The Biggest Tip for First Time Home Buyers
Purchasing your first home is an exciting time. It is almost like a right of passage. You’ve moved up from living in an apartment; maybe the family has grown and now its time to make the investment.
On the flip side, purchasing your first home can be a stressful and exhausting experience… unless you follow this big tip for first time home buyers.
Find a Qualified Real Estate Agent
Now, this seems like a no-brainer; however, you will not believe how many horror stories I have heard from people about how their real estate agent didn’t do anything to help them through the process.
Here is what first time home buyers should expect from their real estate agent:
Step 1: You and the real estate agent will sit down for a consultation. In this initial meeting, you will get to know each other and will discuss your needs and wants. You will advise the agents on the type of property you are looking for, what amenities you would like, the neighborhood you want to be in, whether you are looking for a home or more of an investment property and a host of other topics. During this discussion, it is the responsibility of the real estate agent to get a clear idea of who you are and what you are looking for.
Step 2: The real estate agent will introduce you to a number of mortgage officers.
Please note that the agent should have a number of different people they work with. If the agent says that you have to work with a particular 3rd party – RUN! It generally means they are getting a kick back and are not looking out for your best interest. This not only goes for mortgage officers but inspectors, appraisers and everyone else in the first time home buying lineup. Remember, you always have a choice in who you work with.
The mortgage office will have you pre-qualified. Together, your credit will be run. Assets and down payment will be discussed. And various first-time home buyer programs will be talked about.
Step 3: The real estate agent and you will find your comfort zone. It may be determined that your credit will allow you to take out a larger loan, but do you want to take on the larger payment? Do you need a larger house? The mortgage office results may also come back and determine that you don’t have the credit for the specific neighborhood you are looking for. You may want to open your mind to other neighborhoods or wait until your credit has improved enough to get the home of your dreams. Your real estate agent should have an open and honest conversation with you on what you can realistically afford.
Step 4: Finding the perfect first time home is where the real fun begins. Utilizing every possible tool available, the real estate agent should be able to find the home of your dreams and negotiate the best possible price. If the agent simply sends you an email with a couple of listings, you may be with the wrong agent. A professional real estate agent will have a strong network of people to potentially show you homes before they go on the market. He or she should leverage the MLS and the network to only show you homes that meet your wishlist.
There is a HUGE difference between real estate agents and real estate advisors. At Engel & Völkers Naples – Bonita – Estero, we pride ourselves on being real estate advisors. We are not interested in pushing clients into a home that does not meet their needs and wants. We do not base our sales on what is best for the advisor. We are on a mission to become the family real estate advisor and the trusted source for real estate transactions in the future.
If you are a first time home buyer and would like to make the process easy and exciting, please CLICK HERE for our Home Buying Checklist. This Free Guide will help you make the right decision to find the perfect real estate agent.
If you enjoyed this article, please make sure to share and comment below.
Happy Home Buying!