Guide To Buying Your First House -

Your agent will help you decide on an offer price based on recent sales of similar homes (comparables) in the area. You will also propose terms, such as how soon you want to close and which appliances you want to keep. You will put down "earnest money" (usually 1% to 2% of the purchase price) to show good faith. 2. Get a Home Inspection

You will need to provide extensive paperwork to your lender, including: Tax returns and W-2s from the last two years Recent pay stubs Bank statements from the last few months Proof of any other assets or debts 2. Shop Around for Lenders guide to buying your first house

This is the percentage of the home's purchase price you pay upfront. Your agent will help you decide on an

As a buyer, using a real estate agent is generally free to you (the seller usually pays the commission). Look for an agent who specializes in first-time buyers and knows your target neighborhood well. They will guide you through negotiations, paperwork, and scheduling tours. 2. Create Your "Needs" vs. "Wants" List As a buyer, using a real estate agent

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Your lender will hire an independent appraiser to ensure the home is actually worth the amount you agreed to pay. Lenders will not lend more than the appraised value of the home. If the appraisal comes in low, you will have to negotiate a lower price with the seller or pay the difference out of pocket. 4. Final Walk-Through and Closing