Just when you thought that buying your first house was easy, it becomes a monster. There is a laundry list of items you should have ready just in case you want to put a bid in on the house. There are so many houses out there and time is the major sacrifice. For a couple of summers here in Maryland and now this winter, I have seen about a total of 9 houses. From condos to townhouses to renovations, the prices still did not differ all that much. But it remains clear that prices have dropped. On my third trek out to see houses today, these are a few items I have ready this time around.
I have finally found a trustworthy real estate agent that has provided me with all the credit information that I may need in the event of a bid. She also told me my credit rating and how much I can afford and get approved for. The interesting thing in my situation is that a buddy of mine is going to co-sign on the mortgage and split everything 50/50. Not only do you need to come up with a contract between the two of us, we will be able to to get a better loan with two incomes. Some numbers to come later.
Bring a digital camera to the house. Take pictures of items that you really like and dislike about the house. The photos on the net are fine and dandy, but details are better. Also be absolutely sure what you are looking for.
Find a trustworthy housing inspector. Housing inspectors are typically referred to you by real estate agents. Don’t be fooled into picking one of their own or even the seller’s housing inspector. Be picky. After all, you do need to know what is wrong with the house (if any).
Get your paperwork in order. If your parents or grandparents are helping you with money, be sure they write you a gift letter or else there will be major tax implications.
