Phone: (502) 376-5000
for First-Time Buyers
|• Pre-Qualification: Meet
with a mortgage broker and find out how much you can afford
to pay for a home.
• Pre-Approval: Sellers will be much more receptive to potential
buyers who have been pre-approved for a loan. You'll also
avoid being disappointed when going after homes that are
out of your price range. With Pre-Approval, the buyer actually
applies for a mortgage and receives a commitment in writing
from a lender.
This way, if the home you like is at or below under the
amount of your loan pre-qualification, the seller knows
immediately that you are a serious buyer.
List of Needs & Wants: Make two lists. The first should
include items you must have (i.e., the number of bedrooms
you need for the size of your family, a one-story house
if accessibility is a factor, etc.). The second is your “wish
list,” things you would like to have (pool, den,
etc.) but that aren't absolutely necessary. Realistically
for first-time buyers, you probably won't get everything
on your wish list, but it will keep you on track.
• Representation by a Professional: Hiring
a professional will help you avoid difficulties during the shopping and
buying process. Pam Owens has the years of experience you
need when contemplating a purchase of this magnitude. Call
Pam to enjoy the benefit of over 17 years of experience
in the local real estate market. Have an edge from the
first day of your search. Pam is here to help you. I am
your real estate professional. Call me.
• Focus & Organization: Keep the items you will need
during your search for a new home in a convenient location.
Such items may include:
1. One or more detailed maps with your areas of interest
2. A file of the properties that your agent has shown to
you, along with ads you've cut out from the newspaper.
3. Paper and pen, for taking notes as you search.
4. Instant or video camera to help refresh your memory
on individual properties, especially if you're attending
a series of showings
5. Location: Is the property attractive based on school
district, crime rate, proximity to positive (shopping,
parks, freeway access) and distance from negative (abandoned
properties, garbage dump, source of noise) features?
Visualize the house empty & with your decor: Is the
floor-plan suitable to your lifestyle? Is there enough
light? Is there enough square footage to meet your needs?
• Be Objective: Instead of thinking with your heart when
you find a home, think with your head. Does this home really
fulfill your needs? There are many houses on the market,
so don't make a hurried decision that you may later regret.
• Be Thorough: A few extra dollars spent on these essentials
may save you big money in the long run:
1. Include inspection & mortgage contingencies in your
2. Have the property inspected by a professional inspector.
3. Request a second walk-through to take place 24 hours
prior to closing. To be certain no changes have been made
that weren't agreed on (i.e., a nice chandelier that you
assumed came with the sale having been replaced by a cheap
The items listed above are a few of the many issues you
will need to consider when purchasing your first home.
All the above may seem rather overwhelming, but having
a professional representing you and offering you guidance
makes the process easier.
Pam Owens has over 17 years of experience in the Louisville
area real estate market and she will help you keep track
of all the details. Feel free to call on her to discuss
any questions or concerns you may have as you undertake
this new phase in your life. Pam is here to help you.
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