Antonio & Alexia's Blog

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7 Proven Strategies to Help You Buy Your Very First Home

Despite the difficulties in obtaining financing for a home purchase, there are great rewards for those who dare The Realtors In Motionstep into home ownership. You will need a couple of qualified people to help you navigate through this obstacle course: A Lender and a Professional Realtor. Open your eyes to today's opportunities! Here are 7 proven strategies to help you navigate to a successful home purchase.

  • Begin by gathering all your financial documents first. You will need among others: current pay stubs, copies of tax records from the last two years, recent bank statements for all your accounts, copies of Divorce decrees if applicable. If you have funds in CD's or 401Ks or other income, you will need to bring copies of those documents too. 
  • The next step is to talk to a lender about your finances. Find out what you qualify for, how much money you need to have for a down payment plus closing costs. You can do this by simply asking your lender to do a pre-qualification for a loan. After this meeting you should know what your price range is and how much your monthly payments will be.
  • Make a list of what is important to you and your family when is comes to housing. Do you really need to have 4 bedrooms?  is a pool an absolute necessity? Keep in mind that the First Home is not exactly your Dream Home. Buy below your maximum qualifications if you can, that will leave you room to save money by applying a small amount each month to the mortgage payments to reduce the principal amount borrowed.
  • Meet and interview a local, Professional Realtor. Choose a person that specializes in the area that your are interested in. You can do a lot of research on your own online, but a professional Realtor's help is absolutely necessary. Remember this: Realtor's commissions are paid for by the home seller. There is no cost to you when you buy a home. Use his/her knowledge and expertise... for Free!
  • There will be other professional trades people that will get involved in a typical real estate transaction. your Realtor will assist you here and on your behalf, he/she will contact home, roof, termite and other inspectors. The lender will take care of having the house appraisal done for you.
  • Once you have made an offer on a house, you will make a cash deposit into a title insurance company. This neutral company will not only run an escrow for you, it will also ensure the title of the house in your name after escrow closes and you become the new owner of the house.
  • Read and understand all documents handed to you and the time elements involved during the transaction. The more you know the better it will be for you. if you take these steps in order, once you have picked the right house and made and offer that has been accepted, you will have about 30 to 40 days before you can get the house. If the house, however, is in a short sale, it might take months before you can close the escrow and call that home your own.

There are plenty of reasons to buy your first house. Beginning with pride of ownership, appreciation, mortgage interest deductions, property tax deductions, capital gains exclusion and build up of equity just to name a few. The cycle of real estate will continue, just as when prices went up and then come down, we will see in the near future this trend reversed. Buying a house in the long run is far better than renting.

The Realtors In Motion       Antonio & Alexia Cardenas   

                  "The Realtors In Motion" 

         CRS, GRI, E-Pro Certified. SFR (Short Sales, Forclosure Resource) Serving the east shores of the San Francisco Bay, Alameda county: specially the following cities: Castro Valley, San Leandro, San Lorenzo, Hayward, Oakland, Pleasanton & Dublin.

                  Visit us on line at:

www.listedbyantonio.com or call (510) 326-4263

                     Call us, We'll come and TANGO with you!

Comment balloon 9 commentsAntonio & Alexia Cardenas • January 26 2012 11:28PM

Comments

Antonio & Alexia ... Great basic list of the steps necessary to buy a home.  Very interesting!  Thanks for posting!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) almost 6 years ago

Antonio,  So glad to see you are posting helping information for home buyers and home sellers in San Leandro and Alameda County. People definitely want to contact Antonio Cardenas for all their real estate needs.

Posted by Kathleen Daniels, San Jose Homes for Sale - Probate Broker (KD Realty - 408.972.1822) almost 6 years ago

Antonio --

Glad to see you come back to Active Rain. We missed you!

This is an excellent post to reblog, especially now that I am experiencing dealing with a seemingly inexperienced or unmotivated lender.

Suggested and reblogged!

See ya!

Posted by Pacita Dimacali, Alameda/Contra Costa Counties CA (Alain Pinel) almost 6 years ago

Darn, my suggest button is broken.  I hope this gets featured as it's great information. 

Posted by Doug Bullwinkel, NMLS #281609 (Academy Mortgage Group) almost 6 years ago

this was a great post. I'm borrowing it as a reblog.  What a great list of things first time buyers need to know.

 

Posted by Susan Goulding, Northern CA - Tracy & Mountain House Real Estate (Crown Key Realty, Tracy & Mountain House Real Estate) almost 6 years ago

I was lead here by Susans reblog.  I will bookmark it and do the same.  This post is very well written, nice job!

On another note - I love your profile pic!  If my wife sees it, my weekends will be spent in a dance studio :)

Posted by Ron Cooks, Texas Real Estate, Ft Hood/Killeen Homes for Sale (The Real Estate Marketplace) almost 6 years ago

Lisa, thank you very much, I appreciate your kind words

Kathleen, nice to be back, it was the result of you post about us that made me start writing again.

Pacita, thank you, I missed all of you too, I promise I will keep posting.

Dough, I wish I could fix "the Suggest button" maybe on the next post.

Susan, please be my guest, re-blog at your pleasure!

Ron, thank you for your visit, don't be afraid.. go dancing man!

Thank you all for your visit!

Posted by Antonio & Alexia Cardenas, "The Realtors In Motion" (Alameda County - San Leandro, CA.) almost 6 years ago

Antonio & Alexia - Thank you for sharing detailed quality information on seven proven strategies to help you buy your very first home.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) almost 6 years ago

Great post Antonio... and, good to see the picture of you and Alexia dancing again!!

Posted by Peggy Hughes/pha logistix, inc., SF NYC LA (pha logistix inc) almost 6 years ago

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