Buying Your First House

This can be both an exciting and scary time. I will be glad to walk you through the process and help you find that perfect first home!

The first thing you need to determine is how much you can afford. You will need to see a finance officer to determine this. Here at Coldwell Banker Howard Perry & Walston in Hillsborough we have our own finance officer waiting to assist you. Find out more about qualifying for a house on my finance page.

House buying is full of forms and contracts. These can be a bit unnerving to the first time house buyer. The first form you will be asked to sign by any agent in North Carolina is the Agency Form. This form is not a contract. It explains the different duties that a real estate agent performs (Buyer Agent, Seller Agent, and Dual Agent). By signing this form you are under no obligation to that agent. However, the agent is required to do this whenever personal information is exchanged.

The next time your signature is needed is a contract. This is a standard form that protects both buyer and agent.

When looking at new houses, keep in mind that the house will build in value through the years. You want to pick a house that will have good resale value for when you are ready to sell. Not only do you want a house that looks nice, but you want to make sure it is in the right school district, check out the Home Owner Association rules (if any), and look at the surrounding area to make sure it is right for you.

You'll also need a house inspection. The perks of getting the house inspected are:

• Being in the know - just like you would tkae a car to the mechanic before buying, the inspector can tell you exactly what you are buying and reduces surprises
• Peace of mind - that is worth a lot in itself
• Repair costs - the inspector can tell you the need for repairs or replacements before buying
• Knowledge - you will have some one to show where utilites are, the ins and outs of the house, and other details you'll need sooner or later

Do I Qualify

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Common First Time Mistakes:

• They don’t ask enough questions of their lender. The lenders do not mind answering any and all questions.
• They don't act quickly enough and lose out to another buyer.
• They don't do enough to make their offer appealing to the seller.
• They forget that the average first-time house buyer only stays in the home for four years. Think resale value!