Comments on: 5 Critical Things to Remember When Buying Your First Home http://www.moneyunder30.com/5-critical-things-buying-first-home Personal Finance for the Young and Ambitious Sat, 21 Nov 2009 04:23:03 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: wheelady http://www.moneyunder30.com/5-critical-things-buying-first-home/comment-page-1#comment-2286 wheelady Mon, 02 Mar 2009 15:45:23 +0000 http://www.moneyunder30.com/?p=1420#comment-2286 Hello Readers! Let me say you should be PREAPPROVED for financing. Preapproval is a step over and above "prequalification," as you really don't need a lender or Realtor to do that for you. It's as simple as knowing how much income you earn and how much debt you have (think the 28/36 rule). If you want to be in the "driver's seat" when attempting to purchase your first home, secure financing First. You will have more control over what you pay & how you will negotiate with the seller (in other words, more buying and bargaining power). Many sellers will not take you seriously or take their home off market while someone waits for loan approval. So, get it ahead of time! Finally, to add to the 1st tip: Buyer agency was established out of an obvious need for buyers to have representation, too. Once you are in a Buyer Agent (Broker) agreement, the Real Estate agent legally works for YOU and has the obligation to ensure that your best interest's (not theirs or the seller's) are served. Michelle (the wheelady) Hello Readers! Let me say you should be PREAPPROVED for financing. Preapproval is a step over and above “prequalification,” as you really don’t need a lender or Realtor to do that for you. It’s as simple as knowing how much income you earn and how much debt you have (think the 28/36 rule). If you want to be in the “driver’s seat” when attempting to purchase your first home, secure financing First. You will have more control over what you pay & how you will negotiate with the seller (in other words, more buying and bargaining power). Many sellers will not take you seriously or take their home off market while someone waits for loan approval. So, get it ahead of time!

Finally, to add to the 1st tip: Buyer agency was established out of an obvious need for buyers to have representation, too. Once you are in a Buyer Agent (Broker) agreement, the Real Estate agent legally works for YOU and has the obligation to ensure that your best interest’s (not theirs or the seller’s) are served.

Michelle (the wheelady)

]]> By: Money Under 30 http://www.moneyunder30.com/5-critical-things-buying-first-home/comment-page-1#comment-2288 Money Under 30 Thu, 26 Feb 2009 14:46:37 +0000 http://www.moneyunder30.com/?p=1420#comment-2288 That's a great point, Jessica. I forgot to mention attorneys. I've had a few friends really get screwed by their incompetent (or more likely just lazy) real estate attorneys. That’s a great point, Jessica. I forgot to mention attorneys. I’ve had a few friends really get screwed by their incompetent (or more likely just lazy) real estate attorneys.

]]> By: Jessica @ThriveYourTribe http://www.moneyunder30.com/5-critical-things-buying-first-home/comment-page-1#comment-2287 Jessica @ThriveYourTribe Tue, 24 Feb 2009 15:20:48 +0000 http://www.moneyunder30.com/?p=1420#comment-2287 Awesome list! Re: #1, first time buyers should also know that the lawyer (in states that use a lawyer for closing) doesn't work for you either. They work for the bank, even though you're paying them. So, if you ask for anything to be done through closing, make sure that you make it clear (in writing) that you must sign off before the money is dispersed. Otherwise, the lawyer may write checks for work that's not done... and never *gets* done. (Didn't happen to me, fortunately.) Awesome list!

Re: #1, first time buyers should also know that the lawyer (in states that use a lawyer for closing) doesn’t work for you either. They work for the bank, even though you’re paying them. So, if you ask for anything to be done through closing, make sure that you make it clear (in writing) that you must sign off before the money is dispersed. Otherwise, the lawyer may write checks for work that’s not done… and never *gets* done. (Didn’t happen to me, fortunately.)

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