What should you know when your a first time buyer?
The Lawhead Team would like to share this story from Coldwell Banker about the experience this first time buyer had with finding a new home.
Looking at Houses Too Soon
Most first time buyers think the best way to buy a home is to look at homes. In reality, the best way to start the home buying process is to speak to a mortgage provider. It could be a bank, credit union, or mortgage banker.
Because the buyer went looking too soon, they began looking in the wrong price range, which was higher than what they were qualified for and were disappointed at first with the homes in their price range.
Counseling Session with Your Real Estate Agent
At first, the buyer did not think it was necessary to have a counseling session with their real estate agent. The counseling session is essential for the agent to become an equal partner in the home search and buying process. This is where the agent asks the first time buyer questions like why they are buying a home, if they have spoken to a lender, what are their needs, what are their wants and preferences. If an agent knows the big picture, we can be more of an asset to the first time home buyer, not just a direction follower.
Excitement — Delay — Disappointment — Excitement
In our continuing story of a first time buyer, the buyer found a house that was in their price range, and it met most of their needs and wants. However, the buyer took too long to think about it and another offer was accepted. So we continued searching.
Our first time home buyer was very excited to look at more homes, so excited they forgot to tell their agent and went to an open house and spoke with the listing agent. The first time buyer told the listing agent how much they loved the home and were getting desperate to find the perfect home and their house was the one. The first time home buyer did tell the listing agent they had their own agent, which was good, but unfortunately most of the negotiating power was lost.
“My Cousin Can Do the Inspection”
Many first time home buyers do not have much extra cash so they are hesitant to hire a professional inspector. Luckily, they listened to advice, had an inspection, and resisted the temptation to have a cousin come by and take a look at it after work one day.
Sometimes You Should Just Pay an Expert
And to bring the story of our first time buyer and the home buying process to an end, the buyer was very hesitant to use the services of qualified title attorneys to prepare the necessary paperwork to buy the home. It can be a pretty complicated process, one that should not be left in the hands of a family friend that does not specialize in residential real estate.
All in all things turned out well in the story of the first time buyer because first time buyers do trust their real estate agents and are very willing to do what they are advised to do by the experts in the world of real estate. Because of this, I love first time buyers.
Ready to buy your first home? The Lawhead Team is here to help!
