Information For First Time Home Buyers

Buying your first home can be an intimidating process. You may have a lot of questions to ask and aren’t sure where to turn for answers. You may struggle with knowing where to start. Or you may just be looking for a trusted agent to start looking at houses. Wherever you find yourself in the home buying process, Beacon Properties wants to assist you in buying your first home.

To help you begin on your home buying journey, here are the answers to the most commonly asked questions by first time home buyers.   You can click on a question for detailed answers or scroll down for the information.

How does the home buying process work?

How does the home buying process work?

The first step for any home buyer is to determine your buying power. Starting the process usually means getting pre-approved with a reputable and trusted lender. We are more than happy to refer you to the right lender for you and to provide information on possible loan programs that fits your individual needs. Cash buyers need to decide their price range and make sure the funds available to use.

After your financing is in order, we will begin the process of finding your perfect home. We will sit down with to learn about your goals in buying a home. From there we will begin to narrow down the features that are important to you in a house and the cities where you would like to live. We will set-up an automatic search that will email you every listing that meets your search criteria on a daily, weekly, or monthly basis, depending on your preferences. The personalized emails will allow you to look through all the available properties to identity the houses that you want to see in person.

When you find a few houses you want to see, we will schedules showings. We will tour the properties with you and provide objective information about the homes. We will answer any questions you have at the showings and then follow-up with any information we need to obtain by doing more research. First time home buyers often want family members or friends to accompany them on their showings. We are more than welcome to accommodate this request.

You may find the home of your dreams in one showing or twenty, but when you find it, we will walk you through the process of writing a purchase agreement. Before you set your purchase price we will prepare a Comparative Market Analysis to determine the average selling price of homes in the neighborhood. We will go over all of your options which include a home inspection contingency, explain the contracts, and answer all the questions you may have. After the purchase agreement is written, we will negotiate with the sellers to ensure you receive the best possible terms. Throughout the negotiation process we will be in constant contact with you to allow you to decide our next steps.

Once you have a purchase agreement to buy your first home, we’ll guide you to closing. We will arrange the closing and monitor the process to prevent problems before they begin. We will be by your side on the day of closing to celebrate the exciting event.

Why should I use an agent?

Many buyers wonder “Why should I have representation?” Buyer representation guarantees potential buyers an advocate throughout the entire real estate transaction that provides advice and assistance while looking out for your best interests. Additional benefits of representation include:

§ Advising you of market trends in the area you are considering.

§ Performing a market analysis to help determine the purchase price of the home.

§ Provide financing information.

§ Sharing the strengths and weaknesses of properties in respect to your personal goals and potential resale.

§ Negotiating the purchase price and conditions of the purchase agreement for the home of your dreams.

Using a professional allows you to avoid making mistakes while having all the information to make informed decisions about home buying. You can also rest assured knowing that you have an experienced and knowledgeable agent handling all of the details of such a crucial financial decision.

Buying a home is one of the most important decisions you can make. Smart buyers chose buyer representation to ensure their best interests are taken care of every step of the way. Be one of them!

How much does it cost to use a Realtor®?

Another big misconception about buyer representation is cost. Potential buyers often believe it will cost them too much money to have a real estate agent working for them. The truth is that in most cases the seller pays the buyer agent’s commission. Buyers usually can have all the benefits of representation at no cost to them! Using an agent can also save you money by avoiding costly mistakes, negotiating the best terms, and advising you of the appropriate purchase price.

Can I get a better deal by NOT using a Real Estate Agent?

Many people aren’t truly convinced that there is value in using a Realtor®. Often times buyers believe they can get a better deal working on their own. However, that is not the case. A common myth about the home buying process is that a buyer will get a reduced price if they don’t use a real estate agent. The reality is that a home’s purchase price is based only on what a buyer is willing to pay and what a seller is willing to accept; agent commissions play no role in purchase price. An agent will negotiate on your behalf to get you the best terms possible on the home of your dreams.

What are the real estate terms I should know?

Click here for a Real Estate Glossary.