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For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $8,000 for first-time home buyers might just be the opportunity of a lifetime.
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You’ll instantly gain a distinct advantage over other house hunters. When you meet with sellers and real estate agents, your preapproved status tells them that you’ve got the financial backing to make a deal. You’re not just looking, but ready, willing and able to buy. It’s a position of strength that allows you to negotiate more confidently – and competitively. Preapproved customers will be looking at a better home, and hopefully, getting it for a better price.
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Advice to Help When You're Buying a Home 
First time home buyers might feel better to know that they're not the only ones who feel confused about the process of buying a home. Nearly all home buyers feel the same way, even if they've bought a house in the past, because it's easy to forget the home buying steps you took to get there once the event is behind you.
Get Educated
Before you begin, get educated about the home buying customs where you live. Relatives or friends who live in another state might have some good general advice for you, but chances are the process is very different in their area, so avoid the mistake of relying solely on their advice to make important decisions.
So How Do You Get Educated?
Talk to a real estate agent about the typical home buying scenario.
Questions to Ask Your Real Estate Agent
1. What types of disclosures are sellers in your area required to give to buyers? Can the agent give you a sample copy of typical disclosures?
2. What types of home inspections are standard in your area? Are there other inspections that the agent recommends?
o How much do the inspections usually cost? Are they regarded as a buyer expense?
o When are inspections done?
3. Is a survey required for most transactions? If so, who typically pays for it, the buyer or the seller?
4. Who does the title search to verify that the deed is problem free, attorneys or a title company? What's the average cost for that service?
5. Who acts as settlement agent, the person who puts together final paperwork for you to sign? (attorney, title company personnel, real estate broker, other)?
6. Other than loan costs, what's the average total cost for other closing fees?
o Taxes, settlement agent fees, etc.
7. How long does it usually take to close on a home once an offer is accepted?
That's a good start. After you have the answers to those questions, you'll have a better feeling for the basic customs in your area.
Always Keep a Cool Head
Even simple problems can be a burden when you have so many details to take care of, so don't over-react if you hit a few snags on the way to closing. Keep a cool head and work with the people helping you through the transaction to resolve any issues that pop up.
Take a few deep breaths and relax. The entire process can be a fun adventure if you let yourself have some fun with it!
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