Need a real estate education!
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Anonymous
| My fiance and I are in the very early stages of discussing buying our first home, and we know just enough to know that we don't know much when it comes to buying real estate. Does anyone have any recommendations for a good class or other resources to help us learn about the process and our options? Thanks in advance! |
Anonymous
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Several brokerages offer classes on first-time homebuying. Just understand they're looking for clients.
You might start with a Humebuying for Dummies book. Eventually, you need a good agent who understands you and your needs and will look out for YOUR interests. This isn't always easy to find (many agents are more interesting in getting a deal done so they can get paid). Take your time. Don't rush into anything, from signing with an agent to making an offer. |
Anonymous
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I would start with a homebuying for dummies book and I wouldn't purchase until I could make my own spreadsheet where I could analyze the sensitivity of factors like purchase price, interest rate, down payment, etc.
It is really easy to find somebody to lend you money, but if you are smart, you won't take a dime until you understand how to underwrite your decision based on more than just the monthly payment. |
Anonymous
| I found this article and calculator helpful: http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html |
Anonymous
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A good realtor will guide you through all the legal mumbo jumbo, but they WILL rush you. We engaged a buyer's agent thinking we'd spend 6 months looking, and ended up making an offer the next weekend. We still love the house (20 years later!) but she did make us feel like there was urgency when there really wasn't. Because no realtor wants to haul clients around for months, right?
Do some reading, look up YouTube videos posted by reputable sources. Study until you can watch a video or read a very basic book and not learn anything new. Then you're ready to start talking to agents. |
Steve
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I really like Asian-American Homeownership Counseling. (You don't have to be Asian.)
It's a non profit and the founder cares A LOT about buyers and knows more than most agents and lenders do about available programs. http://www.aa-hc.org/ |
Anonymous
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Make sure you have a really good and thorough home inspector and that any offers you make are based on the home passing inspection. Expect to verify everything. Square footage is often "overestimated." Visit the neighborhood in daytime and in the evening to be sure there are no big surprises (like a club nearby that takes all the street parking).
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Anonymous
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Don't employ a home inspector on your realtor's recommendation.
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Anonymous
| Housing counseling agency. Check out programs through Fannie Mae -- they don't lend directly so they aren't trying to earn your business. You might even get a better deal/rate if you've gone through some education. |
Anonymous
| Location, location, location. Also check when was the house sold last. How many times, how often, how much, what kind of people buy in the neighborhood and so on. So many things to consider. I'm always online looking for properties. Some sell in a day, some linger for years. |
Anonymous
Depends on how the property was originally priced, and if the seller was serious or not cooperative - many factors. But do try to find out about who lives in the neighborhood - otherwise it can be a big mistake. All it takes is one person to ruin it (and that will always be the person who can't afford to move, BTW). |
Anonymous
Are you looking to buy in VA, DC or MD? |