What every first time buyer MUST know

Ready to get started shopping for a home? My team has helped hundreds of buyers get started. Here are your first steps to succeed in finding your dream home. 

Know what you can afford. Speak to a mortgage broker, speak to a realtor and take into account closing costs, downpayment, and post-closing liquidity. Get prequalified by your lender. There is nothing wrong with reaching a bit but know your limitations (especially if you are buying a Co-Op). Don’t forget to account for some liquidity once you close. 

Buy more apartment than you need. The only people who lose money in real estate are people that are forced to sell when the market is down. If you reach a little and buy a place that you won’t outgrow in the near term, you can weather a down market and sell when times are better. 

A Good Real Estate Attorney Is Worth Their Weight in Gold . This will make the difference between getting the deal done or not. So important. 

Working With a Broker to Find Your Home Is Smart. Working With Two Brokers Isn’t. You will end up doing twice as much work. Don’t take out new sources of credit while applying for a mortgage. Put that car lease on hold for a bit. 

Not speaking to two lenders to see what financing options are available to them.

Having unrealistic expectations within your budget. Everyone makes tradeoffs whether you are spending $500,000 or $20,000,000. Lets focus on what is possible within your budget. 

Educate yourself on the market. A great buyers agent should make this their top priority. An educated buyer will be abe to feel comfortable putting in a decisive offer once they find the “one”.

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