Congratulations! You’ve decided to buy your first home. Now, what? Let’s talk about the process.

• First, before you do anything else you need to know how much you can afford. Talk to a lender. Your own bank is often a good place to start. Shop around for loans and compare not only interest rates but also all other costs. Sometimes a low interest rate comes at the expense of high upfront fees for which it might take many years to recover. Buying a home is a huge undertaking and should not be entered into casually.
• There are several upfront costs you should anticipate including but not limited to an appraisal $400 or more, a home inspection for roughly $300 – 700 depending on size and complexity, a CL-100 wood infestation (termite) inspection approximately $100. Unless you are a Vet obtaining a 100% mortgage there will be earnest money put down to hold the house until closing. Earnest money indicates that you are serious about buying the home and it goes toward the purchase price at closing so it is not lost. If however, you breach or default  on the contract and decide not to buy once the contract is executed.  You might lose this money because you have broken the contract..
• Once you understand how much you can comfortably afford you will want a good Real Estate Buyer’s Agent  to spend the time and effort to show you as many homes as possible so that when you make that final decision you will be confident that it is the best home for you from all that are available.
• Once you decide on a home I will write the contact  contingent on appraisal, inspections, and financing. By doing this you will be entitled to have your earnest money returned if  one of these three fail.
• With inspections complete we then go to closing. You will need to plan several hours for this. A smooth, error free closing can be done in about an hour but, first time home buyers may need 2 or more. 
• Move In!!  Then remember to go down to the Courthouse and ensure that you  are being taxed at the owner-occupant lower rate of 4%; If you forget your tax will be twice what it should be. 
• Enjoy your home and maintain it. If you get some extra money consider paying down or paying off your mortgage.
• Years down the road, if it starts to get too small, too big or you get a job transfer or any other life event, just let me know and I will gladly help you sell it. I'll even show you how to sell it by owner if you wish and explain the ups and downs of doing so.
  

 Because many of my latest clients have requested it I am again providing a link directly to the IRS' web site so that you may research the current stipulations for obtaining a first time home buyers' incentive Please click here to go there now.

Please note the following: "taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010. [Added Nov. 12, 2009]"