This is a blog for first time home buyers and for people that haven't bought a new property in a very long time! I'll start by letting you know that I don't charge you ANYTHING for helping you buy a home. NOT A PENNY, EVER!
Some of you who have bought properties in the past might be thinking..."Why is she saying that? Realtors never charge a fee to help buyers find a home!' But, believe it or not, SOME BUYERS AGENTS HAVE STARTED CHARGING FEES! And, some buyers agents are asking buyers to pay all or part of their commission! (If a home is listed on the MLS, the sellers are paying commissions, so I would never ask a buyer to pay mine! If a home is being sold "For Sale By Owner" (FSBO), I would ask that seller to pay my commission. If they won't pay me, I would have to, by law, ask a buyer to pay my commission, or, by law, I wouldn't be allowed to help that buyer with that FSBO property, sorry, but that's just how it works!)
I have to admit something here....I actually LOVE working with buyers! MOST Realtors don't say that because they would prefer to list a home and let other Realtors bring the buyers, but not me! I have a degree in Interior Design, I'm a certified Stager, and I just LOVE going in and out of homes, looking to see how people have decorated, and trying to figure out ways to 'open up' the home and make room for more features. I just LOVE IT!!
Two wonderful benefits I receive from working with buyers are:
1. I get to hear what buyers really want in a home and that helps me prepare my SELLERS get their home SOLD! You can't just work with one half of the real estate market because you become clueless about what the other half wants!
2. While I'm showing properties, I'm learning about neighborhoods and communities and I'm also learning how to spot a great deal when I see one! If I don't know an area, I don't know if a home is priced right or not! The better I know the inventory, the better I can help my buyers!
How Do YOU Get Prepared to Buy a Home?
Being prepared to buy a home is SO IMPORTANT! It's so easy to get caught up in the excitement of buying a new home! But, the worst thing that can happen is to find that DREAM HOME and not being able to buy it because you weren't prepared! Don't do this to yourself!!
Here area a few steps to get you prepared:
Be honest about your budget. It doesn't matter how much home you are told that you can afford, if you aren't comfortable with a large payment, don't borrow too much! Don't put yourself in a position where you have to give up your social life because you bought more home than you needed! BE HONEST TO YOURSELF!!
Shop around for a lender. Don't just call your bank and think they will give you the best deal because you bank there! Banks are usually more expensive than mortgage lenders...shop around! You'll want to ask two things...What interest rate do I qualify for? and What fees will I be charged for you to service my loan? These fees will be a part of your closing costs! Be prepared! Shop!! Compare!!
Don't go on a shopping spree! This can RUIN your buying power by causing you to no longer qualify for a loan. Once you have made an offer on your new home, gotten under contract, and gotten your loan approval, DON'T DO ANYTHING UNUSUAL WITH YOUR SPENDING HABBITS! Don't change jobs, don't buy a car, don't retire, don't shop for new furniture, just pay your usual bills and wait until closing to make any crazy new purchases!
Research closing costs. Other than lender fees, you'll also be charged title fees, taxes, upfront escrow reserves, and you'll be expected to put some money down on that new home! Speak to your lender and to your Realtor about the fees you should expect to see at closing.
Don't "borrow" money. Sometimes it's difficult for first time home buyers to save enough money to get into that new home! And, often times, relatives are more than willing to help out with those initial payments up front, but don't take any money until you speak to your lender about receiving those funds. In most cases, those funds should be "gifts" and not borrowed money! They can instruct you on how to accept these gifts...
TIP: Ask your Realtor if they are going to charge you anything for showing you homes. If they do, call ME, I don't!
“The opinions expressed on this blog are my personal opinions, and they don’t reflect those of my company.”
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