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5 Tips For First Time Homebuyers

Ward & Taylor, LLC Tips - 5 Tips for First Time Homebuyers

There are many complicated issues involved today in real estate closings. You will need the help of a Real Estate Attorney. Here are some important tips and reminders to help you better understand and navigate the process of your real estate transaction:

Trust Your Team (And Not Your Know-It-All Uncle Ned)
• Listen to your Buyer’s Agent
• Listen to your Home Inspector
• Listen to your Mortgage Loan Officer
• Listen to your Real Estate Attorney
• Filter all the information from everyone else

Get All Requested Information To Your Lender When Asked/ASAP
• It’s a lot, but do it now or it will cost you later
• Get new Loan Estimate (LE) if mortgage program or amount of loan changes
• Pay any fees (application, appraisal, inspections) by check (not credit card or money order)

Be Aware Of First Time Homebuyer Programs
• Delaware State Housing Authority
• County Programs
• New First Time Home buyer Tax Credit
• See lenders with an * on, they will have the ability to process documentation for a tax credit.

First Time Homebuyer Exemption From Transfer Tax
• The rules differ according to location of property (town or county)
• Not all areas have this exemption
• Must truly be a first-time Homebuyer (not just haven’t owned home in past three (3) years, except for the City of Wilmington)

Be There
• Go to your home inspection and read the report
• Go to your final walk through
• Pay attention to details, it’s your home!

Trust the experience of Ward & Taylor, LLC to guide you through this intricate process.

These are guidelines, not legal advice. Facts affect legal conclusions. © Ward & Taylor, LLC

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