First Time Buyer Information
Pre- Qualification: Meet with a mortgage broker and find out how much you can afford to invest for your new property.
Pre- Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You also will avoid being disappointed when going after the properties you are interested in that may be out of your price range. With Pre- Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the property you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for their property. Costs for pre-approvals are generally nominal and lenders will usually permit you to pay them when you close your loan.
List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the desired number of units, bedrooms & bathroom mix, square footage, tc.). The second list is your wishes, things you would like to have (Garages, Pool, additional upgrades etc.) but that aren't absolutely necessary. Realistically for first-time buyers, you probably won't get everything on your wish list, but it will keep you on track for what you're looking for.
Representation by a Professional: Hiring your own real estate agent, one who is working for you and specializes in your needs like our team.
Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your property search efforts. Such items may include:
- One or more detailed maps with your areas of interests highlighted.
- A file of the properties that your agent has shown to you, along with setup sheets and photos.
- Paper and pen, for taking notes as you search.
- Take pictures to help refresh your memory on individual properties.
- Location: Look at potential properties as if you are the seller. Would a prospective buyer find it attractive based on appeal, school districts, crime rate, proximity to positives (shopping, parks, freeway access) and negatives (abandoned properties, garbage dump, a source of noise) features of the area?
Be Objective: When searching for your new property ask yourself the following questions. Does this property really meet your needs? Does it financially make sense? Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:
- Include inspection & mortgage contingencies in your written offer.
- Have the property inspected by a professional inspector.
- Check to see that no changes have been made that weren't agreed on (i.e., closing cost, repairs, etc.). All the above may seem rather overwhelming and this is a fraction of the details that you need to stay on top of. This is why having a professional represent you and keep track of all the details for you is highly recommended. Please email us: info@JacobRowan.com or call us directly: (949) 515-3500 to discuss any of these matters in further detail.
The enclosed information is deemed reliable but is not guaranteed.