Frequently Asked Questions For First-Time Buyers

 

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Frequently Asked Questions For First-Time Buyers
Written By: Sarah Weinold ~ 2/15/2021

Frequently Asked Questions For First-Time Buyers

Buying a house for the first time can be an intimidating process, but it does not have to be! This should be one of the most exciting times of your life, and we are here to make it easier for you, so all you have to do is worry about how you are going to decorate your new home. Here are some frequently asked questions and answers if you are buying your first home.

Why should I buy, instead of rent?

A home is an investment. When you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home will go up over the years, therefore making it easier to sell down the road. The great joy of owning a house is that it is all yours, something you are able to share and decorate and have something that you can call your own.

Should I use a real estate broker? How do I find one?

You certainly do not have to, but it definitely makes it easier to use a real estate broker. There is a lot that goes into purchasing a home, and there are a lot of laws and regulations and standards that go into buying a home, that you might just not know without a real estate broker. Always use recommendations first for real estate brokers, who you know and trust is always a good option. If you or a family member have never used a real estate broker, then calling and asking questions is a great option. Go on a house tour with a broker and watch how they interact, if they know a lot about the house, ask them about the process and what their commission is. If they seem like a good fit, then you have found a broker to use! You can never shop around too much, and you are never locked in with a broker until a contract is signed.

How do I find a lender?

Real estate brokers will always have a lender that they work with and that they trust, and they will recommend them first to you. If you have your own lender, then you can absolutely use them, but if not, the broker will connect you with theirs.

What if my offer is rejected?

This will happen! Probably more than once, and that is okay! Do not get discouraged because the first offer you put in on a house is not accepted. As a first time home buyer, you want to ensure you are getting everything you need and want, and you do not want to settle for less than, and sometimes that means you think you have found the right house, but then you get out bid. This means it was not the right house for you and something is around the corner. Remember, that even though your offer was rejected, there could be room for negotiation, so if you are not in a multiple offer situation, you might be able to change something to make the seller happy as well as yourself!

What happens during the closing process?

The closing process is a fun and exciting time, but it is also a lot of paperwork and emails between escrow, lenders, real estate brokers, and clients. Your real estate agent will walk you through this process and give you all the dates that things are due, such as escrow money. When all of these things are submitted and everything is filed between everyone, you will receive a date of closing day and then a date of possession day (when you obtain physical access to the home).

Buying a home can be a scary but amazing and fun process. Real Estate Brokers are in the business to help you find your dream home, not matter how much money you have, what your credit is, or where you want to live. Let us help you to find your dream home, today!

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