Are you a first time home buyer and are somewhat intimated about the home buying process? It’s really not that bad and can actually be quite enjoyable and very exciting, especially if you are working with a good REALTOR®. Being a First time home buyer may actually present many opportunities that are not available to other people such as FHA Loans, Down payment Assistance for First Time Home Buyers, USDA Loans, Homestead exceptions (principal residence).
You may be asking yourself the following questions?
How can a REALTOR® help me?
How much does a REALTOR® going to cost me?
How do I pay him or her?
What make a REALTOR® a good REALTOR® or a bad REALTOR® ?
We can first start by addressing the fact that a Realtor’s® responsibility is a fiduciary one with his client and a licensed REALTOR® must adhere to a very strict code of ethics imparted by his/her local board of Real Estate. The difference between a Real Estate agent and a REALTOR® is the affiliation with the code of ethics and the board of Real Estate. A REALTOR® should be able to not only help you find the property of your dreams but can also review the contracts carefully to make sure you are getting the best deal possible and that someone is there to help you with the many details that the process entitle, from selecting a mortgage company, a specif loan, looking for a licensed inspector, licensed appraiser, home warranty company, insurance company etc. A quality REALTOR® will be able to guide you through the process and look out for your well being at all times.
As a First Time Home Buyer, my recommendation is to interview different REALTORS® and do not just go with the family REALTOR® because he/she is someone’s friend. Look for a qualified REALTOR® that will respond to your needs promptly, one that can explain closing costs and review a survey carefully. Good communication skills are a pillar of the industry and can either make the process a walk in the park or a walk through the dessert, choose carefully.
Being a First Time Home Buyer may be confusing or stressful and I recommend seeking a good mortgage lender to help answer some of these questions: “Do you qualify for a VA loan, a USDA Loan, an FHA Loan etc, talk to your lender, ask questions and don’t just go with a company because of the lower interest rates or funny commercials, there are many things to consider such as reputation, customer service, availability, terms and conditions etc.
A buyer’s REALTOR® (the one that helps you find and purchase a home) does not get paid from you, there is no “out of pocket” cost with his or her services. REALTORS® generally receive a 3% commission from the SELLER which will be split between his/her broker and the REALTOR®, some companies offer their agents 70%/30% , 80%/20% etc.
A good REALTOR® will answer the phone, texts, emails on a timely manner, will be respectful, knowledgeable and ethical. A good REALTOR® will help you write the best stipulations and conditions for your contract and make the home buying process a magical one!
There are also many no cost First Time Home Buyer classes held by mortgage companies that are free, attend some of them and ask questions.
For more information on being a First Time Home Buyer, call or text Manuel Huitron REALTOR® JB Goodwin REALTORS® (210) 274-2778