As most Realtors can affirm, we can be both a Buyer's Agent and a Listing Agent, it just depends on our current client's situation.  As the season picks up and I receive more calls on my listings, I am reminded of what I usually tell first time buyers whether they are my clients or merely just giving advice to future homeowners.  This goes for all home buyers....not just first timers, but I see more first time home-buyers put in this position:  if you are looking for a home, do not call 10 different agents because you saw their sign in a yard and want to view the inside.  I say this for a few reasons.  First, with the power of the Internet, you can easily eliminate some potential homes by viewing pictures or virtual tours on-line.  That is one of the reasons that I believe Open Houses DO NOT WORK.  Second, when you call a listing agent, they work for the seller so you do not want to give them that much information about yourself, or; unless they can explain agency real fast and acquire you as a client, they will have to tell the seller everything they know about you.  At this point listing agents reading this are screaming..no I want you to call me and buyer's agents are saying...listen he know what he is talking about.  A lot of agents pick up their buyers by calling their yard signs and then represent them in purchasing a home different that the one they called about.  So it is okay to call yard signs......just not a lot of them when you have no idea who represents who.  I do like to get calls on my listings, but most turn into dead leads, so it is not the "wrong" thing to do, but what you should do is if you don't have an agent is:

1-Get a Realtor to work for you as a buyer's agent.  They will work for you to find the home you are looking for with all the criteria you have provided them.  This cuts out a lot of your driving around and more than anything....the fear of not knowing who to trust.  If you have one agent as a buyer's agent, your information is confidential because they have a fiduciary responsibility to uphold your interests....even above their own. 

2-Another thing to remember is your buyer's agent is your first point of contact for advice .  When you are looking for a loan, they can guide you in making good choices. Your agent should be savvy in the language and know certain things to avoid.  A lot of Real Estate Firms have their own in house lenders these days.  You should get a straight answer from your agent on what is the best route to take.  In NC there is Bond Program for first time buyers through The North Carolina Housing Finance Agency a.k.a. NCHFA.  This program is very underutilized, always offers below market rates and at this point offers up to $7,000 down payment assistance depending on your situation.

Good luck house hunting and get that one good agent to work for YOU...and ask a lot of questions...they are used to it and it's their job to give you the answers.  For more information visit us here.

 

1 Comments on First Time Home-Buyers...2 Things To Remember

FEB
29
2008
244,337 Points 2 Featured Posts Outside Blog
Wow- great information for first time buyers.  I hadn't heard of the NCHFA before.  A $7,000 down payment is huge!   I also noticed they have a 90 day rate lock for first time buyers - that's pretty unusual too.
1:11pm • #1

Leave a response…



(optional)
What does the graphic say?
 
Rainmaker_large

Stu Barnes

Fuquay Varina, NC

More about me…

Barnes McQuade Realty

Office Phone: (919) 803-4129

Cell Phone: (919) 819-3956

Email Me

My blog consists of common questions and concerns dealing with buying and selling real estate. Covering all of Wake County which is the home of Raleigh, Cary, Fuquay Varina and Holly Springs just to name a few...you can always count on an informative ...not so boring opinion. It's a STEW of information dealing with all aspects of Real Estate.


Links

Archives

RSS 2.0 Feed for this blog

Find NC real estate agents and Fuquay Varina real estate on ActiveRain.