The home buying steps can be somewhat intimidating if you are a new buyer. The Michigan first time buyer information in this blog may make it less confusing. Real estate is a big financial investment and home buyers should become well informed.
Getting Ready to Buy
Select a Reputable Mortgage Company
Interview a local lender and obtain a pre-approval. Keep in mind that banks might have different programs than mortgage brokers. Review the options and applicable charges to determine the best program. Get estimates on up-front costs and recurring payments. This also helps determine your budget.
Getting Help from an Agent
Find a real estate agent to assist with your home purchase. Choose an individual that understands your needs. Knowledgeable brokers will help narrow down options, prepare offers, and ensure a less stressful transaction. This guidance is especially critical for first time buyers.
Notes About the Purchase Process
Real Estate Showings
Only view properties that fit your price range. This prevents the disappointment of wanting real estate that you cannot afford. Seeing homes will take a lot of time and energy, so staying within your limits will also minimize wasting of time.
Purchase and Sales Agreements
Real estate agents may provide guidance on offers and help you negotiate them, but they can not provide legal advice. If you need legal advice, consider employing a real estate attorney to explain terminology and add any necessary language. Do not sign any paperwork that you are not entirely comfortable with.
Do not use inspections to lower price or alter contract terms as they may not result in any issues at all. Also stay away from negotiating obvious issues. Such strategies often fail and lead you to lose the inspection costs. In situations where defects are found, homeowners may offer to repair issues, provide concessions towards closing expenses, or be unable to do anything. Fair requests are more likely to be accepted.
Walk-Thru Prior to Closing
Before the closing, you should have the chance to walk thru the property one more time. Try and schedule this for after the sellers have removed their belongings. If any problems arise at the walk-thru, you can resolve them prior to completing the closing.
You must have acceptable identification at the closing. Bring a bank check for any amounts due. Also bring a personal check in case there are any last minute corrections. Upon closing, the property is officially yours!
More Michigan First Time Buyer Information
The property buying process can be less intimidating if you keep this information in mind. For assistance with your real estate purchase and more Michigan first time buyer information, contact John Doorn at JH Realty Partners by calling 616-292-7951 or by emailing firstname.lastname@example.org.