What an exciting time to be a 1st Time home buyer. Everything is on sale and your rich Uncle Sam is going to give you a tax credit of $8000 dollars as an incentive to stop renting and go out and buy your dream home.. However, before you rush off to take advantage of that credit take a second to review the tips and advice here.
Do Your Homework
When you are looking through homes they all look great just ask anyone who has done a home search, Often after you close and move in things still look pretty good and then you start to notice the "little" things. You start to question how you could have totally over looked this and that. There may be things that you knew to be on the lookout for but somehow were missed each time you walked through. This is why it is so important to have your Central Ohio home thoroughly inspected by a professional home inspector.
Avoid Last Minute Surprises
Issues with Title can not only cause you heartburn on closing day they can totally derail the transaction and cause you to be without a home. I was recently made aware of a situation where a couple sold their home and had to move out so that the new owners could move in. The couple had title issues with their new home and was forced to find somewhere else to live until the title issues were resolved. Title is not the sexiest part of the home buying and selling process to think or talk about but it is a vital part and by working with your agent you can find a reputable title company that can help you avoid any last minute surprise during the home closing process.
Don't be a Victim of Rookie Mistakes
Outside of the typical problems that will likely be uncovered by a good home inspection there are a few typical first time buyer mistakes that you will want to avoid, a few of which include:
•· Underestimating the cost of fixing up an older home.
•· Failing to negotiate better terms and conditions.
•· The full impact of a long commute and how to decide how far is too far.
You want your home buying experience to be exhilarating, fun and exciting and it will be providing you work with professionals that can help you avoid costly mistakes.
Whether you need a recommendation for a professional lender, home inspector or contractor for your Central Ohio property, I can help. Call me at (614)273-6406 or email me at Vanessa.simmons@realliving.com
LINKS:
$8000 Stimulus Plan: http://centralohiorealestateinformation.blogspot.com/2009/03/how-stimulus-bill-can-help-you-get-your.html
Professional home inspector: http://www.ashi.org/
Home closing process: http://homebuying.about.com/od/buyingahome/qt/101107_homclose.htm
First time buyer mistakes: http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/buyer12
Vanessa, I to believe the incentives are great for first time home buyers. I do not know if you have heard that effective Mar 30, 2009 qualified First Time buyers will be able to borrow up to 3% of the sales price from OHFA so that they can use it for their down payment. The choices are many. I also am a big fan of the OHFA Mortgage Credit Certificate program.
Tim I heard about that but was waiting for confirmation. CountyWide is the only lender I hear is doing this do you have more details?
Good information for your buyers and great post.
Judi thanks for stopping by and your comment
Thanks again Vanessa, Very informative post!
Vanessa, More information on which program? Drop me a mail if you want to take the conversation off Blog.
The MCC program started 2/14/09. The 3% loan does not take effect until 3/30/09. One item to note is a buyer has to choose to use one program or the other. Not both. I am supprised that you say only CW is doing the loans. Likely they are the only ones promoting the programs. I do hope you did look at the Tax Credit Calculator. It is an unbelievable program.
Vanessa you certainly spelled it out for a first-timer... You can use this as a flyer also.
I California it is the same in many areas to buy than pay rent!
Judy, Diane and Lydia thanks for stopping by and your comments
Tim I dropped you an email with my question and yes I did look at your tax credit calculator looks great.
Thanks for a great post.I will check out the tax credit calculator
Good information for first time home buyers to have. Great post!