Plum Island First Time Buyer Information

The real estate buying process can be stressful if you are a first time buyer. The Plum Island first time buyer information below will make it less confusing. Properties are a big financial investment and buyers should enter with as much knowledge as possible.

Before Purchasing

Request a Pre-approval

Contact a local lender and ask for a pre-approval. Note that banks may provide different programs than mortgage companies. Evaluate the services and fees to determine the best program. This will help you understand the estimated up-front and recurring costs of property ownership. This also helps identify your price range.

Find a Real Estate Expert

Find a real estate agent to help with your property purchase. Select one that best fits your personality. Experienced agents can help narrow down options, negotiate offers, and facilitate a smooth purchase. This expertise is especially critical for first time buyers.

Notes About Buying Steps

Touring Homes on the Market

Only tour properties within your budget. This avoids the disappointment of wanting a home that is not possible for you to buy. Property visits can be time consuming, so staying within your price will also save valuable time.

Contracts

Real estate brokers can provide advice on contracts and negotiating them, but they may not render legal advice. If you require a legal opinion, consider employing a real estate attorney to interpret legal jargon and add any desired language. Do not sign any documents that you are not fully comfortable with.

Inspections

Do not use an inspection to renegotiate price or alter purchase terms as they may not result in any problems at all. Also avoid negotiating previously disclosed issues. Such strategies are not usually successful and may cause you to waste the money spent on the inspection. In cases where problems are uncovered, homeowners may offer to address issues, offer monetary concessions, or be unwilling to do anything. Try to be fair with your negotiations and sellers may be more willing to negotiate them.

Walk-Thru Before Closing

Before the closing, you normally are given a chance to walk thru the home one final time. It is a good idea to schedule this for after the homeowners have vacated the home. Resolve any issues before finalizing closing paperwork as there are few options after closing.

The Closing

All parties signing any documents must have acceptable identification. Bring certified funds for any money due. Have your checkbook ready in case there are any final adjustments. Once the settlement documents are put on record, the home is yours!

Advanced Plum Island First Time Buyer Information

The property real estate process can be easier with some advanced knowledge. For assistance with your real estate purchase and additional Plum Island first time buyer information, contact John Wells at Wellsco Realty by calling 978-518-1481 or by emailing teamjohn@johnpwells.com.

About Editor-John P. Wells

I am a resident of Newburyport and have worked in education, high tech and urban development. My interests in architecture and construction are invaluable to my clients. For more information please visit the Wellsco website.