The American Dream
The first time you fulfill the “American Dream” in buying your first house is a real adventure. Terms like title, title company, escrow, mortgage, fha requirements, inspection all seem pretty foreign. In this case, “learn from experience” is not the best way to go. You can buy smart with a little training.
Your investment is too large to just “learn by experience”. For example, you will have to decide which type mortgage suits your needs the best. Your investment meaning downpayment. If you are considering purchasing a home priced at $100,000, then you would need $10,000 to $20,000 as a downpayment. Would you just hand that kind of money over to someone you didn’t know and have yet to trust? I am sure you would not without considering many things prior to doing it. A “learning curve” would not be the best approach.
The best approach would be to seek some training on the issues of every home. The realtor will show you a flowery picture and will try to cover up or pass over the imperfections with their profit in mind. You and you alone are responsible for discovering the imperfections and if you don’t, you are buying a house “as is”. Training will give you some creative ideas on negotiation for seller concessions.
Here is the guide that will best help you figure out some of the necessities in buying your “American Dream” or your first house smartly: Guide to Buying Your First House
2 Comments »
Erin on 16 Oct 2009 at 11:25 am #
There sure are a lot of things to consider when you buy your first how. I don’t know if you’ve seen this site, but I thought the info might be good to share.
www.firsthomeexperience.com/main/
Could you take a few minutes to explore and let me know your thoughts. There are tips for buyers and great resources for realtors, plus some easy to enter contests.
nap on 16 Oct 2009 at 12:20 pm #
Hello Erin Whitney,
If you are considering buying your first home, you must be careful that you are receiving information from a home buyer and not favoring the realty industry. So much internet information comes from professional realty people who have a slanted view because they are trying to sell. I have a home buying guide available at http:www.biznap.biz/homebuyingguide and I have no connection whatsoever to the real estate industry. My guide tells you what you should look for and many times the realty industry hides some of the details about a home……..Hope I have helped you………..Norine Peardon…….norinepeardon@yahoo.com