Buying a home for the first time is often a very confusing process. There are many parameters involved and understanding the different aspects of the buying process is very useful for the first time home buyer.
Sushil Tuli of Leader Bank, Attorney Neil Sherring of Dakoyannis, Curtin & Sherring, LLC and Praful Thakkar of Keller Williams Reality presented a Free First Time Home Buyers Seminar at Masala Restaurant, Billerica on Sunday, February 8, 2004. The goal of the seminar was to help home-buyers fulfill the quintessential ‘American Dream’ of home ownership.
The seminar began with Sushil Tuli explaining the benefits of buying a house versus renting. A house worth $30000 costs about $1600 to rent. If you buy this house rather than rent you can make approximately $72000 in 5 years with current inflation and interest rates . Home ownership not only builds equity but also provides tax incentives and scheduled savings.
Home buying process begins when one decides to buy a home and ends only on the final move-in. It involves working with realtors, bankers, attorneys, appraisers, home-inspectors, etc. One can make the home buying process easier by working with right people, obtaining clear information and understanding the process.
Most first time home-buyers need to borrow money. Internet age provides access to many lenders and loan plans. Some plans have a fixed interest rate for complete loan term and some others have a variable rate with lower payments in the beginning. Buyers should understand the plans and pick the most beneficial plan. “It is critical to work with an established and reliable mortgage company. You can not only make offers on time but also ensure that money gets transferred on time,” said Tuli, explaining the importance of reliability of lenders.
Attorneys from Law offices of Dakonyannis, Curtin and Sherring explained the legal part of the buying process. The process becomes legal and binding once an offer is made by the buyer. If the offer is accepted, the buyer makes Purchase and Sale agreement with the owner and an attorney can help negotiate the deal by presenting legally binding issues and liabilities. The final step is the closing in which all the players come together and complete the sale. The attorneys emphasized the importance of understanding each step and being cautious while signing the legal documents. “Buying a home is a major decision that you will be making in life. Be careful and choose the right people to help you make the decision,” said Attorney Neil Sherring.
The process can be very complex for first time home buyers and it is worth taking advantage of realtors. Buyers don’t pay the realtor fees; the fee comes from the commission earned by seller’s real estate agent. “A good real estate agent will be with you throughout the process of home buying and can simplify the job,” said Thakkar
Overall it was a very useful session for first time home buyers. Attendees had ample time to ask specific questions. All attendees were given free credit reports and discount coupons.
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