| If you are a first time homebuyer, there are | | | | If you do discover that there are problems with |
| several things you should know. After all, | | | | the home, these issues should be addressed |
| purchasing a home is a major investment, so you | | | | before you sign any agreements to purchase the |
| want to make sure you have as positive of an | | | | home. For example, you might negotiate a lower |
| experience as possible. | | | | price for the home because of the problems it |
| For most people, the home buying experience | | | | has. Or, you may negotiate to complete the |
| begins with select a real estate agent. When | | | | purchase only after the current homeowner has |
| selecting a real estate agent, make sure he or | | | | remedied the problems. |
| she is a Realtor and not just an agent. You can | | | | There are several different types of additional |
| easily recognize a Realtor by looking at his or her | | | | inspections that will need to be completed before |
| business card, which will contain the capital letter R | | | | you can close on the house. For example, the |
| with a circle around it. An agent that is a Realtor | | | | house will need to pass a termite inspection, a |
| has taken additional coursework and has agreed | | | | structural inspection, and an inspection of the well |
| to abide by a certain code of ethics that will be | | | | and the septic if you do not receive city services. |
| beneficial to you, so don't settle for someone that | | | | If the home does not pass these inspections, the |
| has not taken this extra step. | | | | lender likely will not go through with the loan. |
| The next step in the home buying process is to | | | | Before the transaction can be finalized, the lender |
| get a good idea of the type of home you are | | | | will also require you to get house insurance in |
| looking for. The more information you can give to | | | | place. The house insurance must be in place in |
| your Realtor, the better he or she will be able to | | | | order to protect the lender's investment in the |
| narrow down your choices and find a home that | | | | event that a disaster should strike. Of course, it |
| will suit your needs. | | | | keeps you protected as well, so it is certainly |
| Once you do find the house that you think you | | | | worth getting the best homeowner's insurance |
| want to purchase, you need to make certain to | | | | possible while still staying within your budget. |
| have the home properly inspected. If you are | | | | When you purchase a home with a mortgage |
| planning on getting a mortgage loan, the lender will | | | | loan, you need to be prepared to make the |
| require an appraisal. Keep in mind that an appraisal | | | | pre-determined payment each month. This |
| is not the same as an inspection. Whereas an | | | | payment will include repayment of the loan as well |
| appraisal helps the lender determine whether or | | | | as payment towards your homeowner's insurance |
| not your home purchase is a smart investment, | | | | and your property taxes. When making your |
| an inspection will help you find out if there are any | | | | monthly payment, the lender will make sure these |
| problems with the home that need to be | | | | additional expenses are paid on time. |
| addressed before you complete the transaction. | | | | |