Here's the basic checklist for first time home buyers in a nutshell:
Get pre-qualified. Find a home buyer with appropriate credit. Look for foreclosed homes. Check for homes purchased within the past year. Visit now open houses and tour several homes.
Contact an agent. Most home buyers prefer to deal directly with potential sellers. Some agents work only with sellers, meaning they are not connected to any buyer/seller relationship. These sellers may be available for homes sold through a realtor or directly through the seller.
Compare costs. It's a smart idea to hire we buy houses memphis to help you with this part of the buying process. Home buyers typically save money in several ways. The agent doesn't have to pay any closing costs, making her commission less. She can usually negotiate a lower price on the house because sellers often don't want to take on another buyer. Most real estate transactions involve some sort of closing costs.
Invest in a NAR National Association report card. This report card rates local real estate agents based on their experience and professionalism. This list ranks national real estate agents based on criteria such as service history, track record, ratings with national real estate professionals and various customer satisfaction indicators. Once you've decided to work with a specific real estate agent, check out the recent home buyers guide for that agent to see what other buyers have written about them. A real estate agent with many five-star reviews is probably a good choice.
Join a national real estate association. There are many organizations out there dedicated to helping home buyers, like the National Association of Realtors. In order to become a member, you need to work with the local NAR for at least five years. Working with a NAR national agent can help you save time and money throughout the home buying process.
Look for a realtor who belongs to the National Association of Realtors. According to fountoulakis says, "The more experience a realtor has, the better they are at negotiating with lenders and closing costs. The less they know, the more they'll charge you." Keep this in mind when talking to different home buyers and agents.
Research all the options. Most mortgage companies now offer a variety of fixed rate, adjustable rate and interest only mortgages. Facing the problem of mortgage loan payments can be very intimidating for first-time buyers so it's important to know which type of mortgage is best for you. Check out all the home buyers guides to find one that discusses all the options and the pros and cons of each type of mortgage.
Last, but not least, a realtor can be your best friend. Ask family members, friends and co-workers who they use as a realtor. All of these individuals got into their business because they felt that the financial service was something that they wanted to do and a realtor can make home buying much easier than it might otherwise be.
Check out this post that has expounded on the topic: https://en.wikipedia.org/wiki/Real_estate_broker.