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Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 3 months ago

What is the very first thing to do when you are looking to buy a home?

I am a first time home buyer with my husband. What is the first thing to do in the process of buying a home?

We have some money saved up together. Good credit. We both work. I just do not know where to start with the actual process. Thank you for your help.

13 Answers

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  • 3 months ago

    If you know nothing about how to buy a house, the first thing you need to do is to borrow or buy a book called "How To Buy Your First Home", or similar.  It will explain things like how to figure out your finances, locations, amenities and other things related to searching for a good fit.

    They also explain about brokers, lenders, offers, earnest money, escape contingencies, inspections, and lots of other things you need to know about.

    Feel free to come back any time with specific questions about how things really work.

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  • 3 months ago

    Ask your spouse what they want. { lol, but true. } First, how much can you afford? 2nd, Where ? 3rd - for how long? 4 - size ( i e how many kids, den, family room, etc) 5 - quality of school district ... and then get a realtor you like and trust

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  • 3 months ago

    figure out your budget...get pre-approval for a mortgage...know your price range. 

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  • Mark
    Lv 6
    3 months ago

    From one of my previous answers to a similar question:

    Research the neighborhoods you want to move to (crime, schools, property taxes, housing costs). Drive around those neighborhoods. 

    Start going to open houses.in the neighborhood. Don't worry about being a "looky loo". Agents are used to it. Don't commit to an agent but collect their card and take notes on their behavior. Research them. Just tell them you are looking. 

    Start a conversation with an independent mortgage broker (not a bank). Most will give free advice and tell you what you can afford. Mine will talk your ear off for an hour. Ask for recommendations for agents. They know them all and know which deals went south. 

     When you start seriously, you'll get a Pre-Approval letter from them - that's the magic golden ticket with agents. You want an agent familiar with the area and patient with newbies. 

    Make a list of "must have's" and "want to have". Be aware that there will be compromises, and what you think is "must have' ain't. LOL, we thought we "must have" a Jacuzzi tub. Got it; big corner one. Used it a couple of times. 

    If going for a "fixer upper" be realistic. You'll likely never complete the projects. This ain't HDTV. And not only does it cost more, it's actually hard sometimes to find the right person for the job. 

    Learn to look past crappy decor and old carpet. Look for "good bones"; and see if they already have an inspection report and read the Seller's Disclosure (most agents seem to have a copy at the open house). Roof, HVAC, foundation, dry basement, mold, etc. is more important than paint color.

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  • 3 months ago

    Get pre approval to find out what you can borrow.

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  • Anonymous
    3 months ago

    Find out how much you can borrow. Then start looking for property in good locations. Location is very important. Values can even fall is sh!t areas.

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  • 3 months ago

    Well, the very first step would be to go online and look at realty offerings in your region and see how much house you can afford.

    Then, you would need a good realtor, and you should also find a good and qualified house inspector who you would call in to inspect, on your dime, any house you are otherwise ready to make an offer for.

    Because buying a house is the biggest investment anyone gets to do, and you want to be as sure as possible that the house has good bones and structure, regardless of the lipstick and mascara that it appears to have.

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  • 3 months ago

    Start by calling a mortgage lender and ask for a pre-approval. They will tell you how much you can qualify for a mortgage. This is free. Next step is to find a good realtor to start showing you homes.. In the US almost always the seller pays for the realtor fees.

    Source(s): Mortgage lender since 1986.
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  • 3 months ago

    When I started I talked to people who had bought a house in the past 4 years, what issues they had with the process and where they made mistakes.

    I looked into WHAT you have to pay attention to when checking out new places - furnaces last 20 years, how old is that one? Does the roof have 2 layers of shingles on? That makes for a more expensive tear off when reshingling. Water heaters last around 12-15 years. Are the windows leaking air- in winter this raises your heating bill. Is water dripping anywhere--pipes, faucets, water damage under the sinks. Is the outside landscaping going to funnel rain water right to the foundation of the house? Are the basement walls cracked or showing water damage?

    I also went online and typed in a google search for 'first time home buying'.

    The government website on buying a home was EXTREMELY helpful -- This site especially!

    https://pueblo.gpo.gov/Publications/PuebloPubs.php...

    Check with your local library about any classes your city does for first time home buyers, the classes are free.

    Pay attention to the neighbor houses and the state of their back yards, cars, landscaping. That can be major headaches down the line.

    You'll need to have 10 to 20% of the home's cost to put down right off the bat. Check round with banks AND credit unions for the best mortgage rates.

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  • Anonymous
    3 months ago

    First step is to get qualified and know your maximum price range.  A mortgage broker and/or a realtor can help.

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