1st time buyers...
Metropolitan International can help...
We understand that buying a home for the first time can be confusing and a bit overwhelming. But never fear, Metropolitan International will guide you through the whole buying process. We will work with you and make sure that you understand every aspect and are not confused. We value each and every question you may have.
what you need to know...
1. Prioritize your wants and needs
First, prioritize a list of your wants and needs. Use the list as a general guideline and not an absolute must have. When brainstorming your list keep in mind location, personal style and how much you can spend. A Metropolitan Realtor is always available to help you with information like community features, shopping, restaurants, schools and a wealth of other information.
2. Know What You Can Afford
After you have carefully compiled your list of needs and wants, it’s time to figure out just what you can afford. There are several factors you should consider in order to have an accurate assessment of what you can actually afford. Some key factors are your credit rating, interest on the loan, your income, your monthly expenditures and the amount of your down payment. Your Metropolitan Realtor can guide you to the right sources to obtain this information.
3. Apply for a Home Loan
There are more than 300 programs available to 1st time home buyers. It takes an expert lender to fully understand what your best option may be. Don’t just leave it up to fate. We have a network of proven top notch lenders that will work in your best interest. Contact us today and get one step closer to purchasing your first dream home.
4. Window shop
With all of the above information taken care of, it’s time search for your 1st home. You can greatly reduce your time and efforts by registering with Metropolitan’s “Home Finder” program. Once registered, you will receive daily listings of homes that meet you search criteria.
We recommend that our Agent preview the homes with you. Our Realtors are experts in spotting defects that the average person may not notice. Moreover, they will teach you strategies on what to ask and what not to tell. What may not seem like a big deal to you could destroy your chances of negotiating a deal in your favor.
However, if you don’t have time, we can preview the home first, ask the right question and let you know if the home meets your criteria. This way you do not waste your valuable time and the seller's agent will not have an advantage. And when you do walk into the homes you will know that we did our job—well done.
5. Make an offer
The next step would be to come up with a reasonable offer. The selling price and the closing date are the most critical aspects of a contract. The offering price is not pulled from the sky. We will conduct a conclusive market analysis to determine the best offering price and advise you thereof. However, the offering price is totally the buyer/s decision.
Traditionally, buyers offer less than “Asking price.” However, a ridiculous lowball offer may insight a seller to blacklist you and refuse to entertain anymore offers that come from you. With a low offer one must be prepared for the posibility of loosing the house altogether. We will help you find a happy medium that will be just enough to entice the seller to consider your offer or run the risk of loosing a serious buyer/s. After all, trying to save a couple thousand dollars (Pennies over the course of a mortgage) may not be worth sacrificing the home of your dreams.
You may want to increase the asking earnest money. This money is placed in an escrow account and it shows ones sincerity on purchasing the property. By increasing the escrow monies demonstrates your confidence in being able to purchase to the seller. In addition, this may be a powerful negotiating strategy to help lower the sale’s price.
6. Sign the contract
Once the contract is signed (Executed) by all parties, the home should be inspected by a licensed professional home inspector. They will inspect the home from top to bottom and may uncover defects that were not know by the seller. In turn, this could save you thousands in repair cost. We highly recommend using a home inspector within the first 5 days after executing a contract.
You may want to increase the asking earnest money. This money is placed in an escrow account and it shows ones sincerity on purchasing the property. By increasing the escrow monies demonstrates your confidence in being able to purchase to the seller. In addition, this may be a powerful negotiating strategy to help lower the sale’s price.
7. Home Warranty
In addition to having the home inspection, we recommend getting a home warranty. This insurance will cover most major repairs between the time you sign the contact and the closing. Furthermore, it will be in effect for at least one year after you close the deal. The contract can be renewed when it expires. We always ask the seller to supply a home warranty as part of our negotiation procedures.
8. The Closing
Along with the buyer, we will conduct our First Walk Through a few days prior to closing. We will make sure that the home is in the same condition as when the contract was executed and make sure that all defects noted by the home inspector were corrected. And on the day of the closing we will do our Final Walk Through to complete our inspections.
You will receive your keys at the closing once all paperwork has been agreed upon and signed.
Now we celebrate!