Things to Expect When Buying a Home, Part I

To say buying a home is a big investment is kind of an understatement. Your home could make or break your financial status for the foreseeable future. Just ask anyone that had to suffer through the mortgage crisis where people losing their homes became the norm.

When it comes time to buy a home, the more research, knowledge and information you have, the better. Let’s start at the beginning and go from there.

You are shopping for a home. Do you have a real estate agent? Don’t just go with the name and face that is associated with the property. Get your own agent. It won’t cost you anymore, as the seller usually pays the agents’ commissions.

Have you ever heard the expression, “The fox watching the hen house?” If your real estate agent and the seller’s both work for the same company, it is quite possible they will work to get the deal done, even behind your back. When you have an agent you know and trust, the details you may have overlooked won’t be missed by the agent.

After you have shopped and shopped, and found the place that you really want to buy, it’s time to put in an offer. Some people fall in love with a house and they absolutely must have it. If money isn’t an issue, then try to get it at whatever price. But for most home buyers, the price is the biggest factor.

Start low with your offer—the price of the house was set knowing the seller will come down a bit. And if someone else puts in a higher bid, that’s OK. There are a million fish in the sea.