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Home buyers says "Buying a Home Looks Confusing!

By
Real Estate Agent with Twins Selling Real Estate 0225210197 Team ST863883

 Woodbridge,Virginia Home Buyer say's, " Home Buying Looks Confusing"

 

          Buying a Home can be confusing but it does not need to be.

 

 When buying a home you have a few choices on how you want to go about it

  • You can try to buy on your own FSBO (warning can lead to frustration)
  • You can use Zillow and Truilla and run around to Open Houses then find 
    someone to help when you think you have found the home (not recommended)
  • Or you can align yourself from the start with a buyer agent who will guide you through the process step by step.

 

               It is so easy for buyers to do what my husband would call 

 

                                                 Ready....Fire and Aim!

 

This is when frustration and disappointment set in as the buyers learn a valuable lesson. Imagine you are out looking at open houses and find one that just pulls at every heart string. You rush home and start doing your research. Once you figure out what you want to do you reach out to your buyer agent or wait I do you realize you do not have one yet! Then you learn the  home you loved is now under contract before you could get in position to make and offer.

It's sold already!

Or 

You waited to get your pre-approval till you found the home you wanted. Depending on your price range it is very likely you could find yourself in a bidding war price range especially in the spring market. If your pre-approval has not been started you may not have enough time to complete before offers are submitted.

Or 

Imagine a situation  where as a pre-approved buyer it takes four or  five different contracts over two months and five weekends to finally be the winning offer. During this time frame alot can change in a buyers life. A surprise medical situation, job transfer, or job change or even just an interest rate shift . These could all affect your pre-approval. 

Or

You walked into a new home community and they tell you the special pricing is ending. You think they are just telling you that and you think you have plenty of time! Maybe you do and maybe don't!  If you align yourself with a buyer agent who understands local market conditions and knows the community they can help you determine truth from fiction. Maybe the buyer agent knows more about the community and how their pricing strategies works. I recently saved a buyer $10,000 by asking one question!

Do you know what questions to ask to be sure you are getting the right price?

Do you really know what the last three contracts were written for?

Think about it the sales person has one job only and that is to write contracts for the builder. Most of what they sell will not show up in tax records till nine months to a year from now. How do you know what is a good price if no one is working for you?

 

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                                                 Confusing Yes It Can Be!

 

Don't go out unrepresented Virginia is a Buyer Agency State. What that means is you as a Buyer must be told who represents who in the transaction. In a new home sale the on site sales associate  represents the builder only. Think of it much like a For Sale By Owner or FSBO. The sales associate can write a contract for you of course but they cannot guide you on comparables, resale possibilities in the future etc. It costs you nothing to have a REALTOR assist you so why would you do it alone?

A buyer agent  can help keep the stress down and guide you through the process. If you allow the buyer agent to coach you through the process they can save you a lot of heartache and be an invaluable resource through till closing.A lot goes into building a home and a strong buyer agent will be with you to answer questions and point you in the right direction when questions come up.  If your are buying a resale make sure to pay attention to your buyer agent agreement. Do you want to authorize dual representation meaning that agent can sell you a home they have listed....Is that what you really want? Have you ever really thought about what that means?

 

         Treat your REALTOR and Loan Officer as your partners in the process

 

As buyers most have no idea how lending rules have changed dramatically over the last six months some changes are good and some are devastating!  It is what you don't know that can hurt you. If you have purchased a home in the past your complete financial picture may look different or  remained the same. Yet it may  be treated differently than your previous experience due to new lending guidelines.

Tell us everything even if you think it will not matter or it is no big deal! The quickest way to make it a big deal is to omit something that is happening in your life. It is our job to help you to navigate the buying and selling a real property your home. We can not help if you keep information from us.

 

Most buyers will get helpful advice from people they confide in about buying a home. They  may get recommendations on interest rates, neighborhoods to consider, commuting times etc. While this advice can be great this helpful advice can get you into trouble fast!

 

Let's say a coworker says they just closed and got an FHA 3.5% interest rate and you are getting quoted a higher rate.

 

                                                      Are you really?

 

Everyone's credit profile and situation and circumstances are different. Rates are based on personal credit scores, monthly obligations, and what you specifically need to make your loan work.

For example if you need your closing costs paid on your loan because you are doing no money down or maybe 3.5% down loan and you do not have enough for closing. You ask the seller to contribute and they agree to $6,000 ...GREAT but you need $10,000.

 

If you do not have the extra $4,000 then the lender can give you a lender credit if the markets are favorable like they are now to cover your closing costs. This means the loan officer will calculate a rate that will cover  that $4,000 in closing costs. So if your friend was buying the same price home at the same time as you but they had the money to pay their closing costs then their rate will be lower than yours. Let's not even talk about the difference between credit scores and how that could change the numbers. Or the difference even a day makes when locking in. It can and many times will make a difference in what you the buyer will be quoted.

 

I am not a loan officer but I can tell you I see many people look on line and get a rate in their mind not realizing that these are basic guidelines and your specific financial situation will determine your loan scenario.

 

                                            So when my Buyer said

 

 

                 "Buying a Home looks confusing", and he was right it can be!

 

Just ask any brand new REALTOR and they may not want to confess this but there is a huge learning curve that can take a year or two just to get up to speed. Just about that time everything changes! That is why REALTORS must stay up with continuing education and  community stats, laws and rules. 

 

 Are you thinking of buying a home in the near future in the Woodbridge, Virginia area or surrounding communities? Do you have a home to sell or rent? If yes to eithe rof these questions align yourself with a buyer agent like myself  who will help guide you through the process. I am blessed to have an identical twin I work with named Peggy James we are partners she specializes in listings. We  have 25+ years each in the real estate  industry  here in Northern Virginia and can help you with your real estate goals.

It costs nothing to have experienced agents working on your behalf and it can save you time, money and stress.  I don't know about you but those are good things in this fast paced world we live in. Many buyers and sellers have told us  buying or selling a home can feel like a 2nd full time job! Yes, it can but if you align yourself with experienced agents we can help elivate some of the stress and give you peace of mind through the process.

We specialize in the area from Quantico, Virginia to Mount Vernon in Alexandria and as far west as Haymarket.

 

We are just a phone call away

703-801-9367 Contact me now

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