If you are a first-time home buyer, there are a few things you should expect to encounter during the process. Being prepared can make all the difference when buying your first home. Here are a few examples of what to expect when buying a house:
A diverse market:
This is a good thing, for the most part. In the current market, you will likely have your pick of standard sales, short sales and real estate owned (REO) properties (aka foreclosures). The key thing to remember is that each type of transaction is conducted differently. Even if you are a borrower in an ideal situation, you may be better suited for one type of purchase over another. When you speak with us for a pre-approval consultation, our Orange County mortgage brokers can help you understand which type of purchase would be best for you.
The reality is that normally, the sale price of the home does not include the assortment of fees that you could be responsible for. As your Orange County mortgage broker, we aim to make you aware of as many of these fees as possible before the time comes to pay for them. Home Loan Solutions will work with each client to structure a loan with the lowest possible cost matched with the lowest possible interest rate. Be sure to ask us how you can most easily structure these fees during the loan process.
The need to negotiate:
To offset additional fees and make sure you get the most for your money, you may want to make an offer that’s slightly lower than the asking price. You should expect that the seller will present a counter offer that meets you halfway. Your real estate agent should have the knowledge and experience to help you navigate these waters and come to a satisfying agreement. Also, you should expect that the home inspection may reveal things that the seller did not disclose. At that point, you’ll want to negotiate for the seller to make the repairs or discount the selling price.
When you know what to expect when buying a house, you can be a better prepared, more confident home buyer and mortgage borrower. For more questions on buying your first home, contact Home Loan Solutions today.