When First Time Home Buyers Feel Intimidated. .

There are very few instances in ones life that is as important as buying your first home. 
You don't have to do it alone, there are real estate professionals willing to help you achieve this dream. 
Just be sure that you are motivated to be a homeowner and hire an agent whom you feel comfortable with.
 
Remember, when you are buying a home, the seller has their own agent representing them....you need a buyer's agent to represent your best interests when buying a home
 
A first time home buyer is defined as an individual, who has not had an ownership interest in a home prior and has little or no experience in the home buying process
The National Board of Realtors advice to these buyers is to take your time and not rush. There are lots of steps and you need professional help.
 
One of the first steps to being a first time home buyer is to get their financial house in order, your Real Estate Agent will help you make sure your credit scores are compliant with all the new mortgage lending guidelines. You need a mortgage loan and that is the first focus in the home buying process. 
 
You need to be aware that the actual cost of buying home is usually much higher than the cost of the home itself, as it includes taxes, interest, and closing costs etc. 
But one thing you should not pay is your own Real Estate Agent, they are paid from the commissions offered by the seller. 
 
In general, the purchase of any real estate is contingent upon the contract price being at or below a fair market value determined by an appraisal. 
This will assure you that you will not overpay a penny over what the house is worth. 
Your lender send a third party appraiser to make sure the sales price in your contract is exactly what the house is worth or MORE.  
 
What happens if the house is valued less than the purchase price previously agreed with the seller? 
In this case the lender will not fund the loan to you. If the house's value is less than what your contract with the seller says..the lender will not give you a loan and subsequently  there will be no sale. 
 
The seller then will have to reconsider and they have the option to drop the price to the appraised value of dispute it by using another appraiser
This is when your real estate agent comes handy...to protect your best interests and advice you accordingly. 
 
 

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Help For First Time Home-Buyers in Maryland

301-246-0001