First time home Buyers who want to take advantage of the $8,000 tax credit better get moving. Some may feel like they still have plenty of time before the December 1st deadline to close on their new home but they don’t. The fact is, finding and buying a home takes time, especially if you haven’t done anything yet. Below is a breakdown of some of the steps you will need to climb in order to get the key to your new home.
Find a lender and get pre-approved: Definitely the fist step. If you haven’t done so already, you need to talk to a lender and find out how much house you can buy. This could be the loan officer where you bank or a mortgage broker or both. It is not mandatory to shop around, but you certainly can.
Find a REALTOR®: This should be someone you can trust to work for you in your best interests. If you do not know a realtor, ask your friend and family to see if they might know someone they’ve used in the past and were satisfied with the services they received. Again, it is not prohibited to interview more than one person in order to find the best one for you. Of course, feel free to contact me; I would love to help!
Viewing and finding a home: This may take some time depending on your criteria. Keep in mind that your first home will likely not be your dream home. Such is life. You will need to view your home as your first major investment and while you would love to invest in a million dollars property, you budget may limit you to 150K for now. Shop in your price range and find the place that will grow with you for a few years (and your net worth will grow with it).
Write an offer and negotiate the price: As realtors, we are trained negotiator and if you have your own representation (your agent is not the one also representing the seller), your realtor will work in your best interests to get you the home you want for the best possible price.
The contract is signed by both parties: Congratulations! You are on the right track. From this point on, it will take another 40 days or so to complete the process, which involves:
- Inspections (usually a home inspection and a termite inspection)
- Completing your loan application
- Appraisal
- Title
Closing: If everything goes well, you are now ready to take possession of your new home. However, many things can happen after you signed the contract and before you close, that could delay the process and delay the closing. Buyers who wait until the last minute will probably miss the boat as lenders are already very busy and loan processing is likely to get backed up with buyers wanting to close before December 1st.
If you are seriously thinking about buying a home and you want to take advantage of the $8,000 tax credit for first time home buyers, now is the time to shift gears!
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