Whether you are considering buying a home in the Santa Clarita Valley, where our offices are located, or elsewhere in Southern California, which we may travel too – here are the top 5 Tips for what to do to prepare to buy your first home.
Step 1 – Real Estate agent
Some will argue the real estate lender should be the first step in preparing to buy your first home.
I disagree, albeit I have a vested interest in being the first point of contact, but I do have my ways in which I help home buyers get their sights aligned and prepared to buy their first home. (BTW – You don’t pay me to represent you when buying a home – My services for a home buyer are FREE!)
Loan and Lender Education – Step 2
What are the differences between real estate lenders. Are Credit Unions not good for financing real estate? What about the mainline banks versus mortgage brokers? Who is who and why should a home buyer care?
As far as the online lenders, those whom you see during the news broadcast and on late night TV, they are pimping some great interest rates – are those bait and switch type games or what?
I explain who’s who in the zoo, how to hire the best lender and what questions to ask to get your best interest rate.
Another reason why the Real Estate Agent should be your First point of contact when wanting to buy your first home.
Real Estate Education – Step 3
Where are the homes for sale able to be found? How about Foreclosure and Bank Owned Homes? What is the deal with short sales and how come they are so cheap?
When wanting to buy a home, what am I expected to pay and what is your fee to represent me?
I speak to my home buyers about searching online for real estate and how some of the real estate websites are gaming them. They are going to sell their personal and private information to a bunch of hungry real estate agents.
Some of those websites also have fake listings, those which look too good to be true, posted up as if they are for sale. As stated, they make their money by selling your personal information in the form of a lead to a lot of service/product providers – including realtors.
What is the fee your real estate agent is going to charge you to represent you in the purchase of a home – Nothing! – The fee your real estate agent should be charging you when you are using them to buy a home is ZERO. The commission to your chosen real estate representative is paid by the home seller.
However, you are going to be paying your lender a fee for lending you money. So hence yet another reason why the Real Estate agent should be your first point of contact when wanting to prepare to buy your first home or any real estate.
The Offering Process – Step 4
Aligning your sights and preparing to write your very first offer on the home you want. The best ways to set up the offer for acceptance by the home seller.
Explaining the offer/counter offer processes and keeping you informed as to any new developments. Highest and Best Strategies.
Down Payments – Loan Programs and Love Letters – Extreme service and protection when it comes to writing offers for our real estate clients.
The real estate lender is the one which you are using to borrow money from to purchase real estate. They don’t have anything to do with writing the offer. Your chosen real estate agent is the one who is going to write the offer on the home you want to buy. Also, your real estate agent will be the one who needs to keep on-top of the agent representing the home seller.
Another reason why the real estate agent should be your first point of contact when preparing to buy a home.
Escrow – Step 5
Total coordination from the inspections, which your real estate agent will be present at, to the appraisal, to the request for repairs, to the seller’s disclosures, to the termite inspection, to the loan documents, funding, closing and keys – Your real estate agent is 90% of the process in Step 5.
While the lender is responsible for loans and lending. Escrow is responsible for “Escrow”. The Title Officer is responsible for title and the inspectors are responsible for inspecting – Your Real Estate agent is privy to all processes and is directly involved with all of them.
It’s our job, as your trusted real estate advisor, to watch all involved in the process of buying a home. It’s also our job to keep our clients informed as it pertains to their specific transaction. Also, if anyone in the process starts to slack off, we need to bring that to the attention of our home buyer and to motivate the proper adjustments.
Step 5 – another reason when buying a home and preparing to do so, your real estate agent needs to be the first point of contact.
Please reach out to me when you are ready for get more information concerning real estate and preparing to buy real estate, first time or your umpteenth time 🙂