You are on a new adventure, full of twists and turns and treasure hunting. You will feel a little overwhelmed by the challenges as you negotiate neigborhoods, map out your budget, and master your mortgage. Here are four bits of advice, and a Bill Of Rights, from Palm State Mortgage.
Keep in mind that your real estate agent, as well as all the other professionals you will meet on this adventure, all work for you. On behalf of Palm State, we invite questions concerning your mortgage. We of Palm State Mortgage give you advice in the same way that your lawyer or your tax accountant, or your butcher gives you advice.
1. Who’s the boss?
Remember that you will ultimately make all the decisions. On behalf of Palm State Mortgage, keep in mind that you have the right to ask questions of any of those who help you on your quest for the prize, your first home. By the way, there’s no such thing as a stupid question.
2. Do not wear your heart on your sleeve.
Buying your first house is a little like a bride searching for that perfect dress. The first one or the one hundreth one might end up as her final choice. Do not limit yourself, and don’t assume that the right house will feel “right” immediately.Sometimes a bride has to get accessories, shoes, jewelry, flowers and a fully dressed bridal party. Then she is content with her dress.
This is an imperfect analogy, but shop with the care and discretion, and do not fall for the first “pretty face” you see, because unlike the wrong dress, the wrong house could make you uncomfortable for a very long time.
Experts have said, “As a first-time homebuyer, you should develop a healthy ‘like’ for a property, but keep the relationship open, see other houses. There will be plenty of time for “love” after you’ve put in the 300 hours of sweat equity to make your house a home.”
3. Be willing to say “no.”
Solidify your negotiator stance with all parties concerned. Be firm about your demands for your deal. Be strong in your conviction that there are more houses “out there,” than just “that” one.
4. Tick tock!
We are not sure who started the myth that you, as the homebuyer, need to rush a deal. Generally, we do not believe this always the best advice. Moving too fast with your best offer is not too good for your deal. Think twice. (at least!)
Logically you, as a first time buyer, occupy the strongest position in the deal.
The First Time Buyers’ Bill of Rights
1. You can always start with a low offer.
2. Negotiate upwards if the seller refuses it, and you really want the property enough to pay more money for it.
3. You can table a counter-offer and look at a few other places before deciding to pay more.
3. Remember that the sellers might really need to sell the property, so they are motivated to move more quickly than you need to buy it.
4. Time is on your side.
So, first time home-buyer, enjoy the house hunt! We are here to help you when you are ready to find the perfect mortgage to go with it!
