Vocab terms for the 1st Time Homebuyer

Dated: November 17 2020

Views: 89

Buying a home for the first time can be really confusing!  Have no fear!  I'm here to help.

Here are a few First Time Homebuyer Terms every buyer needs to know:

Appraisal - Professional opinions of the market value of a property, often help you determine if a home’s value is appropriately reflected in an asking price and determines the value of your loan for the mortgage company.

Closing and Closing Costs - Costs associated with the completion of a sale. These fees may be related to insurance fees, survey fees or attorney’s fees (if applicable). These costs may vary by location and even with different lenders.  Before putting an offer on a home, it's a good idea to speak to your lender, to ensure you have the extra funds to cover any surprise costs.

Home Inspection - This is a very close physical examination of a property. Home inspection happens after you have already put an offer on a home and it is accepted. Home inspections determine the functionality of plumbing, electrical units, heating and cooling systems, appliances, structural stability, etc. Home inspections occur early in the process and before the purchase of a home if finalized.

Offer - the bid, or amount of money you want to give for a given property. Offer may be negotiated with seller, or seller may reject offer based on value or the receipt of a better offer. 

Realtor - Realtor or Real Estate Agents act as your guide to buying a home.  They are market experts and will be able to match you with the types of homes you are looking for, what best fits your needs, and what fits your price point. They are like personal shoppers that do all of the research for you.  Buyers generally do not pay Realtors for their work, in most cases buyers agents don't make a penny until they get to the closing table, where they get paid by the home seller. 

Stay tuned for the next article on Loan Types and the important things you need to know! 


Latest Blog Posts

Don't Wait To Sell! This is Why It Could Cost You....

Why Waiting To Sell Your House Could Cost You a Small FortuneMany homeowners who plan to sell in 2022 may think the wise thing to do is to wait for the spring buying market since historically about

Read More

There's No Place Like Home for Older Americans

To seniors, their homes are significant both financially and emotionally."… home is more than just a place they live. It represents their journey, their accomplishments, their family, and the

Read More

New Listing in Crestone

Welcome to this fabulous 4 bedroom, 2 bathroom home on HALF an acre! Located on a quiet, paved cul-de-sac in the Baca Grande subdivision, just minutes away from the amenities in town. Enjoy an

Read More

Macys Thanksgiving Day Parade by Year

If you know me, you know that I really don't love thanksgiving at all. In fact, it's my least favorite holiday. I know I know, people love all the food. But not me.What I DO love though is the

Read More