Susan Southerland-Luta and myself presented a class to Embry Riddle University Students in March...it was a class of engineers. While preparing for our presentation which was a class for the students to graduate we learned a couple of things and hopefully by sharing it might be useful when working with first time home buyers!
Realize we did keep in mind the students were engineers..and maybe we assumed they knew more than they did.
I can tell you for 20 minutes...we presented and then the questions began..
Remember a First Time Home Buyer is a First Time Home Buyer!
By the time we were done...the instructor stated...they could have spent days with us!
A few helpful tips when talking with first time home buyers
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Discuss Buyer Counseling
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Provide links or documentation to important resources such as The 8,000 tax credit!
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Discuss representation and buyer broker agreements...don't assume first time home-buyers already know!
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Discuss the importance of getting qualified and approved for a mortgage
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What is a short sale and what are the benefits of buying an REO or bank owned property.
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Speak in common folks language not everyone understands our lingo!
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Explain the time frames in sales contracts
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Inspections, Appraisals and Title
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Define Escrow
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Homestead Exception
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Alternative Credit
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Co-borrowers
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Offers and acceptance
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Deposits and the term good faith
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Home Owner Associations and Condo Associations
We did point out that buyer's today can be more informed than ever....request a consultation because as a buyer they deserve it!
I admit they loved my business cards! Could it be that some of my social networks were provided?
Oh, and if you think they are not watching agents interact on places such as twitter, facebook and youtube.
Guess what you are wrong!
After we completed our presentation it almost felt like we did a group buyer's consultation and in reality all buyers deserve just that!
One thing I have found regardless of what your role is in real estate...it's our job to educate home buyers and while most instances I train real estate to real estate professionals...sitting with a buyer or seller we train them too!
About The Author: Midori Miller is a Real Estate Trainer and writes and trains Real Estate Training and assists sellers in short sale situations. Midori is a Licensed Florida Real Estate Broker, License # BK645709 and a member of the Daytona Area Association of REALTORS. Contact midorimiller@yahoo.com or (386)453-3236.
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