How to Buy Your First House

Video Transcript

"Buying your first home can be a great experience. I'm Richard Blake in Clearwater, Florida, and I'm here to explain how to buy your first house. The first thing you want to do is contact your local real estate agent. They're going to be able to do a couple things for you. First thing that they're going to do is put you in contact with a mortgage broker who can get you pre-approved for financing. The mortgage broker is going to want a few personal items from you, including your social security number, as well as your annual income and your, and your monthly debts. Once you get this information to them, they'll be able to find out what you're pre-approved for, and they'll give that number to the real, to you and the real estate agent, and then you know what types of homes to shop for, so you're not shopping outside of your price range. Real estate agent will be able to give you a list of properties available in that price range, and in the locations that you desire most. Once you've narrowed it down to that one special property, you're going to want to do a market analysis of that neighborhood so you know exactly what the current properties are selling for, what they've sold for in the last couple of months. This will give you peace of mind when making your offer so you know you're not spinning an offer that's higher than what the current market value is. Once the offer is accepted, at that point in time you're going to have a due diligence period, or inspection period, generally a week or two after the effective date of the contract. That's going to allow you to send in a home inspector and make sure that the home is in good condition, and all of the appliances and items with in the home are warranted in their working condition, OK. I'm Richard Blake in Clearwater, Florida, and I hope that helps you a little bit on how to buy your first home. Again, I highly recommend you contact your local real estate agent. Start with them, and they'll get you pointed in the right direction. Thanks and have a great day."