What do I need to do in order to buy a condo/apartment as a first time buyer?

Question

I'm 27 and I NEED to move out my mother's place. I do not have that much saved, but I have great credit and I am getting a great job in the fall. I did research some places through a real estate agent, but need to know what are my next steps to make things happen by the end of this year.

Answer 1

you should see if you can get pre-approved for a mortgage before you go   hunting for a place. and if you don't currently have a job or source of income, you will have problems getting a mortgage. sounds like you might need to wait a little until you are settled at the new job.  

Answer 2

The concept could not be easier.  You and the seller sit at a table.  She signs the deed and puts it on the table.  YOu put the cash on the table. She slides the deed to you and you slide the cash to her.  You now own the house. If you borrow money from a bank; you give her the money that the bank loans you.  Easy.   Now you need to find a place.  Start walking and riding your bike and driving.  Where do you want to live?  Close to work.   Out in the country.  You choose. The seller of a $100,000 house doesn't care if you put $1,000 down and borrow $99,000 .... or you put $99,000 down and borrow $1,000.  As long as she gets $100,000.  There is almost nothing you need to worry about.  It is fun... but most people don't enjoy it because they are so "worried". Get to work.  You can be moving in 30 days. /

Answer 3

Until you have an income, there's not much you can do.  Look into FHA financing.

Answer 4

The first thing you need to do (if you haven't already) is look into financing by contacting a bank or mortgage broker. That way you know what you can afford. Then once you know what your budget is contact your real estate agent with you criteria and price range and start looking. Good luck!

Teri

Check out www.NewNesters.ca for tips to help first time home buyers