Tips Every First-Time Home Buyer Should Know
Are you looking to buy a property for the very first time? If so, the process will likely be very overwhelming to you. It will help to know the following tips so that you do not make mistakes along the way when purchasing your first home.
Don't Sign A Contract With A Realtor Right Away
Your realtor may ask you to sign a contract with them when you are starting to look for a home. While it is common for realtors to ask for this, know that you do not have to sign a contract right away. The reason for signing a contract with a realtor is to ensure that they get compensated for their time. They do not want to waste months showing you properties, only for you to make the sale through somebody else at the very end.
Get to know your realtor and determine if they are going to fit your needs as a home buyer. If they're a good fit, then feel free to sign a contract. Just make sure that there are clauses in the contract to end it if you later find out that the realtor is not doing their job.
Never Pass On A Home Inspection
There may be homes for sale with a price that is too good to be true, but these can come with a clause that you must waive your rights to a home inspection after your offer is accepted. This should be a big red flag because a home inspection is your only chance to have a professional look over the home for potential problems. If the homeowners do not want you inspecting the roof, attic, foundation, or other aspects of the home, the chances are that something is wrong with it. Always make sure that your offer letter gives you a way out of the deal if a home inspector finds major problems with the house.
Get Pre-Approved Before You Find A House You Love
Many first-time home buyers make the mistake of not getting a mortgage pre-approval early on in the home buying process. While that pre-approval letter does expire, know that it is easy to renew it later. You sometimes need to move fast when making an offer on a home, and if you find a house you love during an open house over the weekend, you may not be able to get in touch with a lender until Monday, which is well after somebody has made an offer of their own.
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