First Time Buyers

If you are looking at real estate in Tampa, Florida and are a first time buyer, you are probably overwhelmed with the stress that comes with buying your first home. It doesn't matter if you are a chapter 7 bankruptcy attorney, California businessman, or a recent graduate, buying your first home can seem like an elaborate process that gives you a constant headache. But, it really doesn't have to be. Just follow this simple guide to buying your first home and you will sleep a lot easier at night!

The first thing you need to do is head on down to the bank and get pre-approved for a mortgage. Just make an appointment with a mortgage broker and they will determine how much you can afford to borrow to buy your first Tampa Bay home. They will also let you know how much you will need to put down for a down payment deposit. If the thought of a fifteen percent down payment scares you, don't go getting cash for gold jewelry just yet. If you don't have the deposit, you will need to get mortgage insurance, which usually runs around five thousand dollars.

Now, once you know how much you can afford and have a pre-approved letter from your bank, you're ready to start exploring. But first, you will need to find a real estate agent that you can trust and feel comfortable with. Not to say that you have to share your spa package, Massachusetts weekend with them. But, they are going to be your eyes and ears throughout this entire operation, so be sure that you choose someone you get along with really well.

Once you have found a great real estate agent it is time to consider the specifics of where you want to live. A gated community? Close to public transit? Close to schools? On the waterfront? All of these small things will help you find the neighborhood that's right for you. Also, be sure to consider places you do not want to buy. Like a busy intersection, or next to a sewage plant, or across the street from a noisy keel designs factory. Also, ask your agent and friends and family to recommend a good solicitor to help guide you through the process. They usually cost around one thousand dollars and will manage any negotiations, inspections, and strata reports.

Once you have shopped around and found your dream home, it's time to make an offer. The most common and easiest way for this to happen is to do it through your agent and the sellers. You have to make sure that you make a reasonable offer and not ask too much below the selling price because someone else may make a better offer than you and get the home. When making your offer, make sure to include a date when the contract will lapse if it is not accepted. Work with your real estate agent and lawyer and determine if anything needs to be fixed for or replaced, like the floors or a fish tank filter for a built-in unit.

If your offer is accepted, you are on the home stretch! Once the percentage of the deposit is paid, you will have a certain amount of time to finalize your finances and legal contracts. After this is completed, your bank will exchange the settlement price to the seller. Then all you have to do is receive the keys and uncork the champagne!