The Path to Home Ownership: from the impossible to the possible.

By
Real Estate Agent with Thompson Company, REALTORS® MD594797
https://activerain.com/droplet/ljm

 The Path to Home Ownership: from the impossible to the possible.

You would really like to buy a house but your credit is not so hot, your savings arewhere are your savings? and you are not really sure where to start. Whether you realize it or not, you’ve already started. You have made the decision, you have dreamed about it, you have wondered what it would be like and you have started researching... I’m excited you found my blog!

How do you go from the seemingly impossible to making it all happen? You


"Start by doing what's necessary; then do what's possible;
and suddenly you are doing the impossible."

~ St. Francis of Assisi

 

Start by doing what’s necessary

Most of us do not just wake up one morning and decide to buy a house today. It takes a lot of planning and preparation to assure your financial health and happiness. Your first step should be to check your credit, find out where you stand, verify accuracy of all information and dispute what’s not. Take advantage of your free annual credit reports and educate yourself about the FICO score lenders use. If you haven’t kept book about your finances, there’s never a better time than now. It doesn’t matter which way you do it, just as long as you do. I, personally, prefer the old-school method of book and pen and it has been working well for me. Track your income and expenses for awhile and scrutinize your findings. Are you spending more than you should? Is there anything you could possibly cut back on? Do you really need that second car or can you make do with one for awhile? Is there anything in your home just collecting dust? Is a yard sale in order? Find some ways to cash in on items you don't use and apply that to paying off debt or to kick-start your saving.

 

 Do what's possible 

Your next step should be to work on your credit. Don’t tackle everything at once but pick a goal that is attainable in the near future. It is smart to pay off high-interest loans first but, on the other hand, you may have a much smaller debt that you can eliminate fast. The feeling of accomplishment will give you the boost to keep going. Set yourself little goals and don’t forget to reward yourself once you’ve accomplished those. When you have paid down your debt, you should start focusing on saving! You will need money for down-payment and closing costs. Even if we can negotiate a sizable seller contribution and/or you can take advantage of grants, you still want to be financially stable. Owning a home means maintaining it, too. You will want to decorate, buy new furniture and have a safety net for when the big ticket items break down.

Don’t be afraid to ask for help either! If the task seems too daunting at first reach out to a Realtor® to help you map out a road-plan and to educate yourself about the process.

Be realistic! Wanting that $800,000 house on a $50,000/year income is not it. You will set yourself up for disappointment and may lose focus. Staying focused really is the key. Write it all out in the beginning and check off each goal when accomplished … it may take months or even years but if you stick with it you will go to doing what you once thought was impossible.

 

This blog was inspired by Maria. Maria contacted me a few days ago. She and her husband are taking the first steps on the path to home ownership. Her husband is deploying to Afghanistan very soon and they are planning on working on their credit and savings while he is gone.

I’m proud of you Maria. I speak from experience when I say, it’s going to be a tough time but you’ll get through it. Even though every day will seem like 100 hours long, time does not stop and before you know it you’ll welcome your husband home again. And if you need someone to vent to or a shoulder to cry on or to share a cup of coffee with ... I’m just a call away.

I’m excited to help you make your dream come true!

Posted by

ANDREA BEDARD, M.A. ~ THOMPSON COMPANY, REALTORS ~

 

 

   

                                                                                                              

 

Thompson Company, REALTORS
16910 Oak Hill Rd, Silver Spring, MD 20905
o: (301) 384-9177 c: (240)593-2860

andreabedard.re@gmail.com

Andrea is a REALTOR® based in Silver Spring, MD. She has enjoyed assisting buyers and sellers since 2004 and focuses on residential Real Estate in  Montgomery and Howard County, MD. Andrea is a proud mom and hobby decorator with a vintage soul. She always answers the phone with a smile, enjoys running and treasure hunting and is addicted to coffee.

 

 All photographs are my own and I'd like to keep it that way. All information is deemed reliable but not guaranteed.

 

 

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Krista Lombardi 08/02/2011 06:05 AM
  2. D B 08/02/2011 01:39 PM
  3. Dennis J. Zisa & Associates, Inc. 08/03/2011 03:46 AM
  4. Gabe Sanders 08/07/2011 11:52 PM
Topic:
Home Buying
Groups:
1st Time Buyers
LATE NIGHT - EARLY MORNING AT ACTIVERAIN
Blogs Happen...
Buyer Information - What Buyers Need to Know in Today's Market
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Tags:
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home buying
buying a home in maryland
fico

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Rainer
329,076
Donald Reich
Prudential Centennial - New Rochelle, NY

Great Advice.  Thank you for sharing with the rest of us active rainers!!!

Aug 02, 2011 02:25 PM #15
Rainmaker
644,168
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Absolutely agree with the information you have provided here.

Aug 02, 2011 02:27 PM #16
Rainmaker
672,214
Andrea Bedard
Thompson Company, REALTORS® - Silver Spring, MD
M.A.; REALTOR® Silver Spring, MD and beyond

James: that would be step No. 3!

Lola: thank you very much.

Donald: You are very welcome. I'm glad you found it valuable.

Kathy: Good :-) Thank you.

Aug 02, 2011 04:00 PM #17
Rainmaker
316,051
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

What a great inspiration for you and congrats on the feature it brought.  Your advice is right on and shows your expertise.

Aug 02, 2011 07:21 PM #18
Rainmaker
1,168,041
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Andrea:  You point out the absolutely most important step of the whole process ... that being the making of the decision to buy!  THAT is truly where the journey begins.  And I so applaud your plea to potential buyers regarding not being afraid to ask for help, answers, and guidance.  I find this to be the biggest obstacle of all for those thinking of buying.  Kudos to you for the Feature ... and more kudos for the great advice ...

Gene

Aug 03, 2011 03:18 AM #19
Rainmaker
263,661
Dennis J. Zisa & Associates, Inc.
Dennis J. Zisa & Associates, Inc. - Camden, NJ
26 years in So. Jersey and the Greater Camden area

Andrea, what an excellent post...clear, concise, organized, and to the point! As one who has been focused on first-time homebuyers and the dream of homeownership, I couldn't agree more. I intend to re-blog and "suggest".

Aug 03, 2011 03:33 AM #20
Rainmaker
2,319,872
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The high bar in the world of the licensed professional has been preserved today....good post Andrea

Aug 03, 2011 03:34 AM #21
Rainer
451,019
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Everything is impossible until you take action to make everything possible. Making a decision to take action with a plan to reaching the impossible is essential as you illustrated. Good advice, great post.

Aug 03, 2011 03:41 AM #22
Ambassador
2,186,363
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Thanks for such a wonderful post. I really love it when I get a call from someone just starting the process, and they don't know where to begin. I help them along the process, and stay in touch. It's so emotional for me when you finally that make dream happen for them. I'm working with some buyers right now, that have gone through the process and are now ready to buy. We are looking at property together this afternoon.

Aug 03, 2011 03:52 AM #23
Rainmaker
236,045
Hillary Sheperd
Servpro of Scarsdale / Mount Vernon - Scarsdale, NY
Co-Owner ~ Servpro of Scarsdale / Mount Vernon, NY

Andrea...you're neighbors with my family near Gaithersburg and most of us attended UofM near you.  Also, I worked for Discovery Channel near you as well.  Here in NY state now and it's almost IMPOSSIBLE to buy a home, with lawyers, 2+ months to closing, even with our stellar credit like ours!  Thanks for the great tips and update us on Maria's progress!achira

Aug 03, 2011 03:55 AM #24
Ambassador
711,182
Karen Crowson
Coldwell Banker Residential Brokerage - Rancho Bernardo, CA
Your Agent for Change

It does take planning, resources, determination and fortitude. But those who make it down that path usually have a lot to be proud of. I love working with first time home buyers for this very reason.

Aug 03, 2011 05:02 AM #25
Rainer
9,580
Thomas Haught
The Russell Realty Group - Saugus, MA

Thomas Haught

Excellent post!

A self made or commercially available goal tracker would also be a great way to keep yourself on track.  Writing out a detailed outline of how your going to achieve such a big thing as buying a home is an excellent way to stay on target in reaching your goals!

Aug 03, 2011 06:48 AM #26
Rainmaker
672,214
Andrea Bedard
Thompson Company, REALTORS® - Silver Spring, MD
M.A.; REALTOR® Silver Spring, MD and beyond

Sandy: thank you. I appreciate your kind words.

Gene: Thank you for the kudos! There are still many people out there who don't think of us early on in the process but we have so much to give! We can help even if the actual purchase is still a year or more away.

Dennis: Thank you very much!

Richie: I'm humbled. Thank you for the great compliment.

Kimo: Exactly. Thank you.

Debbie: You are welcome. Isn't that truly the essence of our profession? Making it to the settlement table after a long time of guidance and seeing your clients so very happy, is just priceless to me.

Hillary: Small world. I know a couple of people who worked at Discovery in downtown Silver Spring. I'll follow up with a post about Maria. Thank you.

Karen: Me, too! Thank you for stopping by.

Thomas: Thanks. That is a great idea for a blog by the way (different goal trackers).. let me know when you've written it and I'll gladly link to it.

Aug 03, 2011 06:58 AM #27
Rainer
39,398
Michael Singh,Broker
Singh Real Estate - Corral de Tierra, CA

Good luck to Maria and here husband

Aug 03, 2011 07:43 AM #28
Rainer
256,605
Stu Dye
Mortgage Network, Inc. NMLS #2668 - Portland, ME
NMLS #441847

Awesome post...  That's why we are (or we should be) proud to be in the RE business.

Hope all is well in Silver Spring...  I grew up in Bethesda and my folks are still there.

Have a great August.

Aug 03, 2011 10:47 AM #29
Rainmaker
672,214
Andrea Bedard
Thompson Company, REALTORS® - Silver Spring, MD
M.A.; REALTOR® Silver Spring, MD and beyond

Stu: Thank you. If your folks are ever in need of a Realtor... :-) I have worked with MetLife on a few transactions and have nothing but good things to say about them. They have done awesome every single time, in my opinion and that of my clients, and are always on my list of lender recommendations.

Aug 03, 2011 12:10 PM #30
Rainer
67,661
Ruby Lee Sweeting
Darville Wong Associates Realty Bahamas
Your Bahamas Agent for Relocations & Second Homes

A 'warm' post Andrea! We are all pulling for Maria and her husband.

Aug 03, 2011 03:33 PM #31
Rainer
76,034
Bruce Fecteau
Century21 Beachside MV - Mission Viejo, CA

Nice post.

One step at a time with a good plan and we can accomplish anything!

Have a great year!

Aug 04, 2011 05:42 AM #32
Rainmaker
1,430,844
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Good post.  I think it applies to a lot of things in life.  Most people want things now and are not prepared to wait.

Aug 04, 2011 06:22 AM #33
Rainmaker
672,214
Andrea Bedard
Thompson Company, REALTORS® - Silver Spring, MD
M.A.; REALTOR® Silver Spring, MD and beyond

Ruby: Thank you! I'm sure Maria and husband will appreciate that!

Bruce: Absolutely! Thanks.

Gene: I couldn't agree more. Unfortunately - or fortunately - there's not much we can do in those cases.

Aug 04, 2011 05:10 PM #34
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