Four Questions for First Time Buyers

Four Questions for First Time Buyers

Four Questions for First Time Buyers

If you are a first time buyer, you will likely have numerous questions about the process and timelines.  Before you move forward on purchasing your first home in Wilmington, however, it is a good idea to ask yourself some important questions.  Knowing the answers beforehand will help to simplify the process, minimize inconveniences and ensure your transaction closes successfully. 

1)      Where do you live now?  This may seem obvious, but many first time buyers of Wilmington real estate forget to let me know about their current living situation.  Are you posted up on a friend’s couch or living with your parents?  Are you tied to a lease?  When does it expire?  It’s important to know the answers prior to embarking on the negotiations, as the closing date will be crucial to everyone involved.

2)      How quickly do you want to move?  It is vital to answer this question immediately and pass your answer on to everyone involved in your Wilmington home purchase.  Many first time buyers do not realize there are a fairly large number of people involved in the average transaction and many chess pieces that have to be successfully managed in order to ensure your transaction closes on time.  Communicating the pertinent information to everyone involved, which can include loan officers, closing attorneys, home sellers, insurance agents and home inspectors, is an essential strategy for success. 

3)      Is anyone helping you?  Are you buying your first Wilmington home on your own?  Or will your parents or a family member be helping you?  If you will be receiving assistance in the form of a down payment, cash or a co-signer, it is very important to let your agent, attorney and loan officer know immediately.  It will also be very helpful for me as your real estate agent to know if the people helping you will have to approve your decisions or if they will just be a silent partner in the transaction.  This is especially important if you want to move quickly, decrease hassles and save time for everyone.

4)      Where is the money coming from?  Many first time buyers want to start shopping before they have been preapproved for a loan.  This is a bad idea for the simple fact that it’s very disappointing to find out the home of your dreams is out of your price range.  If your parents or someone else will be co-signing, providing cash to purchase, or giving down payment funds, it’s vital to let everyone involved in the transaction know about it, as there are very specific rules and procedures for wiring, handling and managing the money that will have to be performed in order to make sure the deal closes successfully.

Being proactive is the key to having a positive and hassle-free transaction experience.  It is never a good thing to have to extend a closing date, as this can cost you extra money, or develop a creative solution for a problem that could have prevented if all of the relevant information had been communicated and all of the needs identified at the outset of the process. 

If you are having trouble answering these questions or would like a no-obligation consultation about your search for a Wilmington home, call Fritts Causby at 858-692-5120 or email frittscausby@gmail.com.