Working with first-time home buyers is always exciting. Doing anything for the first time, most people want to understand the whole process before taking the first step. In real estate buying, that’s like taking a drink off a fire hose. The reasoning is simple—there are too many different types of home buying situations, and many different ways to buy.

1. The first step is finding a good buyer’s agent. This isn’t required to buy a home, but working with a professional with experience in all facets of home buying makes the process easier and generally tips the value scale in the buyer’s favor. Your Realtor can generally provide you with the BEST resources for home loans and obtaining a pre-approval letter.

2. Explore. After discussing the ideal home with your agent, you should be looking at properties online and getting out to see the ones you like.

3. Investigation. When real possibilities pop up, its time to research. Learning as much as possible about the home, its neighborhood, and how it would “fit” your life is important!

4. MAKE OFFER! Making an offer is usually done by writing up a Residential Sale Contract that details the entire process of buying along with all the pertinent details. Price, EARNEST MONEY, Closing Date, and timelines for INSPECTIONS and TITLE WORK are written into the offer.

5. NEGOTIATIONS. Every single detail that was put into the contract is open to negotiations. Usually price, closing date, and closing costs are the key items under contention.

6. UNDER CONTRACT!!! Once the buyer and seller have agreed to terms, the home is under contract. The remainder of the buying process should be outlined in the contract. An experienced agent will usually keep track of timelines and make sure the lenders, inspectors, title agencies, the seller and you, the buyer are doing everything necessary to ensure your agreement is properly executed. While contracts vary, the normal periods are listed below:
• INSPECTION PERIOD

• RESOLUTION PERIOD
• FINANCING CONTINGENCY
• TITLE CONTINGENCY

7. CLOSING DATE. The exchange of money from the buyer (and or lender) for the DEED to the home is called CLOSING. Unlike buying a car or other personal property, the closing isn’t instantaneous. In St Louis, most closings occur at title company offices. The buyer usually comes in to sign loan documents, the HUD1 STATEMENT, and other documents to transfer ownership. The Seller comes in after the buyer is finished to finalize. Sometimes the transaction is not completed until the buyer’s bank transfers the money or the deed is sent. Sometimes closings take more than a day to complete.

Once your Realtor hands you the keys, the buying process is over—just in time for the MOVING PROCESS!

As I was reflecting on my own buying journey I have to say I was envious for a moment of the position the current buyer is in. I go in and out of amazing deals on a daily basis and always think if only I were in the market to purchase! Currently we have 2 four families, a commercial store front w/ an apartment, a loft downtown, and our own personal home. With all that accumulation we never had any of the incentives offered now. My incentive at the time was to purchase and watch my money grow. Interest rates were at 7%, properties were at a premium, and the buyers & investors were coming out of the wood work! Today we have untouchable 30 year fixed interest rates, Amazing Deals that have instant equity, & for first time homebuyer’s & seller’s additional bonus of $6500-$8000 from the government just for the shear action of purchasing! I don’t know about you but it is hard to save up $6500-$8000 and in this situation it is just another added bonus to buying! I think this time will be historically one of the best buying climates we will see. I believe most buyers, such as one of my current clients who purchased a home in Ballwin, MO for 130,000+ LESS than what the current owner purchased it for, are amazingly positioned well in their real-estate investment! I don’t believe the government will be extending the tax credit that is up May 1st & I think we will see an increase in the interest rates so if I have any advice is now is the time! Buy!

Reading from posts from my Active Rain friends about what they are doing today has helped me put some perspective on my life and purpose on earth today.

Today I’m having a Superbowl Party. It’s a workday, of course, but around 4pm, I’m winding down and having some friends over to eat, socialize, play games, and watch the Colts dismantle the Saints.

Its a celebration, really, no matter who wins.

People ask me all the time, some version of this question, “What’s the best time to sell my house?”

I always feel like a politician when I answer, because I usually end up saying there is no best time. While the largest volume of sales usually takes place in the spring, if I put my house on the market, and 10 of my neighbors do the same, its probably not the best time. Part of what keeps Realtors in business, is that home selling is not simple, and developing a strategy to sell is usually more involved than just picking a time. We work hard all year round.

Given the above, Super Sunday is a day that has been unofficially thrown around for years as being the beginning of the Spring Selling Season. Its a time when people change focus on one of the bigger priorities in life……football….. and return their focus to other matters. Its a time to look out into the yard and develop a list of things to do in the yard to establish a punch list for maximum curb appeal. Things inside that I’ve noticed, but been too busy with Holidays, Kids, and Championship Games. Its a time to look ahead to spring.

So today when I’m partying with my friends and enjoying the game, a part of me will be celebrating the start of sales season with excitement for 2010.

St Louis real estate is our specialty! If you’re looking for real estate anywhere in the St Louis, MO area, including St Louis City, St Louis County, St Charles, Ballwin, Chesterfield, Kirkwood, Webster Groves, or one of the other areas we serve, simply click the “Search St Louis Real Estate” link at the top or bottom of this page to begin your home search

I’ve been a Premier Realty Exclusive employee for the last 1+ year and this influenced me to consider buying my own home.  But, the government’s offer of up to $8000 if I closed on a house by November 30, 2009 (since extended to 6/30/10) motivated me to take action.  

The whole process of looking at homes for sale, setting up appointments, going through 15+ homes in a day, can be intimidating & time consuming.  As I set up appointments, met sellers, viewed houses and  went through negotiations, I received first-hand experience of how having a buyer’s agent makes a buyer’s life so much easier.  Once I closed on my house, I mailed off my forms to get my tax credit.   

The home buyer tax credit has taken on a new form since I closed on my house back in early October with the extended & revised home buyer tax credit (Tax Credit Comparison Form).  The gov’t is offering up to $8000 for the first-time homebuyer, and the revision includes $6500 for repeat buyers who have owned their home for 5 or more years.  How does an individual get the tax credit from the government into her/his hands? 

I chose to amend my 2008 tax returns so I could get the tax credit sooner, rather than the alternative of waiting until 2009’s tax returns to show up.  The process was simple. I had to fill out 2 forms, both of which are accessed through the IRS website.  These can also be found through Turbo Tax website.  Be sure to discuss this process with your tax professional for more details.  You just have to be under contract by April 30, 2010 to take advantage of this extended tax credit.  This date will be here before you know it & finding a house can take some searching, so don’t wait until the last minute to take advantage of this great incentive!

by Susie Van de Riet

St Louis real estate is our specialty! If you’re looking for real estate anywhere in the St Louis, MO area, including St Louis City, St Louis County, St Charles, Ballwin, Chesterfield, Kirkwood, Webster Groves, or one of the other areas we serve, simply click the “Search St Louis Real Estate” link at the top or bottom of this page to begin your home search now.