I Love Working with First Time Buyers

One of my favorite responsibilities as a Realtor is working with first time buyers.  While I enjoy all aspects of being a Realtor, I find uniqueness in the vulnerability of someone buying their first home and trusting me to guide them through it.  Right now I am working with several first time buyers in what I consider the "perfect storm" for buying a home.  There is the $8,000 buyer incentive, a huge amount of inventory at bargain prices and low interest rates.  If someone is in a position to buy a home, this is the perfect time.

Why do I like first time buyers?  Beside the obvious that first time buyers have never gone through the process of purchasing a home, I often glimpse the underlying uncertainty and emotions that peek through.  When I am present to how little most first time buyers must know, I am humbled by the fact that they trust me to get them through the process.  For example:

A new buyer was searching on our remax.com website and randomly asked a question about a listing.  RE/MAX captures leads and the first agent to respond gets the lead.  I accepted it, answered the question, introduced myself and offered some further services.  After e-mailing a some lists of homes, I scheduled appointments of the favorites and we met at the first home on the list.  I pointed out things about the interior and condition, talked about home inspections to insure they don't purchase a lemon and we started to get to know each other.  I know I will take good care of them and make it the best experience - but they don't know that - yet.  In the beginning, it has to be a bit overwhelming. 

Why I like working with first time buyers is this:  there is usually this moment when I know they trust me.  I have answered questions and, if I don't have an answer, I get it.  They start to learn what to look for in a home - I always point out the main money items like roof, windows and furnace.  They know that the home inspection gives them a final opportunity to pull out of the deal if miss a major flaw (or renegotiate).  Maybe it is like this in developing all relationships-a moment when you know another person authentically has your interest at heart.  But with a buyer, they are making one of their biggest financial decisions - finding a home-not just a house.  I love being a part of that.

There is always awkwardness at first with the ultimate question of how do we know if she/he is a good agent not yet answered.  There are good questions that buyers can ask to find out how much their agent knows.  I include some here but foremost it is about establishing a connection which isn't all about questions.  It can be a gut feeling or just the efficiency in returning calls and e-mails-whatever an individual uses to establish a comfortable relationship.  I wouldn't necessarily ask all these questions like an interview but pick a couple to start the process and establish trust.  Regardless, these are basic questions that any qualified agent should know. 

1. Does your agent thoroughly answer all questions without rushing or treating them as insignificant?
2. Are they quick to answer calls and respond to e-mails or text messages?
3. Do they point out things about a home to consider like older windows, furnace and possible repairs?
4. Are they knowledgeable about the neighborhood and schools?  Ability to resell a home should be taken into consideration.
5.  Realtors should ask you early on if you have a preapproval as this is required when submitting an offer.  They will have people they can recommend.
6. Are you locked into the person who preapproved you for the loan?  Is there a cost?
7. What is the difference between conventional loans vs. FHA?
8. What is the process of a home inspection and what to do if there are major flaws?
9. What happens after the home inspection?
10. If a home is a short sale, are they knowledgeable in the process and how long it will take to close on a home?
11. Are they familiar with the first time buyer credit currently available?
12. Ask about closing costs as these are often negotiated for buyers on many loans and can cut down on the amount of money you bring to closing.
13. Many other questions will arise out of these - don't hesitate to ask them all.

 I often have buyers who will preface a question with "this may be a dumb question".  There are no dumb questions.  All buyers, and primarily first time buyers, should be well informed about all the steps.  This is a major investment and can be an exciting, confusing, happy and stressful time.  It is your time to buy your first home-expect a lot from your Realtor.  And remember, everyone is a person first - we can all be stressed in these challenging times-all we can expect if for everyone to do their best.