FOR BUYERS

    UNDERSTANDING THE PROCESS

    Buying real estate is a complex matter and can be especially confusing for the First-Time
    Homebuyer. Do yourself a favor and learn as much about the process as you can before
    you begin. There are plenty of resources on the Internet, and most real estate offices will
    have pamphlets to explain things in plain language. You may also be able to research the real
    estate process by attending community-sponsored classes, or you can take a look at books
    like Home Buying For Dummies by Eric Tyson and Ray Brown, (IDG Books Worldwide, Inc.)
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Eight steps to buying your home  

Selected tips for first-time buyers from Your First Home

                               “Let a team of real-life experts share their real estate wisdom along with heartwarming stories to show          
you                            you how to achieve the dream of home ownership. I wish I had this information when I bought my first home. The
good                          good news for you? You can!"

                             -Bob Burg, Author of Endless Referrals and co-author of The Go-Giver
         

    Chapter 1: Decide to Buy
    Chapter 2: Hire Your Agent
    Chapter 3: Secure Financing
    Chapter 4: Find Your Home
    Chapter 5: Make an Offer
    Chapter 6: Perform Due Diligence
    Chapter 7: Close
    Chapter 8: Protect Your Investment
    About the Book


    Chapter 1: Decide to Buy

  • Purchasing your own home is a great investment that provides specific financial advantages, including equity buildup, value appreciation potential, and
    tax benefits. (It’s also a forced savings plan that you cannot get from renting!)
  • Done right, home ownership lays the foundation for a life of financial security and personal choice.
  • There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to
    hold it for the long run.
  • Here’s the most important rule for keeping your stress to a minimum: you don’t have to know everything.

    Chapter 2: Hire Your Agent

    When looking for an agent, know that above all else good agents put their clients first.
    Your real estate agent will perform seven main roles:
    1. Educate you about your market.
    2. Analyze your wants and needs.
    3. Guide you to homes that fit your criteria.
    4. Coordinate the work of other needed professionals.
    5. Negotiate on your behalf.
    6. Check and double-check paperwork and deadlines.
    7. Solve any problems that may arise.

    Chapter 3: Secure Financing

    Follow these six steps to financing your home:
    1. Choose a loan officer.
    2. Make a loan application and get preapproved.
    3. Determine what you want to pay and select a loan option.
    4. Submit to the lender an accepted purchase offer contract.
    5. Get an appraisal and title commitment.
    6. Obtain funding at closing.
    You don’t need to save up a lot of money for the down payment. A conventional mortgage can require as little as a 5 percent down payment, and there
    are even some first-time buyer programs that require even less.
    Remember, lenders determine what you can borrow, but only you can decide what you can afford.

    Chapter 4: Find Your Home

  • Careful consultation with your agent is the way to more accurately pinpoint the home you are looking for. The right home will meet all your important
    needs, and as many of your additional wants as possible.
  • The questions you should ask yourself include:

  • What do I want my home to be close to?
  • How much space do I need and why?
  • Which is more critical: location or size?
  • Would I be interested in a fixer-upper?
  • How important is home value appreciation?
  • Is neighborhood stability a priority?
  • Would I be interested in a condo?
  • Would I be interested in new home construction?
  • What features and amenities do I want? Which do I really need?
  • You’ll learn as you look at homes, it’s wise to refine your priorities along the way.

    Chapter 5: Make an Offer

  • The three basic components of a purchase offer are price, terms, and contingencies.
  • The right price to offer must fairly reflect the true market value of the home you want to buy. Your agent’s market research will guide this
    decision.
  • Terms cover the other financial and timing factors that will be included in the offer.
  • Contingencies are clauses that let you out of the deal if the house has a problem that didn’t exist or which you weren’t aware of when you went
    under contract. They specify any event that will need to take place in order for you to fulfill the contract.

    Chapter 6: Perform Due Diligence

  • A home owner’s insurance policy protects you against loss or damage to the property itself and against liability in case someone sustains an
    injury while on your property.
  • The property inspection (which we highly recommend you attend) should expose all the secret issues a home might hide so you know exactly
    what you are getting into before you sign closing papers.
  • Your main concern is the possibility of structural damage. This can come from water damage, shifting ground, or poor construction when the
    house was built.
  • Don’t sweat the small stuff. It’s the inspector’s job to mark everything discovered no matter how large or small. Things that are easily fixed can
    be overlooked.
  • If you have a big problem show up in your inspection report, you should bring in a specialist and if the worst-case scenario turns out to be true,
    you might want to walk away from the purchase.

    Chapter 7: Close

  • Your preclosing responsibilities include staying in control of your finances, returning all phone calls and paperwork promptly, communicating
    with your agent at least once a week, and verifying with your lender that all mortgage funding steps are completed.
  • Conduct a final walk-through of the home with your agent.
  • Confirm with your agent that you have the settlement statement, certified funds, and evidence of insurance lined up prior to closing.


    Chapter 8: Protect Your Investment


  • After closing your agent can still help you with such things as providing information for your tax returns, finding contractors and repair services,
    and even tracking your home’s current market value.
  • Perform routine maintenance on your home’s systems, depending on their age and condition.
  • Watch for signs of leaks, damage, and wear. Fixing small problems early will save you big money later.


    About the Book

    There is a special category of life's firsts. First kiss. Driving for the first time. Going away to college. Starting your first job. Saying, "I do." Having a
    child ... All these unique moments bring significance to the story of your life.

    Whether you're from Calgary, Cocoa Beach or any place in between, walking into your own home for the first time is just as magical.

    Your First Home is the first book in the Keller Williams Realty Guide Series. It’s packed with inspiring stories and the wisdom of thousands of
    successful first-time home buyers.

    The book walks you through the process of home ownership in eight simple steps and provides proven, practical guidance on how to:

  • Decide whether buying is right for you
  • Hire a great real estate agent
  • Determine what you can afford to buy
  • Secure the best financing
  • Recognize the right home for you
  • Craft a winning offer and negotiate with sellers
  • Spot serious issues at inspection
  • Close on your new home and maintain it

4518 EVERHART RD Ste. 101
* Corpus Christi, Texas  78411
Direct: 361-533-1574
Office: 361-225-7900
Fax: 361-225-2853
realtor_alicebussey@yahoo.com