Question:  once we hire you as our buyer broker, what it the first step to buying our new home?

Answer:  before I can help you decide on a location, I have to know how much you want to spend and where the funds will be coming from.

Not too many people can sit down and write a check for the purchase price of a DC area home.  Normally, buyers use some combination of:

  • A mortgage they get from a lender
  • A loan from the Bank of Mom and Dad
  • Proceeds from the sale of another property
  • Money from savings

Assuming you are getting a mortgage, I will have you talk to a loan officer from a local bank so you can get pre-approved.  They will verify your income, assets and debts, check your credit score, and put you through their underwriters who will give you a the magic number - how much you can spend for your new home.  They will also give you a letter that we can show to the sellers when you find the perfect place.

Often, the bank is willing to lend you a lot more money than you will think it's prudent for you to spend.  In that case, we will work with your lower number as we begin the search.

Throughout the Washington, DC Metro area, there are homes in all sizes, shapes and prices.  And the amount you will want to spend will help to narrow down your choices.

If you start by falling in love with neighborhoods or homes that are way above your ability to buy, the places I show you that you can actually afford might send you into a state of clinical depression!  But no matter how much or how little you want to spend, I'm pretty good at finding the best choices for homes that meet your needs.

 

If you are planning a move to or from the Washington, DC area, I can help!  I am licensed in the District of Columbia, Maryland and Virginia.  You may call, email or text me at: 

Housepat@mac.com, 202-549-5167

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6 Comments on FAQs: Step 1 to Buying Your Home: Show Me The Money!

MAY
25
2012
1,586,571 Points 430 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat

Key information for buyers anywhere. And of course they also need to look closely at their personal budget - what the bank says they qualify for and what they really want to spend may be very different.

Jeff
9:20pm • #1
587,638 Points 106 Featured Posts Outside Blog Called Shot Master

Right - lenders don't know if you have expensive hobbies, prefer to send your kids to private schools, or just want to keep some of your money "unspent."
10:50pm • #2
MAY
26
304,644 Points 27 Featured Posts Outside Blog Called Shot Master

Morning Pat... Great advice for all those first time buyers.. I love this: "If you start by falling in love with neighborhoods or homes that are way above your ability to buy, the places I show you that you can actually afford might send you into a state of clinical depression! "

Happy Day Pat
6:25am • #3
498,909 Points 150 Featured Posts Outside Blog Hit Router Called Shot Master

Pat:  I applaud your approach.  Getting to a lender is a vital first step in the process.  And I agree, why establish a champagne taste, if you have a beer budget ... or the other way around!  This is good advice whether 1st-time buyer or repeat, move-up buyer.  And I think the further "out" before buying, the better ... esp. if credit needs to be repaired for any reason.  Sure hope new buyers see your message and take it to heart ...  thanks!

BananaTude Group pic 

Congratulations!

Gene
7:23am • #4
413,547 Points 16 Featured Posts Outside Blog Called Shot Master

Thank you, thank you, thank you!  I would rather discuss financing with a buyer before they go out and find their dream home and I have to tell them they don't qualify.
7:39pm • #5
1,914,851 Points 386 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Jeff, and when the buyers' number is lower than the bank's, the buyers' rules.

Marte, after what's been happening over the past few years, I think being housepoor is out of style.

Richard and Beth, thank you!

Gene, thank you  for the Bannanatude feature!

and Kathy, I think that happens a lot with people starting their search on the web with no other professional involved.

 
8:50pm • #6

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Patricia Kennedy

Washington, DC

More about me…

Evers & Company Realtors

Address: 4400 Jenifer Street NW, Washington, DC , 20015

Office Phone: (202) 364-1700

Cell Phone: (202) 549-5167

Email Me

Pat Kennedy -- author of The Irreverent Guide to Real Estate -- gives you a look at life on the streets as a real estate broker in our nation's capital. And her blog is peppered with great advice combined with humor!


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