First time buyers really benefit from getting to know the market they are investing in. Lets look at like a hockey game with 3 quarters.
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1st Quarter
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Start with building your team; Realtor and Lender. Your Realtor will outline the steps in the process from beginning to end and you will share your goals with what your looking for. Your Lender will privately outline the specific mortgage process as it pertains to you (without the Realtor).
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2nd Quarter (most important)
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You like what you have heard from the Lender in terms of the money involved and you have begun to use that information to receive updates on available homes to view through your Realtor. Unlike ever before you will be at a heightened sense of attention to the mortgage markets and houses for sale. If you hear about a mortgage scenario that was not discussed - call the Lender. If you see a home for sale outside of what you discussed with your Realtor - call your Realtor. I don't think a buyer is really out to find "THE HOME" but rather remove all homes for sale and narrow down the list and this is similar to lending (remove what does not pertain to you specifically). First you get to know the Macro Market of real estate for the city your in (don't try to connect Detroit to Austin for example). Next get honed in on a specific neighborhood you really like in the Micro Market sense.
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3rd Quarter
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At this point you have completed a team of reliable professionals to provide you service. You have been backed for a loan (pre qualified or even pre approved) and become an expert in what to expect for house prices through looking inside homes of interest. All the terms you agreed to do under your paper work with the seller are followed and at the end your a home owner.
Have you received good "2nd Quarter" help from your team?
Friday, July 1, 2011
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