First time Home Buyers | The Buying Process 

First time Home Buyers

It is the largest investment you will ever make. You feel excited, yet overwhelmed. Rest assured, you are not alone and Prudential Ridgeway will help!
Here are some things to consider:

• Financing Pre-approval
Contact a loan officer to begin your pre-approval process. Getting this done prior to looking at homes will help to ensure a comfort level in pricing. Why fall in love with something that is out of your price range? This will also help you feel more confident and enable you to compete if there are multiple offers for a specific home. Your lender will break down the costs associated with the mortgage and funds needed for the down payment on the home. In some cases, there are programs that help people buy a home with no down payment.

• Closing costs
Closing fees may be up to 10 percent of the price of the home sale amount. Smart first-time buyers take this into account prior to making an offer with the help of their Prudential Ridgeway Realtor.

• Price
In today’s market, demand outnumbers the supply. Offers often come in at full price or above. Ask your Prudential Ridgeway Realtor to explain some strategies that might help you compete with offers from other buyers.

• Good Faith Deposits
An earnest money deposit is offered with a contract to purchase a home. The amount of the deposit will demonstrate the sincerity and motivation to close the transaction. Your Prudential Ridgeway realtor will be able to help you determine the appropriate amount to close the transaction.

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The Buying Process

1. Establish financial readiness – Request a copy of your credit report to make sure that correct information is reported. Set a budget for your household and create a nest egg for down payment, closing costs and start up costs for your move. Avoid making major purchases until you have ownership of your new home.

2. Obtain financing – Select a lender who will create the best loan package for you based on your lifestyle and future living arrangements. How long do you plan to stay in your home? Do you plan to add to your family? How can you make the smallest monthly payment necessary? What is your comfort level and price range?

3. Select a Realtor – Call Prudential Ridgeway Realty and speak to any of our professionals to receive the best level of service!

4. Location, location, location – How far are you willing to commute? Examine schools, shopping and public services. Are you looking to be close to the action or in a peaceful, quiet setting? Ask friends, colleagues and people in the community to share their knowledge. Research, research, research.

5. Establish home needs - What style of home is appealing to you? How many bedrooms will you need, basement, garage, lot size, etc…

6. Remove emotion – Try to tour homes using your head, not your heart. Will your furniture fit? Are you investing in a good investment?

7. Write an offer - Your Prudential Ridgeway Realty Realtor will write and present the Contract of Sale for the real estate

8. Negotiate the transaction – Within legal guidelines, your agent will skillfully negotiate your best interests and clearly communicate with you each step.

9. Home Inspections and review restrictive covenants.

10. Settlement – Your Prudential Ridgeway Realty Realtor will review all paperwork prepared by the title company for transfer of title and support you with explanations as needed.

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Selecting An Agent

Whether you are buying or selling a home, you will want to choose a professional who meets your professional needs and has a personal style that agrees with your own. Here are some tips to help find a real estate agent:

• Call your local Prudential Ridgeway office and ask to speak with an agent

• Ask family, friends, and business associates for referrals

• Attend open houses. If the agent or broker impresses you, ask for a business card

• Drive through neighborhoods that interest you and look for yard signs to see what agent handles most of the sales

• Search local newspapers and real estate publications

• Call the local Prudential Real Estate Network member office for a referral to an office out of town