Need advice on first time home buying

Hello!

My husband and I are looking into purchasing our first home, though we are so lost as to where to start!

Can anyone offer any advice as to what our first step should be? I assume we should go get preapproved for a mortgage but we have no idea where we should go. Also, would they discuss with us what we realistically can afford based on our salarys and what price range we should stick to?

Then, do we go through the listing agent or a real estate agent? I get conflicting advice about this through everyone I speak to...

Please help!

Any advice would be greatly appreciated!!

Re: Need advice on first time home buying

Hi!

First - you are doing the right thing by thinking about this before you plunge in. I find that buyers are much less stressed and anxious throughout the buying process if they know what to expect and have their ducks lined up in a row, so to speak.

Before you start looking, you should definitely speak to a mortgage professional and get preapproved. If you need recommendations, let me know. But the mortgage person you contact will run your credit, review your income and debts, and let you know what amount you are preapproved for. A good mortgage professional will also counsel you on what this means, including what your monthly payment will be at different price points (and you have to factor in property taxes, too, as well as interest rates). I always tell my buyers to not get hung up on the overall price, because unless you are paying all cash, it's pretty much irrelevant to what you can afford. But you need to figure out what monthly payment you feel comfortable with, and then work backwards to figure out how much you can pay for a house and taxes to stay within that payment comfort zone. Your mortgage person can help you do that.

You will need a preapproval to make an offer on the house, but you are not locked into using the company that gave you your preapproval. You can still shop around up until the point when you need to apply for the mortgage (once you are in contract on a house). So there's no downside to getting preapproved now. You don't want to waste your time looking at houses that are out of your price range, or way under what you can afford and what you want!

You should also start researching real estate attorneys and home inspectors. Once you make an offer on a house, you will want to have a home inspection done asap, and then you will need an attorney to work with the seller's attorney to prepare contracts and handle the closing. It goes more quickly and smoothly if you have a few people in mind before you find "the house." Nobody is locked into a deal until contracts are signed, so once you find a house, the goal is to get to contract asap!

I think it makes a lot more sense to work with one realtor rather than going to a different listing agent every time you want to see a house. There are many reasons why I think it benefits a buyer to work with a realtor, and if you look on the blog section of this site, you will see a recent 4 part blog I wrote on this very topic. Shameless plug, I know! But if you work one realtor, it's more efficient. They can do a lot of the research and scheduling for you, and show you any house on the MLS, so it saves you a lot of time and hassle of making calls, meeting different realtors. Plus, if you work with one person, they get to know you and your needs and preferences, and they can keep an eye out for homes you might like (even preview homes for you).

They can also guide you through the entire process, beginning to end. I always try to create strong relationships with all of my buyers and make myself accessible to answer ALL of their questions. You are coming to the closing table with all of the money, so wouldn't you rather have service and guidance throughout the process versus being at the mercy of the listing agent, who is working for the seller (and has no ongoing relationship with you)?

Anyway, feel free to contact me with any questions you may have. I would love to help you with your search -- I am based in Bellmore, but work all over LI. I am a full-time realtor, and I was an attorney before I got into real estate, so I really pride myself on my knowledge and client service! But even if you just want to get more info - I am happy to chat with you or email, no obligation! All of my contact info is on the business directory of this webiste.

Good luck!

Re: Need advice on first time home buying

I bought 3 homes in the past 10 years so have learned a few things along the way. Definitely try to do the following:

1. get preapproved first

2. have a checklist of 'haves' and 'wants'

3. narrow down your list of towns, make sure to visit each and find out as much as you can about each (ie. schools, commuting options, etc.)

3. find an agent who knows those towns well, and who you're comfortable with; i agree that getting one agent is fine, not just 'cus he/she will know your preferences but he/she will also work harder for you knowing she's not competing against another agent

4. don't go the listing agent directly if you can help it since he/she is representing both you and buyer and can NOT adequately advise you

5. search homes via websites that have lotsa listings in your target towns; discuss homes you find with your agent before you waste time seeing them because often the agent knows something you don't about it (ie. taxes are ridiculous or it's next to highways, etc.)

6. Watch some shows on HGTV like Property Brothers to get inspired...
and be openminded when searching 'cus there's alot of 'hidden potential' when it comes to homes you would never consider

7. Try not to fall in love with any house, and let that dictate your actions, there will always be something better. ;)

House hunting is FUN! :D Good luck!

Re: Need advice on first time home buying

def. get pre approved first so you know what price range you should be looking at and to make sure everything is in order with your credit.

my husband is a mortgage banker and we were recently first time home buyers so he knows what you are going thru and can answer all your questions.
send me a message if you want his info.

as far as real estate agents, if you know your area you are interested in, i would work with an agent who is within that area bc they are the most knowledgeable about the area.

Re: Need advice on first time home buying

def find a buyers broker!!! They look out for your best interest and not the sellers.