Newburyport First Time Buyer Information

Buying a home for the first time can be somewhat stressful. The Newburyport first time buyer information below will make it less confusing. Homes are a major financial investment and home buyers should know some basics when starting the process.

Before Beginning a Real Estate Search

Select a Reputable Mortgage Company

Speak with a local mortgage company and obtain a pre-approval. Some companies may offer different alternatives. Evaluate the options and closing costs to identify the best program. Get estimates on up-front costs and monthly payments. This also helps determine your maximum purchase price.

Hire a Real Estate Broker

Find a real estate agent to help with your property purchase. Choose one that understands your needs. Experienced Realtors can help explain the options, prepare contracts, and ensure a smooth transaction. This expertise can make a huge difference for first time buyers.

Notes About Buying Steps

Property Showings

Only tour properties within your price range. This prevents the disappointment of wanting a home that is not possible for you to buy. Visiting properties will take extensive time, so sticking to your limits will also minimize wasting of time.

Legal Paperwork

Real estate professionals can provide information on contracts and negotiating them, but they can not render legal advice. If you require a legal opinion, think about using a real estate attorney to explain legal jargon and request any desired changes to them. Make sure that you fully understand the terms and requirements of any contract prior to signing them.

Property Inspections

Do not rely on an inspection to renegotiate price or change purchase terms as they may not identify any issues at all. Also stay away from negotiating previously disclosed issues. Such strategies often fail and may cause you to waste the inspection costs. In cases where issues are uncovered, sellers may agree to address issues, compensate you for them, or refuse to do nothing at all. Reasonable requests are more likely to be accepted.

Final Walk-Thru

Shortly before the closing, you will have the chance to walk thru the property one last time. Try and complete this after the sellers have vacated the property. Resolve any problems before finalizing closing paperwork as you may have few options afterwards.

Real Estate Closings

You will need acceptable identification for the closing. Closing costs and down payment funds must be certified. Also bring your checkbook in case there are any unpredictable changes. After the closing, the home belongs to you!

Additional Newburyport First Time Buyer Information

The home real estate process will be easier if you keep the above in mind. For more comprehensive Newburyport first time buyer information, contact John Wells at Wellsco Realty by calling 978-518-1481 or by emailing teamjohn@johnpwells.com.

About Editor-John P. Wells

I am a resident of Newburyport and have worked in education, high tech and urban development. My interests in architecture and construction are invaluable to my clients. For more information please visit the Wellsco website.