Anaheim, Ca First Time Home Buyer- Part 3: Do & Don't

Anaheim, Ca First Time Home Buyer-Part 3: Do & Don't

So you are a First Time Home Buyer looking to buy a new home or condo in Anaheim. You have chosen a great Realtor and are working with a wonderful loan officer who has pre approved you for your loan. Here comes the fun part. It is time to start searching for your home. Before you get started take a look at this list of First Time Buyer Do and Don't because the last thing you want is to run into problems now, especially if they can be avoided.

First Time Home Buyer Do 1: Continue to Save Money. During the time you are searching for homes and even when you have already found your home, saving money is always a smart thing to do. Even if you have a sufficient amount saved for your down payment and closing costs, its always a good idea to continue saving. For one, it looks good on your loan when you have reserves and it is also nice to have a rainy day cushion especially when you are a home owner.

First Time Home Buyer Don't 1: Don't Secure yourself a home and then go on a shopping spree. Yes your new home will need furniture and the patio could use a barbecue, but save the spending spree for after escrow closes. You have to remember that your loan approval is based off of credit score and debt compared to income ratios. Those new credit card purchases could easily affect your credit score or raise your debt ratio which can lead to a loan denial. After escrow closes and your new home keys are in your hands, go ahead and buy a few nice things but remember you have a new mortgage payment to think about.

First Time Home Buyer Do 2: Be Patient. Yes it is a buyer's market but there is a lot of competition out there. You should know that it may take a few offers before you get one accepted especially in the starter home prices (under $500,000). Most First Time Home Buyers buy homes in the lower price range so you will likely find yourself in a battle against other buyers all hoping for the same home . Because of First Time Home Buyer and investor demand on these homes, it is not uncommon for a home to receive several if not dozens of offers in just a few days. Have a talk about what to expect with your Realtor so you do not become frustrated with the process. Remember it is going to take a little work but you are buying a home at a great time so its worth it.

First Time Home Buyer Don't 2: Don't Procrastinate. This goes along with Do 2. Homes are selling fast. The last thing you want to do is miss out on the opportunity on making an offer because you waited too long to see it. If your Realtor is sending you auto emails that update you on new homes available, check them daily. If your Realtor is not sending you email updates, ask to be put on one so you will always be updated on new homes to see. If you see a home you like, let your Realtor know and schedule an appointment to see it right away. If you think the home is for you, make sure your Realtor writes up and sends the offer right away. You are going to have to sign the offer so make sure you make yourself available in a timely manner too.

First Time Home Buyer Do 3: Take the time to educate yourself on the market. There are 4 main types of homes to buy: bank owned homes, short Sales, equity seller homes, and investor flip homes. Ask your Realtor about these type of homes and the implications that go along with buying one. Keep this in mind when writing offers.

First Time Home Buyer Don't 3: Don't Get Discouraged. It is easy to get discouraged especially when the home search that you figured would take a few weeks turns into a few months. Believe me nobody likes this in fact your Realtor probably dislikes this more than you. It is important to keep a positive attitude. If you are feeling overwhelmed, let your Realtor know. She may have some encouraging words for you that can help. Maybe you and your Realtor can change strategies and yield better results. For every problem there is a solution so have fun with your home search and keep an open mind and you will find your home in no time.

Next time I will define the 4 home seller types and what this means to you the Anaheim, Ca First Time Home Buyer. I did mean to make this a 3 part series....but there is so much to talk about when it comes to buying your first home...

In the meantime if you are looking to buy your First Home in Anaheim or its surrounding areas and are looking to interview the right agent for the job, please give me a call or email. I specialize in working with First Time Home Buyers and I would be honored if I could help you out in any way.

Click here to read First Time Home Buyer-Part 4: All About Sellers

Click here to read First Time Home Buyer- Part 2 How to Choose Your Lender

Click here to read First Time Home Buyer- Part 1 How to Choose your Real Estate Agent