Searching for the Perfect Home

Searching for the picture perfect home can be a stressful event. There is a lot to consider after the initial process of deciding to purchase a new home- location, interior design, number of bedrooms and the list goes on. First time home buyers seem to be anxious two main things. The first is the condition of the house and what they may need to repair; and the second is the amount that they are willing to put aside for personal or cosmetic changes. The nervousness usually stems from potential let downs or immediate remedies that need to be made in order for the house to be in “up to par”. However, the great part about first time buyers is that they are usually willing to take on some risk because they are very enthusiastic about their first home. After a home is chosen and a purchase contract is executed, the home inspection, with first time buyers, seems to be the stuffing in the turkey. I have found that the key with first time home buyers is insuring them that whatever property they have selected will, within reason, work out for them so long as it is not a major structural or foundation problem. Another hurdle with any loan, and especially FHA first time home buyers, is the eventual appraisal on the subject property. An appraisal that may come in below the contract purchase price could potentially scare away the home buyers. The important thing here is to educate all parties involved that the appraised value does not have to determine the home value.
Some things the appraiser looks at are similar or like properties, location, size, and price per foot. Don’t let the appraisal scare you!