Buying your first home is stimulating, and full of hope. It is also the most expensive purchase you will make besides your first car. A considerable amount of thought should be put into your first home purchase before you hire a real estate broker. With some thoughtful investigation and decision making before starting your search, here are some mistakes you can avoid before buying your first home.
When I bought my first house, I was very worried about money, so I made the mistake of not having a home inspectors syracuse ny performed. I very much wish that I had. Over the long run, I ended up spending a lot more on repairs than the inspection would have cost me.
You must be experiencing a financial hardship and be able to provide the lender with documentation that support your inability to make payments or cover the short fall if the property was sold. This means you can’t have assets that could be converted to cash to pay the lender. Some examples of events that lead to financial hardship are loss of a job, divorce, medical situations and death. It can’t be that you have decided to stop making payments because the house is no longer worth what you paid for it.
Check for cracks in the asphalt or concrete on your driveway, sidewalks, and paths. These can cause people to trip and can also collect water that will do more damage during cold months.
Make sure your Realtor (now required in California) outlines the short sale contingency terms and conditions. This essentially sets the time frame for approval by the lender which may or may not help.
Property Purchase Tax ~ Also known as the land transfer tax, it varies from province to province. In BC it is 1% of the first $200K and 2% of the balance; some exemptions exist, such as that for first time homebuyers. This is usually the single largest closing cost for most home purchases. It is particularly startling for those buying their second home, if they were exempt from it the first time, they didn’t know how much they were saving!
Offering the photocopies will not only speed up any offer, it will also show you have confidence in your property and it will bring a measure of trust into the deal.