Tips for First Time House Buyer by EZ House Buyers-Don McClain

Tips for First Time House Buyer by EZ House Buyers-Don McClain

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First time house buyer tips can help people make educated decisions about real estate purchases. Surveys suggest people are beginning to think about purchasing houses. Many buyers are developing their purchase strategies now because they realize housing prices will eventually increase.

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Published 18 June 2015
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Tips for First Time House Buyer by EZ House Buyers-Don McClain
Tips for first time house buyers
First time house buyer tips can help people make educated decisions about real estate purchases. Surveys suggest people are beginning to think about purchasing houses. Many buyers are developing their purchase strategies now because they realize housing prices will eventually increase.
EZ House Buyers-Don McClainsays that the first thing buyers should do is determine how much they can afford. It is important to factor in the down payment, loan origination fee, closing costs, realtor commissions and homeowners insurance.
First time home buyers should obtain pre-qualified mortgage loan approval before scouting out houses. Prequalification lets you know exactly how much money can be borrowed and what the monthly payment will be. Obtaining approval beforehand provides additional negotiation leverage with sellers. Many property owners will lower the sale price if the buyer is already qualified for a loan.
First time buyers find it best to work with a realtor. One of the most trusted sources is the National Association of Realtors website at Realtor.org. Also ask friends, family or co-workers for realtor referrals. Not only can you discover who to use, you might also find out which realtors to avoid.
Once a property is located, buyers must make an offer. The seller is required to provide a disclosure report stating any known defects. If the offer is accepted, both seller and buyer must sign a contract. The buyer must provide earnest money to the seller to secure the deal. This usually amounts to between $500 and $1000.
The buyer should obtain a house inspection to ensure the property is in the condition the seller claims. If problems arise during inspection, the buyer can either renegotiate the purchase price or walk away from the deal.
Benefits of the Lease Option to the House Buyer
The lease option is basically described as an arrangement in the property market where the house owner leases the house to a particular person (or entity); with the option for lessee to also purchase the property upon the end of the lease. It is one of the alternatives to the traditional way of doing business in the property market that players in the markets have increasingly been opting for lately, as they await for the tide to rise again; as the market is currently on a very low tide indeed.
The lease option offers a number of benefits to the house buyer, as it does to the house seller.
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