The first thing to do when your going to buy your fist home is to go right ahead and be pre qualified for a loan. In order to do this you need to sit down with your lender and learn about the different types of loans. Together you and your lender can come up with the best loan for you. The main three are FHA, VA, and Conventional loans. FHA loans limit you to an $118, 750. 00 buying power.
But, the bank is more lenient on slow credit and you can use 100% gift funds. VA loans are strictly for military veterans. Conventional loans give you a 240, 000. 00 limit. But, the buyer must have 5% of the sales price. To apply for a loan there is a list of things that you will need.
You will need to bring W-2’s for the past two years. If you are self-employed then you will bring complete tax returns. You also need your most recent pay stubs covering the last 30 days along with your last 3 months bank statements of all checking, savings, and asset accounts. Other than that you need the name and account numbers of all creditors, certificate of eligibility (if you are applying for a VA loan), and Landlords name, address and telephone number. When all that is done, it is now time to start looking for a real estate agent to help you along your way. Picking the right agent is something that you really need.
If you end up with a lousy agent, you might be doing all the agents work. Choosing a good agent could make buying your first home the pleasant experience that it should be. You should interview at least 3 agents if you don’t already know someone who has the experience. You should ask them questions about their status as an agent. Meaning, are they licensed Realtors. This is something important about an agent.
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Agent’s who are realtors have a number of advantages such as being able to use a Multiple Listing Service. Multiple Listing Services are cooperative information networks of realtors that provide descriptions of most of the houses for sale in a particular region. Another good question to ask is whether or not the being a real estate agent is their full-time career. You don’t want someone who can only be “tuned in” for half the time. The other thing that is a good idea to discus would be the party that the agent is representing. Let the agent explain the laws of agency in your particular area.
The law of Louisiana presumes that the licensee you work with is your designated agent, unless you have a written agreement otherwise. Any other questions that you might have are good questions. That’s what they are there for. After you found the best for the job go ahead and hire them.
The first thing that you do when you hire your agent is sign a buyer contract. Basically, what the buyer’s contract does is list the obligations of the buyer and the agent. There is a long list of things that the agent is going to need to be able to find the best house to suit your needs while also being in you range. This is the obligation of the client, to make sure the agent has the things required promptly. Other than that, the only thing that you need to be sure and do is pay the compensation set forth by the agent and client. The obligations of the agent are just as simple.
The agent needs to do everything she can, while obeying all lawful requests, to make sure your buying process goes quickly and smoothly. She is also in charge of making sure your closing goes through. Now you will start your search. First, to make finding a house easier by not looking all over town, you need to find a good neighborhood that you want to live in. When looking for a neighborhood, you need to look at a number of things like the quality of schools, traffic, and crime rate. Also look into the location of the neighborhood in the city.
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Ask yourself, “Where is the nearest Hospital?” You may want a neighborhood that is farther from the inner city. Another good thing to look at when deciding is how many homes have sold in the past year and for how much. Has the market gone up or down? You don’t want to move into a neighborhood that is on a decline. When finally choosing a neighborhood, figure out your needs and wants in a home.
There are several different types of homes as well. You could get a single family home, which is pretty typical. You could invest in a multi-Family home to help pay off your cost of living by renting out the other sections of the house. Or you can buy a condominium. When you buy a condominium, you buy the home and have to pay a monthly fee to a homeowners company and they keep up with the maintenance and repairs that have to be made. The major benefit to this is the security and that the homes all look nice and are well managed.
So after making your list, decide which is best for you. Another good thing to do while looking for a home is to jot down some notes about each house that you look at. Looking at a bunch of houses can get confusing when trying to remember which one had what. Last thing to make sure you do is to act promptly when you find the right house. You don’t want it to be taken while you were waiting to call your agent.
After you found a home, get with your agent and let her do a Market Study to find the prices in the neighborhood. Sit down with her and analyze if it fit what you were looking for. How long was the search and is this the best that you have come across? If everything looks right with the market study then it is time to write a purchase agreement. A Purchase Agreement is a written contract, which is signed by both the seller and the buyer of the property.
It should include the legal description of the property, the purchase price of the property, the full names of parties involved and any other terms of the sale. After you have completed the purchase agreement and given it to the seller’s agent, they have the right to come back with a counter offer to the agreement. On line 128 of the purchase agreement it says, “The offer to purchase is acceptable, provided the purchaser agrees to the following changes.” This is where the seller is able to make amendments to the buyers offer. After the seller has made the counter offer and the buyer has accepted, we prepare to close the transaction. Now is the time to apply for a loan if you haven’t already done so, while the closing attorney receives the purchase agreement for pre-closing processing.
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The lender orders the appraisal of the house to see if it is worth what you are willing to pay. If so, the loan package is prepared and approved. The title company then sets up the closing and notifies each party (buyer and seller) where their money is going. An abstract is ordered to make sure the buyer receives clear title to the property, and the loan paperwork is prepared.
A closing date is set and everyone arrives on that specified time to sign all paperwork. The title Co takes all the paperwork that has been signed to the courthouse to be filed. The New owner can now take possession of the property.
