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First time home buying tips for Texarkana real estate

Posted by brandon on May 2, 2020
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A lot of first time home buyers might be intimidated, or even waste their time making mistakes, that can easily be avoided. Find useful information about Texarkana real estate sales blow.

Pay off debt and build your savings

Oddly enough some buyers might leave outstanding debt, when attempting to buy a new home. This can sometimes cause issues, depending on the age and type of debt. Please understand, that banks and estate agents might take your income minus your debt payments to see if you can make the loan payments. This factor can hurt your options when trying to buy a new home.

Of course you should have some savings saved up, for the down payment and closing costs. Believe it or not, some people honestly make this mistake.

Before you search, get preapproved for a bank loan

Don’t waste your time viewing and communicating with estate agents or for sale buy owners, unless you already know or have a preapproved bank loan. Not only will this save time for you and the seller’s time, but also give you possible advantage against other possible buyer offers on the property.

Explore areas you like and attend open houses

Most home buyers already know the area they want to purchase their next home. However you can also try to keep a backup area or even third option to compare.

Find property types and sizes within your budget

Along with knowing the price ranges, and sizes of the houses. This will help you as a home buyer to understand how good or bad a deal might be in your viewings.

Make a competitive offer, within your budget!

Avoid trying to make a lowball offer when bidding to buy a home. Most times this might end up costing you the purchase, allowing another buyer to make a fair or at price offer and winning.

Understand your budget by already talking with a bank, or even getting the loan in advance. Simply knowing how much you can make on a monthly payment, and always leave padding.

Prepare for closing!

Don’t take on any new debt during the process! Buying things like furniture, and new appliances during this process, can lose you the house. The closing process takes on average 43 days, giving you enough time to review documents before you sign. Your real estate agent will schedule a walkthrough

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