First Time Home Buying | Questions You Need to Be Able to Answer

These are questions Every Potential Home Buyer Will Need to Answer:

1. What is your realistic time frame to purchase a home? On the surface this sounds simple but there a lot steps you will need to take in order to realistically purchase a home. I offer a 10 Steps to Home Buying E book to help you get ready. Use the form at the bottom of the page to ask me for a Free Copy of 10 Steps to Home Buying E Book.

2. Is there anything that would keep you from purchasing a home? If you are considering any Major life changes, like a career change or moving out of state, you should not be thinking about purchasing a home. It takes several years to overcome the acquisition costs of a home purchase, and the need to sell in 24 months could create a problem for you financially.

3. Where is your ideal location to move to? Things to consider

Schools

• Call the local school(s) and request a personal tour
• Contact the local Board of Education for standardized test score information
• Find out the results of the most recent school levy, and the impact on property taxes
• Talk to friends, relatives or coworkers whose children are currently attending the local schools
• Request information about special programs that your child may need (e.g., special education or gifted/talented programs)
• Request information about extra-curricular activities such as sports, music programs, etc.
• Request information about before and/or after school programs, if applicable

Amenities

• Locate frequently used destinations, such as grocery store, gas station, bank, dry cleaner, etc.
• Inquire about recreational facilities, if applicable

Safety

• Locate the nearest police, fire and EMS facilities
• Locate the nearest hospital and/or urgent care facility
• Contact the local police department and request crime statistics for the area

Taxes and Insurance

• Call the local tax assessor’s office or ask a local real estate agent for the current tax rate for the area

• Contact your insurance agent and find out the average cost of hazard and auto insurance for the area

Job Commuting and Employment

• what is the distance to your job each way?
• what if you need to look for a new job, what are the opportunities for your field?

4.What are the features you MUST have in your next home? Here are some of the most common features you will see. Your needs may differ, for instance you may need an in law suite or handicapped accessibility, etc.

5.How much do you have saved for a home purchase? The days of no money down mortgages are over. You’ll need some money in order to convince a lender that you are personally vested in the real estate transaction and have something to lose, in the event the mortgage is foreclosed on.

6. Do You know what your credit score is like? All lenders will pull your FICO credit score in order to determine credit worthiness. There are minimum mandated credit scores to qualify for all federal loan programs today. Your Credit score will determine what interest rate you will pay for a mortgage.

7. What do you think a real estate agent’s job is?

More than 4 out of 5 home purchases are completed with the assistance of a real estate agent.   A Montgomery county Realtor^® is able to help you with many aspects, some of which include:

• Help you establish your price range and prioritize your needs & wants

• Provide you with objective data about communities you may be considering, including a Buyer Market Analysis and/or School Match Report

• Show you any home listed in the MLS, including homes listed by other agents/brokers

• Provide market data to assist you in determining the fair market value of a home

• Assist in completing the Offer to Purchase

• Negotiate on your behalf

• Coordinate many closing details

• Eliminate the Headaches.

8. Who do you think will find your new home, you or your real estate agent?

Pennsylvania law requires that a real estate agent must explain his/her company’s agency policy before showing you homes. The law also requires that you consent to the agency rela­tionship in writing and receive a copy of the agency disclosure. There are several types of relationships you can have with a Realtor.

If you find the home yourself and contact the listing agent you could be dealing with a sellers agent who may not have your interests in mind at all in the real estate transaction.

Get your own Montgomery County Real Estate Agent to represent YOU!

It’s important to understand your legal relationship with the agent. Traditionally, most real estate professionals represented sellers. Today, the State of Pennsylvania allows real estate companies to represent buyers, sellers, or both.

9. Have you been pre-qualified or pre-approved by a lender? No seller or sellers agent will take you seriously until you have a prequalification from a repubable mortgage lender at the very least. A Pre approval is even better. For help with either of these, use the form at the bottom of this page to contact me, I would be happy to assist you.

10. Do you understand how the real estate MLS service works? A conscientious Montgomery County Realtor, who is truly serving their client’s needs, will allow other Pennsylvania Realtors to show properties listed with their firm, in the true spirit of cooperation.  As a result, about half of all Multiple Listing Service sales involve two brokerage firms.  As you can see, this means virtually anything on the market is available to you through the Realtor you have selected.

11. Do you understand how a real estate agent  gets paid? Not all Real estate agents get paid the same way. You can pay more and get less. You can pay less and get more service. This is a very important point that could cost you thousands extra if you are not careful.

For a detailed Explanation of these questions and what they mean to you, as well as, any other questions you may have use this form below to contact us. One of our team will be in touch with you to discuss your needs.