I have five transactions closing this week.  Some are first-time buyers, some aren't.  I've learned through the years that most buyers ask the same questions at some point in the transaction, no matter which category they fall into to.  I thought I'd throw those questions (and answers) out there . . . . .

1) "What happens if I have to move?"  In order to beat the capital gains tax, you have to live in the property for at least two years.  There are circumstances where, if you have to move before the two-year mark, your tax will be pro-rated.  I know a new job more than 50 miles away qualifies you and I believe there are three others.  Instead of guessing, I always suggest they consult a tax person or google it.

2) "I'm not a handy person.  What happens is something goes wrong?"  Even the guys if the HGTV shows had to start somewhere!  Pretty much everyone has or knows someone who can handle repairs around the house.  That's one reason why it's so important to do a home inspection.  You'll have an idea of what you're getting into and take the appropriate steps.

3) "What if I change my mind about the place?" I can honestly say, this has not happened in 8 years (I'm knocking on the table).  It's important for buyers to do their homework ahead of time on what they really want and it's important for me to do my homework and manage their expectations.  Probably the most important homework answers the next question.

4) "Do I have enough money to buy a place?"  THE most important step and should definitely be the first step is taking to mortgage lenders.  Buyers have to be honest from the
get-go with lenders about what they make and what they owe.  The lender is going to ask for documentation to support whatever they're told.  I always remind buyers that it's not the amount a lender says you can qualify for, it's the monthly payments that really matter!

Whether you are a first time home buyer or someone who is looking to move up or down, getting into the market can be a fearful time.  It's my job to make sure it's as easy and pain-free as possible!