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Phone: (502) 376-5000

Advice 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 highlighted.
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 written offer.
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 ceiling light).

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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