The first step in buying a home is meeting with a mortgage lender to become pre-qualified.

A realtor is a specialist to help you though the process of buying a home. They will manage the transaction to make sure you are properly represented. They will have the proper paperwork, negotiation skills, and experience to get you the most for your money. Click here to view a video regarding Agency.

Time frames for buying a home will vary from person to person. In general, once you have met with the lender, you will look at homes. Once you find the one you like and are under contract. It is usually 30-45 days to close.

It will vary depending on the loan program that you go with. Here are a few examples:

FHA-3.5% of Purchase Price

Conventional-5% of Purchase Price

Rural Housing-No Down Payment Required

These are called Closing Costs. They are the costs to buy or sell a home. These include: lender fees, title fees, appraisal, etc.

Generally when purchasing a home, they will be 2-3% of the purchase price. When selling, it will be about 1% of the purchase price. These are only approximations.

This is a "pre-foreclosure". Meaning that the seller, for one reason or another, is unable to continue ownership of the property.  A short sale is a tool to be able to avoid losing the home. A short sale is a home that is subject to a banks approval on any offers that the seller accepts. Which means that if you choose to submit an offer on a short sale, you are now working with the seller and the bank.

Short sales can be a challenge because their time frames are not set in stone.  Be prepared to wait for the bank for any answers. I have seen months go by before the bank has even given an answer.

A foreclosed home is owned by the bank. The previous owner lost interest in the property and the bank now will market the home. For you as a buyer, a foreclosure will usually be a smoother process than buying a short sale.