   
CONTACT-liscensed agent-BOB WALLACE

 

Quick Tips for the First Time Home Buyer

 Know why you're considering a home purchase for the first time.

 Prioritize with your spouse, partner or co-buyer the most important requirements of your dream home. Address differences and concerns about finances quickly and honestly. Don't find out there's a major disagreement a week before closing.

 Determine which type of home you're interested in (single-family, condo, or multi-family).

 Know what kind of neighborhood or town you want to live in: city, small town, suburbs or rural setting. Do you want to be close to schools? Close to work? What kind of amenities or shopping options are you interested in?

 Create a "wish-list" of what you want in an ideal home.

 Manage the financial part of the process early:

1. Know how much debt you have, and get rid of as much as you can.

2. Check your credit report. Document and correct errors; save copies of correspondence between you and creditors.

3. Use worksheets and online calculators to determine how much home you can afford and how much of a home loan you're comfortable paying off.

4. Consider preapproval, versus prequalification, if you're really ready to buy, and know the differences between the two:
  • Preapproval--your lender does a thorough evaluation of your ability to pay for a home, and can provide you with written confirmation of the mortgage amount.
  • Prequalification--your lender does a preliminary evaluation of your ability to pay for a home, along with an estimate of your mortgage amount.
Preapproval demonstrates a serious commitment on your part to the seller, and can be advantageous if you find yourself in a competitive bid process.

Checklist

Make a checklist for your major tasks:
  • Develop a timeline for the major steps in the process.
  • Give yourself time for preliminary research.
  • Obtain "real" information.
  • Get professionals involved and understand their roles.
  • Check your credit.
  • Prequalify for a mortgage.
  • Consider preapproval if you're really ready to buy.
Home Buyer Supplies

Build a Buyer's Bag, containing:
  • Binders, notebooks, filler-paper and photo protectors
  • A camera for photographing neighborhoods, open houses, and ideal homes
  • Pocket calculator
  • Your research
  • Phone contact list
  • Map of your target city or town
  • Your action list
Click Here!

What Comes with the House?
Fine Tune Your Offer To Purchase

Everything about the house you just looked at is perfect. The location is great. The layout is ideal, and the square footage is more than adequate. There's a built-in spa on the back deck and a charming weathervane on the roof. You're ready to make an offer before anyone else does.

Don't get in too much of a hurry. There are lots of things to consider before you begin negotiations to buy the house.

Whoa! - Slow Down
Walk through the house again, making a list of items you feel should be part of the purchase price. Just because you regard an item as a permanent fixture does not mean the seller does.

Take Nothing for Granted
Never assume that sellers plan to leave any item behind. The weathervane could be a gift they won't part with. And it may seem odd that a seller would go to the trouble and expense of removing a built-in spa, but I've seen it happen.

If the property is listed with an agency, the Multiple Listing Sheet should include items that are intended to convey with the house. That's a starting point for your list. Common items you'll want to include are the range, refrigerator, microwave, and perhaps the washer and dryer.

How about a large mirror over a fireplace mantel, or even the mantel itself. I was involved in one transaction where the seller made it clear from the beginning that the mantel would not remain. But what if the seller forgot to mention that to her agent? Seeing it listed on aOther items to consider adding to the list are:

  • Outdoor storage buildings
  • Window treatments
  • Garage door openers
  • Portable air conditioning units
  • Chandeliers and other light fixtures
  • Ceiling fans
  • You might also list items you want to make sure the sellers remove, such as an unused oil storage tank or an old car that doesn't appear to run.

You are basing your offer on the house as it sits with these items. If you discover that any item will not remain you may wish to reconsider the price.

Where to Put It
There may be space for your list within the offer to purchase. If not, make the list on a separate sheet of paper and attach it as an addendum to the contract, where it must be signed by all parties.

Check It Out At Walk-Through
Take your list along for a final walk-through on the day of closing. If an item is missing, you'll have more clout to get it back or negotiate a price reduction if you bring it to everyone's attention before the papers are signed.

Even though most sellers are honest, you should never rely on an oral agreement regarding any aspect of a real estate transaction. The contract should state clearly what stays and what goes, leaving no doubt as to what each party has agreed to. Click Here!

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