How to Buy Your First Home In Lancaster, Pennsylvania... the Easy Way!

Avoid the Most Common, Painful, Frustrating Mistakes First-Time Home-Buyers Make.

Buying a residence can be a hair raising experience. You will experience a roller coaster of emotions while finding the right place, securing the loan and finally moving in.

For most of us, the first time home purchase is the largest investment we’ve ever considered. The emotions of purchasing something so expensive and personal can often cloud our business judgment.

Most home purchasers do little or no research before they invest their nest egg. Doesn’t it make sense to become as completely informed as possible before you buy your first Lancaster home?

Don’t Get Pre-Qualified

Do you want to get the best house you can for the least amount of money?  Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller.

In years past, I've always recommended that buyers get “pre-qualified” by a lender.  This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you “pre-qualified” and issues a certificate that you can show to a seller.  Sellers are aware that such certificates are WORTHLESS, and here’s why! None of the information has been verified! Oftentimes-unknown problems surface!  Some of the problems I’ve seen include recorded judgments, child support payments due, glitches on the credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients’ bank account long enough, etc.

So the way to make a strong offer today is to get “pre-approved”. This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few minutes to a few days depending on your situation. It’s VERY POWERFUL and a weapon we recommend all our clients have in their negotiating arsenal.

If you are currently renting a home and don’t have a home to sell you may be at an advantage when competing with other buyers because many buyers must sell their current home before they are able to get financing for another.

Be sure and stay tuned for Part 2!

Brandon Clark

Gateway Realty Inc.

Lancaster, Pa