Welcome once again to ActiveRain, the cutting-edge clearinghouse for current resources on all things real estate. My name is Rich Jacobson, a licensed professional real estate agent in Silverdale, out on the Kitsap Peninsula in scenic Washington State. This is the fifth installment in an on-going series of posts dedicated to helping 1st Time Home Buyers successfully achieve their purchasing goals. We have been identifying and discussing, in chronological order, key events in the home buying process.

In our last discussion, we talked about the importance of committing to your real estate agent and entering into a Buyer Agency Agreement. This time I want to take a moment and discuss, "What does it cost to buy My First Home?"

To read the entire article, go to SOUNDBITEBLOG (opens in a seperate window)

 

20 Comments on Adventures in 1st Time Home Buying: "Do I Need Money to Buy a House?"

Great information for first time buyers, they are a bit more work but always a great feeling when you get them into their first home!

11/03/2006 03:54 PM by Connecticut FHA LOANS,CT VA Loans CT First Time Home Buyer:CT Home Loans (www.BenchmarkCT.com: CT Commercial Loans)

I work with a lot of FTHB and this is an awesome Post!!  I am going to keep it on file.

Thank you Rich !!

11/03/2006 04:15 PM by Lauren Corna, CNS (Coldwell Banker Residential Brokerage)

Rich...  some good info. But I disagree with Leo.... not all first time homebuyers are more work. Refinances can be more work at times...  those foreclosure deals.... etc etc. But most of all.... refi's can be more work also, because a buyer, especially a first time homebuyer is just that...1st time. And they will work with you to get anything done as soon as. In regards to a refinance, they sometimes drag their feet, even on an easy deal.

Just my input in regards to first time homebuyers. Yes, they can be a delight to work with, at times.... but it can go either way. Just my 2 cents...

11/03/2006 04:24 PM by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages -- Mortgages (Infinity Home Mortgage Company, Inc)

ps.... if you have a good realtor, good title company.... all you have to do as a lender is take care of the clients needs and questions. Just more food for thought.

11/03/2006 04:25 PM by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages -- Mortgages (Infinity Home Mortgage Company, Inc)

Very thorough an informative, as is now expected from you (sorry Rich, now you can never write bad blogs).  The only thing I would add to your post is the purpose of inspections.  Inspections are conducted for and by the buyer to know exactly what they are getting into, not necessarily as a negotiating tool.  Most sales are "as-is", and although some sellers are willing to negotiate a bit, we find more that are not. 

11/03/2006 04:39 PM by Rick & Ines - Miami Shores Real Estate (Majestic Properties)

Rick & Ines,  I wish I was in your market because in mine the inspection is now becoming part of the negotiating.  We are closer to a buyers market than sellers and if the seller wants the deal to be get done there is typically going to be some credits put on the HUD.  I am having my sellers do an inspection before I list the property so that they are aware of any issues.  Please understand that there is some turn of the century property in my market and there can always be issues.

Rich thanks for the post.  

 

 

11/03/2006 06:55 PM by Timothy Mertzlufft ABR, e-Pro (Koenig & Strey Gmac Real Estate The Collazo Group)

Very good info Rich.  I agree with Jeff, Refis are sometimes more difficult, but then again I almost only do refis.  Most of my clients come to me after they read one of my articles, attend one of my seminars, etc. because they didn't obtain proper mortgage planning to begin with.

11/03/2006 06:57 PM by Robert D. Ashby, CMPS - Solid Rock Mortgage Corporation

Rick & Ines - since this series is chronological, I had planned to discuss inspections in-dept at that point in the process. But I wanted to discuss the expense aspect ahead of time. Thanks for your excellent input as always!

Leo - you're right, they can be more work, but they are usually more loyal and trusting, and appreciate what you do!

Lauren - thank you so much. I hope this info will be helpful to your clients!

Jeff - I gladly welcome your $.02 anyday. Thanks!

Timothy - you're welcome! Having a pre-sale inspection is a very smart move.

Robert - it's always interesting to get everyone's perspective. Thanks for your comments!

11/03/2006 08:15 PM by Rich Jacobson ~ ActiveRain Community Builder (ActiveRain Corporation)

Rich the home inspection should be a must do.  I run into buyers all the time that second guess the Realtors suggestion to get the home inspected. I always tell them that it is worth every penny as you stated. Nothing worst then a first time homebuyer putting all their money into a house, and then finding out that it has major things wrong with it that they now can't afford to fix.  They need to go into the purchase with their eyes wide open.  Another great post Rich.

11/03/2006 09:14 PM by George Souto (McCue Mortgage Co.)

no, but really - do you need to have money to buy a house?  I joke - I joke.. Good post and very informative.  First time home buyers are not really "More work", they just need some more TLC - its nerve wrecking buying your first home and the more you can talk them through it and they trust you - they will become (from my knowledge) very loyal and your best advertisment!!

11/03/2006 09:26 PM by Christine Forgione - Associate Broker (PCA Realty, Inc.)

George - absolutely! Inspections are a must do! I'll cover that more later in the series. Thanks!

Christine - your best advertisement. So true!

11/03/2006 09:34 PM by Rich Jacobson ~ ActiveRain Community Builder (ActiveRain Corporation)

Rich another well done post. Keep up the good work. Your posts are never the dry, recycled pieces that we become accostomed to reading.

11/03/2006 11:42 PM by Mark Flanders (Olympic Northwest Mortgage)

Hi Rich another gem ...  where do you get the time?   I always enjoy reading your blog.  These basics for homebuyers drive important key points home.  Good to have our buyers prepared proactively. 

11/04/2006 04:10 AM by Kelly Mitchell (RA) BBA, Top 5% PRUDENTIAL USA (Prudential Locations Honolulu/ Kelly Mitchell Group)

Having good tools available to "educate" the first time home buyer can really reduce the "difficulties" in working with them.  There is a first time for everyone.

11/04/2006 08:15 AM by Tony Marriott, Associate Broker, CRP, CLHMS, CRB, CRS ~~ Phoenix Arizona (Keller Williams Realty Professional Partners)

Mark - who wants to read dry and recycled?

Kelly = these really don't take that much time. I formulate most of the thoughts in my head while I'm out looking at houses. Thanks as always for your great comments!

Tony - I am ALL about reducing difficulties! Thanks!

11/04/2006 08:53 AM by Rich Jacobson ~ ActiveRain Community Builder (ActiveRain Corporation)

Outstandng Post!!  I hope you've made it into a brochure to hand to your Buyers!

11/04/2006 11:12 AM by Bill Sauneuf (Preview Properties Skagit LLC)

Hmmm, I think someone just called this "some of the best presented consumer content on ActiveRain."  That is a quote from Mr. ActiveRain himself, Matt Heaton. 

Talk about unfair ;->

I think I will make some gooseberry jam. 

11/05/2006 06:53 PM by Maureen Francis & Dmitry Koublitsky, SKBK Sotheby's - Metro Detroit (SKBK Sotheby's International Realty)

MF - it's amazing what happens when you send someone a case of Guiness.

Seriously though, I am just truly humbled. This is one of the best compliments anyone could ever pay me!

11/05/2006 08:16 PM by Rich Jacobson ~ ActiveRain Community Builder (ActiveRain Corporation)

Great post!  I actually love the graphics.  It seems to take the mind off the long post (I've had it beaten into my head that consumers want short, short articles) and give you a breather for a minute

11/06/2006 12:48 AM by Chris Tesch College Station, Texas Real Estate (RE/MAX Bryan College Station)

Hiya Chris,

I got your message, and will take more time to respond to you tomorrow, okay? Consumers want relevant, valuable content. Sometimes you can be too short and not have any substance. Graphics just reinforce what you are saying.

11/06/2006 12:54 AM by Rich Jacobson ~ ActiveRain Community Builder (ActiveRain Corporation)

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Real Estate Agent: Rich Jacobson ~ ActiveRain Community Builder (ActiveRain Corporation)
Rich Jacobson ~ ActiveRain Community Builder
Silverdale, WA
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