First Time Home Buyer: How to find a home
easiest way to find a home is to simply hire a Realtor to help
you look for one that meets your needs. However, the hardest
part of finding the right home, is hiring the right
Realtor. Please see our
If you are a
first time home buyer, it would be highly advisable to work only
with a Full Time Realtor. While a part time Realtor may be a
good friend or seem really nice, they generally lack the
experience and education that a full time Realtor has. This is
probably the largest single purchase you will make. Do you
want to trust that to someone who just dabbles in the
industry. If you were looking for a surgeon to operate on you,
you would probably not be looking for someone that just
practiced medicine "part time".
How do you find
the right Realtor:
The first place
to start gathering names is from Friends and Relatives. Also,
check with the Lender you are working with. They may be able
to refer you to a Realtor that has a lot of experience in your
market since they deal with Realtorís everyday. Or see our
FHA Experts section.
Once you have
your short list, itís time to interview them. Remember, you
are hiring them to do a job for you. You are looking for the
best person to represent your interest and get you the best
deal on the home you are interested. Some simple questions are
listed below to give you an idea of how to interview multiple
agents to find the right one.
Are you and
accredited buyer agent?
first time home buyers did you work with last year?
transaction did you participate in last year?
How many of
those were for buyers?
How many of
those were FHA transactions?
do you communicate with your clients?
How do you
prefer to communicate?
Why did you
choose to affiliate with your current broker?
I choose you?
of town to you transact most of your business?
Once you have
determined which Realtor you want to use, do not be surprised
if they ask you to sign a Buyer Brokerage Agreement. It is
your choice whether to sign the form or not but if you are
truly interested in finding a home and you want the agent to
really work for you, it might not be a bad idea. You want a
commitment from them and they are simply asking for one from
The first thing
that your agent should do is to sit down with you and complete
a profile of what you are looking to purchase. You may find a
sample copy here or complete this form for your Realtor.
Please print and use our
New Home Profile to
communicate to your Realtor. It is a great tool for a first time home buyer to help you
narrow your search.
If you are
buying a Condo you might want to have the
completed by the Homeowners Association. There are
special requirements for Condo's. Also you or you Lender
will need to check to see if the Condo is and approved project
with HUD. If not your Lender may or may not be willing
to do "Spot Approval".
This will help both you and your Realtor to find
the idea home.
search process you may decide to look at
HUD HOMES or For Sale by Owner
Once you find
the right home, be sure to read the section on
"After You Find