It doesn't matter if your buying your first home, or your a seasoned home buyer. Buying a home is a big deal. below are a number of articles that you may find helpful

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 - First Time Home Buyer (article 1)

 - First Time Home Buyer (article 2)

 - Pre-Approval vs. Pre-Qualified

 - Market Value vs. Appraised Value

 - Is it the "Perfect Home" ?

 - After The Offer Is Accepted

 - Timing Your Move

First Time Home Buyer (article 1)

There are many first time home buyer programs available for folks who are making their first purchase. While a buyer can call lenders to compare their programs, it is often more effective to enlist the assistance of a real estate professional who has experience working with first time buyers. A knowledgeable professional will be aware of the bank and mortgage brokers' programs as well as any community or state bond funding that is being offered. First time buyers will frequently receive lower interest rates, down payment assistance, tax abatements and other incentives to purchase. Rarely will a traditional mortgage compare to the benefits offered by a first time buyer program.    Back To Top

First Time Home Buyer (Article 2)

Buying a home is a learning process. First time homebuyers may have been eyeballing the real estate for sale pages of your local paper for a long time and be very familiar with the going prices in a particular neighborhood. The prices you see in the listings are what the real estate agents and seller's feel is "market value" for the property. Market value is what buyers are willing to pay for a particular property. However, market value is not what your mortgage lender will look at when determining a property's value. During the mortgage approval process, your lender will order a real estate appraisal. A third-party appraiser will evaluate the home based on a variety of factors, including a comparison of the home to other homes that have sold in the immediate neighborhood over the past few months. Diligent appraisers may conduct a physical inspection the property and will take current trends into consideration when calculating the appraised value. However, if the appraiser is not familiar with the neighborhood and current real estate value trends, it is possible that the appraised value will come in lower than it should. This could mean the difference between your mortgage application being approved or denied. To learn more about real estate appraisals, visit Bankrate.com's Web site, which is loaded with tons of useful information for both home owners and buyers.    Back To Top

Pre-Approval vs. Pre-Qualified

If the market in your area is 'hot,' there may be several buyers interested in any given property. One might assume that a seller would automatically take the highest offer, right? Not always. The seller will look at the entire offer, not just the offering price. A seller who wants to move quickly may accept a cash offer (no mortgage approval process required) that's slightly lower than one from a first time buyer, who may or may not get approval for the mortgage they seek. To make your offer as appealing as possible to a prospective seller, get pre-qualified for a mortgage. This is different from pre-approval. A pre-approval says that, based on your income, you should qualify for a mortgage for X number of dollars. A pre-qualification means the lender has reviewed your paperwork, including credit history, and verified your income, and will give you a mortgage for X number of dollars, assuming the house appraises appropriately.    Back To Top

Market Value vs. Appraised Value

Market value is the price buyers are willing to pay for a particular property. However, keep in mind as you scope the real estate for sale that market value is not what your mortgage lender will look at when determining a property's value. During the mortgage approval process, your lender will order a real estate appraisal. A third-party appraiser will evaluate the home based on a variety of factors, including a comparison of actual selling prices of other homes for sale in the immediate neighborhood over the past few months. Diligent appraisers may conduct a physical inspection the property and will take current trends into consideration when calculating the appraised value. However, if the appraiser is not familiar with the neighborhood and current real estate value trends, it is possible that the appraised value will come in lower than it should. This could mean the difference between your mortgage application being approved or denied. To learn more about real estate appraisals, visit Bankrate.com's Web site, which is loaded with tons of useful information for both home owners and buyers.

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Is it the "Perfect Home" ?

It's easy to get swept away when you see a home you love, especially when you've been looking for a long time. Step back and take a few precautions to make sure you're buying the home of your dreams, instead of a potential nightmare. There's an old saying in real estate that says, 'You can't change the neighborhood.' It's very true. You can do a lot of fixing up to your house, but the neighborhood isn't going to change. Be sure you can live in the neighborhood you've chosen. Look at the other homes on the street, especially the ones on either side and across the street from the one you're considering, as these are the houses you'll be looking at. Paying attention to traffic patterns is important, especially if you have children. Try to visit the house at different times of the day, and different days of the week, to see what traffic is like. Try to drive by the house at night at least once to make sure that the neighborhood and surrounding homes are well lit.    Back To Top

After The Offer Is Accepted

Even when there's an accepted offer, the purchase of a home is not a 'done deal.' The parties will sign a purchase and sale agreement, which says that the buyer agrees to buy and the seller agrees to sell the home at the agreed upon price, pending certain items. These items can include a satisfactory home inspection, and the ability for the buyer to obtain a mortgage. Depending on the situation, the agreement may also hinge on the buying being able the sell their home, or the seller being able to find a new home. If a specified condition isn't met, it doesn't necessarily mean the deal is off the table, but there may be more negotiation. For example, if the home inspection turns up a surprise defect in the house, the buyer may try to negotiate for the seller to fix it before the sale, or to lower the price so the buyer can afford to have it fixed.    Back To Top

Timing Your Move

If you are currently a renter, timing your move is a little simpler than if you own your own home. Renters have the luxury of scoping out the residential real estate listing market and viewing real estate for sale. When the time comes to place an offer on a property, renters can structure the offer to allow enough time to give the landlord the required notice. For people who already own a home, it's not always that simple. If you find a new home you want to buy, the deal hinges on you selling your existing home and could put you in a less advantageous position than another buyer placing an offer on the same house who does not have a home to sell. Some people are more comfortable placing their current home on the market--some even wait until it's under contract--before finding a new home. Your real estate agent can help you figure out what the best strategy is for your circumstances depending on the market dynamics in your area.     Back To Top