Are You Ready To Buy Your First Home?
You hired a Realtor. You got prequalified by a mortgage lender. As you shop for your first home, here are three things you should know...
Understand What You Are Signing
What contingencies allow you to cancel for a full refund? If you sign the As Is Addendum, does that prevent you from asking for a concession during your home inspection contingency? Is your earnest money deposit fully refundable?
The purchase contract is 14 pages long. This doesn't include the added addendum you'll be signing too. It's probably in your best interest to review the purchase contract documents before you submit your first offer. You can ask your Realtor to breakdown each section to you.
There is still low inventory for our housing market on Oahu. When a good listing hits the market, it's a feeding frenzy. It isn't uncommon for first time homebuyers to be overwhelmed and or in denial about how competitive things are.
Generally speaking, it's good to know:
- Homes can have multiple offers within a week of being listing.
- Homes can sell for above asking price. It isn't uncommon for some buyers to pay all cash.
It's Go Time
When your Realtor sends you a listing, you should make the time to see that listing as soon as possible. Why? Good listings go fast. It's that simple.