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