Do your homework

Start looking at listings online, even if you aren’t quite ready to begin the process yet. It will give you an idea of neighborhoods and home types you like that are within your budget.

Get educated!!  Start with a class taught by real estate professionals at www.EducateHomeBuyers.org

A good knowledge base will help you make quick and educated decisions, which is crucial when homes aren’t sitting long on the market.

Get a good real estate agent

Finding the right team that is experienced and has a strong knowledge of the local communities, and relationships with other realtors in the area can make a huge difference.

Your agent negotiates all the terms…price, closing date, personal property items, seller paid closing costs, earnest money deposit and home inspection items.  You want one of the best to do this or it can cost you time and money.

Getting a leg up on the competition

Most sellers have an emotional attachment to their home.  To win over a seller, try to form a relationship with them using a letter and pictures.  What do you remember about them when you walk through the home? Dogs, cats, diplomas, children pictures, etc.

A heartfelt letter telling them you love their home and plan to take good care of it can paint a positive picture of you as a buyer.  If you can connect on an emotional level with the seller through the realtor or as an individual, it does make a difference.

While some buyers are waiving inspections (we are not a big fan of that tactic), as a first- time buyer that can backfire if you waive the inspection and find out later about a large unexpected repair that could put you in a financial bind.

Removing contingencies is not what buyers with limited funds should do.  It is a risk to put up non-refundable earnest money; or waive inspections, financing and/or the appraisal contingencies.

Speak with your agent about your comfort level on these topic and make sure you understand the risk.  In the end, the winning bid is not always the highest offer.

Be a smart home buyer and don’t let a bidding war lead you to offer more than you can afford.