Five 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:
1. 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 form everyone else
2. GET ALL REQUESTED INFORMATION TO YOUR LENDER WHEN AKED/ASAP
- It’s a lot, but do it now or it will cost you later
- Get new GFE if mortgage program or amount of loan changes
- Pay any fees (application, appraisal, inspection’s by check (not credit card or money order)
3. BE AWARE OF FIRST TIME HOMEBUYER PROGRAMS
- Delaware State Housing Authority
- County programs
- New first time homebuyer tax credit
4. FIRST TIME HOMEBUYER EXEMPTION FROM TRANSFER TAX
- The rules differ according to location of property
- Not all areas have this exemption
- Must truly be a first time homebuyer
5. 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
Reprinted with permission from Ward and Taylor
Preferred Home Inspections Service Area:
Delaware: New Castle County, Kent County. Delaware.
- Wilmington, DE
- New Castle, DE
- Newark, DE
- Greenville, DE
- Hockessin, DE
Pennsylvania: Southern Chester County and Delaware County. Pennsylvania.
- Kennett Square, PA
- West Chester, PA
- Chadds Ford, PA
- Boothwyn, PA
- Garnett Valley, PA