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Article #325: Real Estate 101: First Time Homebuyer's Guide

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"If you are going to be buying real buying real estate for the first time.
estate for the first time, the process You need to know about "closings" and
can seem overwhelming. Indeed, there's a about "amortization" on home loans and
lot to learn. Of course, you'll work with about all kinds of other industry terms.
a professional real estate agent who can Get a real estate dictionary or a basic
help you to understand the process, but book on buying real estate so that you
you should do some studying on your own can keep up with the conversations going
to make sure that you know what you're on around you.
getting in to. This is especially true if • You'll probably need to get a loan
you are investing in real estate with the for buying first time real estate. Work
hopes that you'll be able to make a with your lender to get the best rate
profit off it in the near future. possible. You should also know that there
Before buying first time real estate, are special tax deals for home owners,
here are some things that you need to especially in the year of purchase. Make
know: sure to work with a tax attorney to get
• There are buyer's markets and yourself the best financial deal.
seller's markets and you should know when • It's a bad idea to be impulsive but
you're in the midst of which. Pay if you know what you want then you should
attention to the sale prices of homes in go after it. You probably aren't going to
the areas that you are looking to buy. want the first home that you look at. You
Watch if they go up or down over time. might not even decide to invest in the
Following the trends will help you to first hundred homes that you look at. But
know when it's a good time to buy and if you do walk into your ideal home early
when you need to wait. on, it's okay to make a move on it. Just
• There's a slight difference between make sure that you look realistically at
real estate agents and realtors. A the value of the home so that you don't
realtor is a member of the National get a bad deal.
Realtor Association which involves Most of buying a first time home is
certain training. If a real estate agent actually about using some common sense.
gains this status, he or she might be a Ask yourself if you'd let your daughter,
good choice. But a realtor may be someone grandmother or best friend buy the home
who is not a real estate agent but rather that you want to buy. If so, you're
is someone else in the industry (such as probably getting yourself a good deal. If
a home appraiser). Ask questions about not, you'll want to do some more legwork
the professionals that you'll be working and ask a lot of questions. It's okay to
with to make sure that you're working the be confused if this is your first time
real estate agent or realtor that is being real estate, especially since this
right for your needs. is an investment that could benefit you
• There's a language to be learned when greatly if you play your cards right!






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