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Poor Credit Mortgage Loan
Getting Started With The Home Buying Process
By Cecilia Sherrard, Fri Dec 9th
There are probably few things in life that are as exciting--or as nerve-racking--as the search for a house. All the good emotions and the bad emotions seem to converge when the house hunting begins. Don't worry, this is a normal reaction, and is found in seasoned home buyers as well as those who are looking for their first home. Buying a home for the first time can bring many questions. Ideally, it would be best to meet with me in my office or even go over your questions on the phone before starting the process. I have put this page together to explain the beginning stages.
Many first time homebuyers go through the (Renting vs. Owning) process. If you're currently a renter, you certainly are aware of the money that you spend monthly and the fact that none of it comes back to you. You also know, when the water heater goes out you just make a phone call! There are pros and cons of course. Owning your own home brings new responsibilities along with a positive financial outcome. It's a long-term investment. You can take advantage of tax credits, appreciation, and your home'sequity down the road. When I rented my first home, I remember wanting to do certain things to the home including changing the carpet color. My landlord said 'no'. They wanted to keep it'neutral' for a future tenant. I also remember going to the local animal shelter to get a kitten. (I already had one cat, which was okay. I was lucky to have that.) The shelter had to phone my landlord for permission! There I was holding this kitten and already falling for it, only to be told 'Sorry your landlord said no.' I had no idea the shelter required owner's permission, and I had never talked with my landlord before about getting a 'Second cat.' So I gave the cat back, and was completely humiliated. I felt like they were calling my parents! Yes I was young, but I knew then, I needed to have my own home. Freedom was my deciding factor. I now have a boat on my front lawn, hot pink carpet and 37 cats. (Okay, I don't really have a boat.)
One of the first decisions you need to make is whether you want to do your house hunting on your own. If you decide to go it onyour own, you won't be represented and may not be seeing ALL the homes on the market. If you contact agents for a particular home either by the sign out front, in an ad, or going through an open house, remember, the agent selling the home represents the seller's best interest not yours. If you decide to use an agent, have your own (Buyer's agent.) You certainly wouldn't call upon the prosecuting attorney to represent you in your defense or answer your questions. The more I know about your situation and needs, the better I can assist you. There is no contract to sign while working with me. No fees, no strings attached. That is why it's important to utilize my negotiating skills and knowledge of the market.
Once the decision to buy a home has been made, take the time to prepare before you go on your home search. Yes, it is very tempting to rush out and actually look at houses, but to do so without full preparation can be both disastrous and expensive.You will find that "house hunting" is down on the list.
Get your financial affairs in order first! I can't stress this enough--it will save you an enormous amount of time, aggravation and heartache. Determine what your budget will comfortably allow and stick to it. Don't spend yourself into a 'house poor' situation. Get pre-approved for a mortgage. This will not only give you a clear idea of how much a lender will approve you for, it will make your home buying process a great deal easier (and save a lot of time later). I can provide you a list of reputable trustworthy lenders. (There are a lot of lenders out here, not all created equal.) I often hear people mentioning pulling their credit and worried about losing points, when they aren't even sure they will be buying a home. With so many loan programs outhere, people sometimes
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don't realize that they can actually afford more or less than they thought. Having your credit checked can also bring up any mistakes/errors that you can startto fix now and have solved before purchasing.
Get familiar with the different housing types available to narrow your search. Determine your minimum requirements as well as any desired additional features and your needs and wants. Prepare a 'Must haves' list.
Take note of any items that you don't want in a house. Determine the desired location (schools, work, public transportation, etc.) Cleveland proper? Westpark? Surrounding suburbs? (Lakewood, Parma, Brook Park, North Olmsted?) More rural area? (Lorain, Geauga, Medina?) With so many cities in Cleveland, it's important to narrow down the areas you are interested in as much as possible. Drive around, check the cities local websites, look into area schools and tax rates. If you aren't that familiar with the different areas, I can help.
As you are looking, use a scorecard to compare homes. A scorecard is a great tool when it comes time for comparisons (and for remembering which home had which features!)
When you find something you like, I will pull recent comparables (similar homes that have sold) and research the property. This way you know the true value and what an appropriate offer would be.
Maintain your perspective--and your cool! You may find your perfect house on the 1st day--or the 50th. The important thing is to get the home that is best for you! Remember also, I'll be with you every step of the way. Many of my past clients can testify that I am addicted to foundations, plumbing, electrical, roofing and the 'guts' of a home. Through the years I've attended enough inspections and classes to detect potential areas of concern. I can help find flaws in a home, recommend certain repairs, give a basic estimate of work needed, give you pointers on finding a house with a good resale value, and provide you with a list of professionals from insurance agents, to home inspectors. (Reasons to work with a good Realtor.)
I believe good sound advice, personality, experience and genuine care for my clients is what sets me apart and is the reason I receive referrals from happy home owners. I don't consider what I do "sales". I think of it as private representation, counseling, advocacy, and helping people achieve the dream of homeownership.
Cecilia Sherrard
Realty One-Cleveland Ohio
216-227-3545
My Website
About the author: Cecilia Sherrard is a full time dedicated Realtor in NortheastOhio. Cecilia has earned many awards and is a multi-milliondollar producer with years of experience and knowledge.Servicing areas such as: Lakewood, Parma, Westlake, Brook Park,Rocky River etc.
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