You learn a lot when purchasing a home for the first time.  Whether you get advice from your REALTOR® (hey! I know a great one.), family members, or friends, most of your learning will come through the experience of buying a home in Locust Grove or anywhere for that matter.  First time home buyers depend more on the expertise of their real estate agents to guide them through the home buying process.  Here are eight ways to not be foolish when buying your home in Locust Grove.

Speak with multiple lenders

When you are looking for the best mortgage program to fit your needs, you may need to talk with several lenders in order to compare interest rates and the types of loans that are offered.  Before you can start seriously searching for a home in Locust Grove, you need to have a lender in place.

Have a pre-approval letter ready to go

Your REALTOR® doesn’t know how much your home buying budget is until you’ve spoken to a lender.  Agents aren’t lenders and can’t tell you how much a bank will be willing to lend you to purchase a home in Locust Grove.  Once you have a pre-approval letter from your lender, your REALTOR® will be able to show you homes in your price range.

Understanding the market value of a home in Locust Grove

When you have toured a home that you want to own, it is time to put in an offer.  It’s important for buyers to understand the market value of the home.  Your REALTOR® can tell you if the home is overpriced, under priced, or spot on.  For homes that are overpriced, your agent may show you some comparable homes and suggest an offer price that can be justified by looking at comparables.  Under priced homes might be listed to move quickly.  This can create competition and multiple offers that might move the price forward, so your agent may suggest a price that is competitive.  Homes that are listed at market value are just that; making an offer that is much lower is likely not going to be well received by the sellers.  Remember the aesthetic of a home isn’t what brings the value- square footage, condition, and property size do.

Share your excitement or lack of after you leave the home

Privacy is not found in many places anymore; the use of video and audio recording equipment through cameras is a popular security feature at many homes in Locust Grove.  This also means that sellers will be able to see and hear your comments as you walk through a home.  While it’s okay to make a few comments like “I like the size of the kitchen” or “I wish there was a powder room on this level”  I would suggest saving most of the discussion with your REALTOR® for after you leave the property.  This allows you to freely share your thoughts without worrying that you have revealed something to the sellers that you don’t want them to know.

Deliver the earnest money on time

Once a buyer is under contract, the earnest money deposit needs to be given to the designated company on the contract.  Not fulfilling this obligation in the designated time frame listed in the contract not only makes the seller side question the seriousness of your intention to purchase the home, but also places you in violation of the contract.

Even if the home is new, get a home inspection

Home inspections allow buyers to assess the condition of the home at a deeper level.  Even new construction homes aren’t perfect.  It is better to find any issues before you purchase the home and negotiate the repairs with the sellers than to have to fix a major item yourself later.  While some buyers are willing to waive a home inspection as a negotiation tool, you must fully understand what you are risking in doing this.

Open communication with your REALTOR®

Your real estate agent is present to work for you, so it is important to be open about any concerns and questions you have.  While most agents are awesome at understanding their clients needs in a home, they aren’t mind readers.  If you feel unsure about a property, it’s okay to say that. .  If the home in Locust Grove you are considering is a popular one, then your REALTOR® may suggest making a decision quickly or risk losing the home.  This is just meant to help you understand the circumstance and not meant to make you feel forced into a decision.  You should never feel pressure from your REALTOR® to purchase a home

Follow the deadlines in the contract

The real estate contract is the guide to all the steps that need to be taken once you have a home in Locust Grove under contract.  It gives both buyers and sellers timetables to complete tasks like a home inspection, septic inspection, or the home repairs negotiation period.  These are deadlines that you must meet or risk being in breach of contract.