This is probably one of the best times for serious first time buyers to get on the property ladder and own their home. There are many properties on the market that are waiting for their buyers. Some homeowners are facing foreclosure or desperately wanting to move. They have found something they like and need to sell theirs fast. 

House prices have fallen considerably that unless people are desperate, they do not place their home in the market. Builders stop building as well. That will eventually push the prices back up once the foreclosure backlog clears. Here are a few tips for the first time buyers to make things even better;

1. Let us get one thing out of the way. If you are in anyway superstitious, do not buy a foreclosed home. This is your first home and you do not want a property that has caused misery to its previous owners. You want a happy start. 
2. First get online. Check your credit score. Check it on this site for free. You will need your credit score for the next step.
3. Stay online and get a few mortgage rate quotes. Lendingtree on this site offers up to 5 rate offers for free. Choose the best 3 or 4. This process allows you to see your likely mortgage payments and maximum house price you can afford.
4. Now contact the lenders and see if you could get a mortgage pre-approval. This is important for you to be in the real strong position, because you will tell every agent, builder or homeowner that you have a pre-approval letter.  
5. Check the area, decide the locations you want to live and start the search. Find out house prices in that area. Check on the property papers and online realtor sites. Pay attention to the ones marketed; need to sell, quick sale required.
6. It is now time to go out and see a few agents and properties. Let the realtor know that you are a serious first time buyer, you have got your mortgage pre-approval letter in your pocket and you will only buy if a good deal comes along. You do not want to be in trouble with your first home, you say.
7. See a few new build homes and make sure you talk to the main man. Tell him the same things. First time buyers have no chain which is great. Many people are looking, but they can not buy without selling their home.
8. Ask if there would be any owner incentives. You might even get your down payment put up as a seller incentive or builder incentive. This is your chance, push your luck. Buyers may not get a better chance than this for a long time.
9. Do not be afraid to put 20% lower offer if you like the house. You should aim for about that much discount, at least. It is very important here that you do not go out and fall in love with a house and go over the hills for it. Bargaining only works if you are prepared to walk away from the deal. You should be indifferent to the property and let the realtor now. Make a noise about a few things you like and do not like, but be indifferent.
10. Do not give in. If the agent is coming back to you after you put an offer, they are interested. Agent may come back and say that his client may accept a certain figure. Just wish them good luck with that casually.

If you have done everything, you have secured a bargain. Now go for it. Do not be scared of the commitments. You are not the first person who has ever bought a house. Good luck. 

Related posts:

1. Home Tips – How to Sell House Fast
2. House Prices – Different Perspective
3. How Much Homeowners Should Worry About Falling House Prices?
4. Cash In Refinance Mortgage: A Way To Lower Home Loan Interest Rate and Monthly Payments
5. Why the Lowest Interest Rate Mortgage Is Not the Best for Every Applicant?

Filed under: Home Ownership and Prices by JS Lee
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