Today, I had some fun with first time home buyers.
I received a phone call at 8:30AM from a young man who had found a house he was interested in. We talked for a few minutes about the need for a Pre Qualification Letter from his Lender. He said he had one and would email it to me.
I told him I would find out about getting an appointment to see the house. I was able to schedule a viewing at 4PM when his girlfriend was off work.
I received his email later in the day with the attached letter from the Lender. It was a letter to his girlfriend who had applied to a Credit Union for a $250,000 loan. The letter was a loan denial. At the bottom they had a counter offer for a loan of $150,000.
I went ahead to the appointment somewhat unsure if I should have waited for an actual Pre Qualification Letter.
I arrived at the home and soon they arrived. The listing agent had also scheduled 2 more showings at the same time.
I told the first group to go ahead and we would wait on them.
As we stood in the driveway talking they became aware of the amount of traffic on the road. Soon the girlfriend said, I can already tell you my vote is NO on this place and he agreed. So we left.
I asked the couple if we could go somewhere to sit and talk and they agreed.
As I asked them questions I found they were really green about buying a house. They had never heard of FHA.
I took that time to give them an outline on the process of buying a house and what they needed to do and what they could expect.
It really was fun because they were some really great people and really wanted to own a home. They were so relieved that I would take time to explain the process and would guide them along the way.
They now are working on getting a proper Pre Qualification Letter from a Lender.
I have sent them some homes based on what they described as needs. They have gone and driven by them and have indicated several that were not acceptable but found 2 they liked.
Based on their recent findings I refined my search and sent them some more to look at.
First Time Buyers need special attention and we can not assume they know all the Real Estate jargon. It is a step by step process that requires patience.
Why go through so much to work with them? It was a very enjoyable experience to see how excited they were to find their own home. Also, she is a Teacher and he is a Nurse. I just bet they know some people like them who would like for an agent to take them by the hand and lead them into their first home.
I have fun with First Time Home Buyers.