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Five Tips for First Time Homebuyers*

March 12, 2014

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

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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