When shopping for a home, make sure that you get your FHA prequalification before hiring a real estate agent. The real estate agent needs to know that you are equipped to buy the home, before they spend time doing the shopping on your behalf. They too spend a lot of time to help you find your new home. Using a real estate agent that is familiar with the FHA guidelines and qualifications will save you a lot of time and money in the process of buying your new home.
Once you find a home that you like, you will submit an offer through your real estate agent. If the seller counters your offer, you will want to try and negotiate until you can all come to an agreement. Once the seller accepts the offer it will become a legally binding contract. You will need to make sure that everyone is aware of any contingencies in the contract, and that any seller concessions have been accounted for.
Make sure that any offer is contigent upon getting a home inspection. Your home inspection will give you more information on the details of this property. For example, if the heating system is 25 years old, that is something you will want to know. That way if any changes need to be made to the contract they can be, as well as any repairs that you would like to have done.
-Mayer Dallal
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