It is not my fault you can not purchase a house!

By
Real Estate Agent with Selections Real Estate Services, LLC.

All too often I feel as though consumers want to blame us, Realtors & Lenders, as to the reason they can not purchase a house.  I have yet to meet a Realtor or Lender who is responsible for a potential buyers credit score, debt to income ratio, lack of savings, lack of job security,etc.
 
Buying a home is something we earn.  We work hard, pay our bills, save for our future and live within our means.  It is not an entitlement or something that everyone is granted---it is earned.
 
While I support the efforts to help bring some stability to the Housing Market I also agree that as a society we need to get back to the basics.
 
The 1st time Buyers Tax Credit and Tax Credit for repeat buyers is a great opportunity to take advantage of---however they should not be the reason you make such a large investment.
 
The local programs offered by specific lenders to assist with median or below median income level borrowers are again something to take advantage of but not a reason to purchase.  These community & 100% rural housing mortgage programs are there to assist buyers that qualify not to replace some of the loosey goosey lending of days past.
 
While many sellers find themselves paying the majority of the buyers closing  costs remember the seller too has cost involved with selling and that the buyers too have expenses to pay.  If the seller is willing to pay some of these expenses on top of their expenses than it is a benefit and not an entitlement.
 
A buyer has an equal part in this process and likewise and equal responsibility:  maintain good credit standing and scores by paying bills on time and managing credit wisely, saving for the down payment and closing costs, having realistic expectations of what is obtainable. 
 
If in the end we are able to negotiate some closing costs assistance from the seller that is a bonus. When many sellers are being conditioned that the buyers are going to ask for this assistance it is not an entitlement and part of the process to being ready to own a home and the responsibility that comes along with such is showing yourself and the lenders that you are credit worthy and ready to handle the many demands of home ownership.  Starting the process with savings and a healthy balance of credit management will better assist you with the financial responsibilities that come along with owning a home. 
 
Remember as Realtors and Lenders we are here to assist you and be part of the team----you too are a team member in your own pursuit of Home Ownership!

Comments (1)

David Henke
Long & Foster Real Estate, Inc - Newtown Square, PA
Realtor, Homes Just West of Philadelphia PA

Great points.  The buyer is the most important link in the entire process - if they do not hold up their part, nothing else will happen.  So true - a home is earned.

Feb 15, 2010 07:02 AM