Home Buying......?
NOT buyer beware but,
Buyer be AWARE!
REinfo4me.com
Is this the real estate you're looking to buy?
If not, read on!
The home buying process; first of all, why do you want to buy a home? Is it because you feel you should invest in something tangible like real
estate, or are you just copying your friends and parents because it seems like the right thing to do? You must get it clear
in your mind as to your motives.
This will affect the buying process. If you are looking for investment property, or to
make a quick buck, then this site is not really the one for you.
If you are serious about buying a home for yourself and family, then read
on. Home buying for the first time can be a terrifying experience. You are moving out of your comfort zone, committing to
a huge load of debt and wondering if you've made the biggest mistake of your life. You'll get all kinds of unsolicited "advice"
from friends, neighbors, parents etc.
Most of this advice will be conflicting and often based on unsubstantiated "facts" or rumors. 
Remember, this is you and your
spouse's decision and you need to come to this decision together.
I am not saying you should not listen to your parents, especially if they
are helping you financially, but remember things have changed since they were in the first time home buying position
you're in now. Now, let's get down to it! The very first thing you MUST do after you decide to become a homeowner, is to get
PRE-APPROVED for a LOAN. 
There is more about this in the FINANCE section. There are two types of "qualifying". Do not get them confused.
Pre-Qualifying means that you have talked to a lender, they have taken your information at face value and run some figures to see how
much of a loan you can afford. This is not what you want. Pre-Qualifying is not worth the paper it's written on. 
Pre-Approval means that you have sat down with a LENDER, your CREDIT has been checked, your funds for closing have been substantiated
and your employment and income verified. You will then get a Pre-Approval letter stating that, subject to satisfactory appraisal and inspections, the lender will advance you the money for your purchase. I hope you can see the huge difference here.
Pre-Approval letter in hand, what's next? Right now you are in a position that is about 80% better than others that would be making a first time home buying offer.
You and the seller know that if you should enter into a contract on a home, it is a strong offer. But where do you find your dream home? The best thing for you is to get an AGENT
A real estate agent
has access to all the homes listed on the local MLS (multiple listing service) and a good real estate agent will be able to let you
know immediately when a home that meets your home buying requirements comes on the market. A real estate agent working on your behalf does not normally cost you anything!
The seller
pays the commission and that amount is usually split between the home buying real estate agent and the selling real estate agent. There are several IMPORTANT
things to watch out for here. More info on the AGENTS
page.
Your agent should belong to the local Board of Realtors®, not just a member of the
MLS.
A Realtor® abides by a Code of Ethics at both the local level and as a member of the National Association of Realtors®.  This helps ensure
the integrity of the agent you are dealing with.
You should choose an agent who specializes in buyers as opposed to a "listing" agent that
usually works with sellers
.
A Buyers Agent may ask you to sign a Buyer-Broker Agreement.
This is only fair as it protects the agent's
commission after all the work they have done on your behalf. HOWEVER, do not sign this until your are satisfied that they are the right agent
for you and are working diligently on your behalf.
Try them out for a few days first.
Do not be afraid to use a new agent as some of them will work even harder for you.
Just make sure that whomever you choose is familiar with the areas you are interested in.
One thing to avoid is the "team" concept which usually means a top producer with a team of underlings handling your business.
You should build a relationship in your home buying process with an individual, not a team.
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