Farmington Hills First Time Buyer Guidance

Buying real estate may be somewhat scary. The Farmington Hills first time buyer guidance in this blog will clarify certain things. Homes are a big financial investment and buyers should become well educated.

The First Steps                                                                                                                                                                     Farmington Hills First Time Buyer Guidance

Find a Reputable Lender

Contact a local mortgage provider and obtain a pre-approval. Keep in mind that banks may offer varying alternatives than mortgage brokers. Review the services and applicable charges to identify the best option. Get an estimate of up-front costs and recurring expenses. This also helps identify your budget.

Hire a Real Estate Expert

Find a real estate professional to assist you through the home purchase process. Choose someone that best fits your needs. Knowledgeable Realtors will help explain the options, negotiate contracts, and facilitate a less stressful purchase. This can make a huge difference for first time buyers.

Buying Process Information

Real Estate Viewings

Only see real estate that fit your price range. This avoids the disappointment of wanting real estate that is not feasible for you to buy. Home showings are time consuming, so staying within your limits will also minimize wasting of time.

Legal Paperwork

Real estate professionals can provide tips on contracts and negotiating them, but they can not provide legal advice. If you would like a legal opinion, ask about hiring a real estate attorney to explain legal jargon and make any necessary edits to them. Do not sign any paperwork that you do not entirely understand.

Inspections

Do not use inspections to lower price or alter contract terms as they sometimes do not find any issues at all. Also avoid negotiating known problems. Such strategies often fail and lead you to lose the inspection costs. In cases where defects are found, homeowners can offer to repair defects, offer concessions towards closing expenses, or do nothing at all. Try to be fair with your negotiations and the other party will be more willing to accommodate them.

Walk-Thru Prior to Closing

Shortly before the closing, you normally have a chance to walk thru the property one final time. Try and make this after the sellers have moved out. If any issues are present at the walk-thru, you can address them before signing closing paperwork.

Real Estate Closings

All buyers signing any documents must bring legal identification. Any fees owed must be in the form of a certified check or money order. Have your checkbook ready in case there are any unpredictable corrections. Upon closing, the property is officially yours!

More Farmington Hills First Time Buyer Guidance

The property purchase process can be less intimidating if you maintain an introductory knowledge of what may take place. For more comprehensive Farmington Hills first time buyer guidance, contact Tom Gilliam at RE/MAX Classic by calling 248-790-5594 or by emailing [email protected]ou.com.

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Thomas Gilliam

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I'm a Professional Realtor for 17 years with RE/MAX CLASSIC in the Oakland County MI and the Metro Detroit area and love what I do. Real Estate is my passion... Exceeding your expectations is my goal!