A Checklist for First Time Homebuyers

Buying your first home comes with a wave of exciting emotions but can feel just as scary diving into the new world of home ownership. Purchasing a home is the American dream, and you should feel proud of your accomplishments! With this being one of the largest investments you'll make in life, it's worth going into the process knowing what is required. The award-winning real estate agents at Choice Properties have created a checklist for first time homebuyers, ensuring your set and ready to start house hunting!

Check Your Credit Score and Credit Report

The first task you should check off your list is checking your credit score. This is the number mortgage lenders will refer to when determining your loan approval or amount. If your credit score isn't where you want it to be, keep working on improvement! Having a good credit score will save you money down the road, as a higher credit score means a lower interest rate. While you are reviewing your credit report, be sure to double check for any blemishes or mistakes. Credit errors are more common than you think, and reviewing your report ahead of time allows you to contact the credit bureau to correct any mistakes.

Calculate a Budget

After ensuring your credit is in the clear, you can now calculate how much you can afford when buying a house. Consider using a mortgage calculator to determine your monthly mortgage payment, which allows you to adjust depending on the size of your down payment, the type of mortgage, and interest rates.

Shop For a Mortgage Lender

Just as you shouldn't buy the first car you test drive, you also shouldn't accept the first loan offer by a mortgage lender. Different mortgage agencies will offer a wide variety of rates and programs, so it's best to shop around to find one that matches your preference.

Find a Trusted Real Estate Agent

Although you think you may be able to tackle the home buying process alone, there are small details that go into making sure you find the best home at the best deal. Finding a trusted real estate agent ensures you are negotiating the appropriate price while not missing out on new postings. Working with a buying agent who immerses themself in the market allows you to rest easy with minimal stress. At Choice Properties, our expert agents make our customers a top priority, promising to work hard until we find the home of your dreams.

Visit Open Houses

While your real estate agent is finding you a home that matches your wishlist, it is also encouraged to browse open houses in the meantime. Browsing the internet for online listings is great, but viewing the properties in person is even better. Take advantage of open houses during weekends, mapping out times and directions to plan a full productive day. Taking photos and notes at each house helps you keep your thoughts clear and precise.

Choice Properties understands your needs and desires when it comes to the home search. We are here to help you define what you want, seek the best property and move forward feeling educated and able to make good decisions throughout the process. You can trust us to help you navigate it with the best real estate agents working for you. Call us to get started on your dream home search today.

Buying West Liberty Ohio Real Estate in a Seller's Market

West Liberty is one of Ohio's beautiful small towns with community at the heart. As such, West Liberty Ohio real estate is a seller's market. Because the community has only approximately 2,000 residents, good homes get snapped up fast. So when you want to buy in a seller's market, it is important to have a plan in place to avoid mistakes. You may think that buyers in a seller's market will have to compromise a great deal, but that is not necessarily true. You can get what you want, as long as you're prepared and have a good agent on your side.

Make Your Best Offer

In a seller's market like West Liberty Ohio real estate, there is a scarcity of good inventory, and competition is usually fierce. So while as a buyer you might be motivated to get the property you want for as little money as possible, that is not the best strategy. Of course, we don't mean offer more than you can afford. However, the fact is that many buyers don't step up with a strong enough offer. Coming in with a strong opening offer will put you ahead of your competitors, and get the ball rolling.

Don't Over Analyze

Over analyzing the price in a seller's market is risky, and it's generally ill advised. If you've found a home you love that fits all your criteria, including the location and price range, it is advised that you make an immediate offer. A smart buyer will have all their finances in order, and lender pre-approval so that they can move quickly when needed. The West Liberty home of your dreams is possible and it will be worth the price you pay for it.

Get Pre-Approval

As mentioned above, getting pre-approval from a lender so you know exactly how much you can spend is something all home buyers should do. The seller is not going to know whether you can afford to buy their home, so the only way to prove it is to be pre-approved or at least pre-qualified from a lender. That is one of the biggest advantages you can have as a buyer, and sends a strong message to the seller that you're serious about buying.

Work With An Experienced Agent

In West Liberty Ohio real estate, you as the buyer, will benefit from getting all the help you can. This means finding an experienced real estate agent. There is no downside to this. Usually, sellers pay the agent, not the buyer. Working with a real estate professional can save you a lot of time and stress, and an experienced agent will have listings to many different properties, upping the chances of you finding exactly what you're looking for. Plus, they can provide you with a ton of insight regarding what's on the market and what might be coming up for sale.

Choice Properties Real Estate in Indian Lake, Ohio has a team of the most qualified agents in Central Ohio ready to assist you in finding your dream home in this challenging seller's market. Call us today for a tour of available properties in your desired location!

Many steps are included in the process of buying a home which can feel overwhelming. A good realtor can support individuals who are going through the steps of seeking to understand the process before getting pre-approval and making offers.

Impound Account

An account that is set up by the mortgage lender to pay certain property-related expenses on a person's behalf is called an escrow (impound) account. This is used for expenses like property taxes and homeowner's insurance. Many mortgage lenders require an escrow account to insure the property is not at risk. Fees vary from year to year and generally are rolled into monthly mortgage payments.

How Escrow Works

Escrow accounts come into play with several home buying expenses like home buyer's earnest money. If an offer is accepted then an earnest money check is deposited into the real estate broker's escrow account. The account is used for earnest monies only and other funds may not be mixed in with earnest money deposits but is received back at closing.

Requirements Vary

Each state varies but many states require an escrow account. Even if a person's state does not, it is helpful to have one. Without escrow, homeowners will be responsible for large property-related bills in lump sums and not always when it is most convenient (if it ever is with home issues). Failure to pay property taxes on time can also result in high fines and fees. The portion of a payment that is property tax and home insurance are taken out of each payment made and placed in escrow until it is time to make the payment. This also serves as insurance that the property is not at risk. The practice then also helps protect the homeowner and lender of record.

The best thing to do is to conduct research personally and with a dedicated realtor who can point potential homebuyers in the right direction to make wise and sound decisions. Home buying is not something to take lightly as there are many things to consider. When it comes to escrow, many potential homeowners decide to go this route so costs are covered automatically without too much forethought. Others may wish (if possible) to do without but it is certainly up to the homeowner to decide what to do based on research and what is best for the personal situation each family faces.

Get started on your search for a new home or prepare to sell property with award winning agents at Choice Properties Real Estate. Located in Logan County, we are ready to serve and assist you with all your real estate needs.