First-time homebuyer tips

There's no feeling quite like buying your first home. While you'll certainly have many unique questions, you can rely on the following guide as you undergo the exciting process of buying your first home.

1. Determine what's important to you
Do you want a contemporary condo, or a house in the suburbs with a big yard? Consider what's important to your lifestyle – do you need a good school district? Do you want to be within walking distance of a grocery store or park? Last, consider how long you're expecting to stay in your house.

2. Meet with a mortgage consultant
By meeting with an Edina Realty Mortgage consultant, you can explore your financing options and get pre-approved for a loan. A preapproval is a written letter from your lender that tells you, real estate agents and home sellers how much you can borrow, and that you have acceptable credit. It can improve your negotiating power as sellers will know you are serious about buying a home, and it may make your offer more attractive among multiple bidders.

Your REALTOR® will be an invaluable guide, providing insight and expertise as you undergo paperwork, inspections, price negotiations and closing details.

3. Start the home search
Surely, this is the most fun part! Begin looking online for properties that interest you. Get a better feel for the type of home you're looking for, and in what area and price range.

4. Hire a REALTOR®
Edina Realty has been first in our market eleven years in a row. By hiring an Edina Realty REALTOR®, you can be sure you're hiring the best in the business.
When choosing a REALTOR®, the most important rule is to select someone you feel comfortable with. Your REALTOR® will be an invaluable guide, providing insight and expertise as you undergo paperwork, inspections, price negotiations and closing details.

5. Find the right home
Using your preliminary online searches as a starting point, begin touring properties with your REALTOR® to get a feel for what's out there. Once you've found the right home, work with your REALTOR® to present an offer to the seller. Counter-offers are common, so be prepared to negotiate on price, closing date, and appliances or needed repairs.
After you've agreed upon the offer with the seller, your bank or mortgage company will order an appraisal on the property.

6. Don't forget about the last details
You'll need to do just a few more things before you get the keys to your new home.

• Hire a professional inspector to look the place over for potential pitfalls.
• Buy homeowner's insurance.
• Do a walkthrough with your REALTOR® to ensure that everything you negotiated is indeed intact.
• At closing you'll need to bring your down payment, social security number and personal identification.