What I Learned: My First Time Homebuyers

By
Real Estate Agent with Las Cruces Homes and Land

I just finished up a deal with a wonderful couple. They are first time homebuyers, moving from an apartment to a home twice the size. What did I learn with this deal? Quite a bit.

1. Stick to your guns when you know the area they want is out of their affordability. They wanted to be downtown but, after talking with their lender (more on that in a minute), I knew that homes in that neighborhood would stretch their budget. My job isn't to spend all of their money - it's to help them spend it wisely and, possibly, not all of it. As I expanded their search area, they realized that they didn't have to be downtown to access all of the transportation possibilities that they wanted.

2. Stick to your guns when it comes to a lender.  What I mean by this is that they had been pre-qualified with a national bank. I have nothing against most national conglomerates but I knew out of the chute that this would be a difficult process. First, the loan officer was difficult to reach on the phone and thru email. So, I gave my buyers the name of a couple local lenders and they went with one who had the exact right program for them. 

3. The listing agent on the seller side was someone who my hubby knew through his work on the Government Affairs committee and respected. He - the LA - was on top of everything and helped work through some bumps in the road.

4. The bumps in the road weren't too bad - we had a probate issue crop up and luckily, the listing agent was able to help me walk through this since this was something I had never dealt with in the past. His seller was on top of it and was able to resolve things so we could get to the closing table a week early.

5. Having an inspector that looks in every single nook and cranny is golden. My inspector did a quick peek in the small attic and discovered a couple of boxes that the seller's mom had left behind. None of us thought anything more about it - until the seller couldn't find the original will. His mom's attorney had retired, and had passed away and no one could think of where that will was. (There were copies but, in order to speed up the process, the originial needed to be found.)
Guess where that was? Yep - in the boxes my inspector had found.

The listing agent and the seller went above and beyond to make repairs we asked for, as well as doing a couple of extra little things to make the home ready to go. 

I post a lot about how important it is to have an incredible team when it comes to real estate. I was blessed, yet again, to have just that.

Onward and upward to the next one!

Comments (3)

Jim Sinnott
Bedard Realty - North Attleboro, MA
Realtor, GRI Licensed in MA and RI

I work with first-time buyers quite a bit and agree with everything you say, especially the part about working with the big banks (my wife works for BOA), I always try to get them to eventually work with someone I know in the mortgage business, it usually makes the process a lot smoother.

Feb 14, 2014 03:22 AM
Emmary Simpson
Las Cruces Homes and Land - Las Cruces, NM
Serving Las Cruces, NM

Jim - so true! The lender they ended up with had access to first time home buyer programs that come through the city so not only did they get great service, they also qualified for downpayment assistance!

Feb 14, 2014 04:26 AM
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     The Lender - they absolutely must have somebody "local".  Otherwise it's going to be a challenge. 

Feb 14, 2014 11:16 AM