Working with the first time home buyer in Pensacola is both a rewarding and trying experience. I have found that if I continue the education process with my clients from our first meeting to the closing day, we have a smooth and happy experience.
Let's review my first three steps:
1. Utilize a Team - professionals involved in the home buying process.
2. Income Plus Lifestyle Equals Mortgage Payment - can your client afford home ownership.
3. View Several Homes - find the home they are willing to submit an offer.
Step 4 - Offering The Contract, or any contract, is a stressful time, because the client will have to sign the document and make a commitment. It's D-Day, let's do it, make an offer. At this time I might spend 1-2 hours with my clients, explaining each section of the contract. Some of you may think this is overkill, but I have found that, one of my clients, if it is a couple, is very analytical and wants to know the details. By spending this time with them, they feel I am protecting them, I'm in their court.
Not only reviewing the different aspects of our Florida contract, I also have a marketing piece (with icons) describing the entire process after contract. Homework Assignment: Read the contract completely, make notes of any questions. Also, post the closing process on the refridgerator. If they are internet savvy, using Top Producer 7i I set a website up for them so they can follow the process on their own time. If they are not internet savvy I arrange the times for me to contact them with updates.
Step 5 - Contract Acceptance - Yea! Your client will soon be a new homeowner. I personally call with the good news, send an email, and mail a congrats card out to them. At this time I also start the next sequence of steps. I assist the lender with reviewing what the new buyers need to have for financing. Homework Assignment: Call the lender and get him/her all the financial information needed to secure the loan and lock in a rate. I stay in contact with the lender, he/she will be given access to the client website so we can communicate on a regular basis.
If the contract is not accepted or there is a counter, I arrange a time for us to meet and go through the scenarios which we may do (too many possibilities to mention). At this time, we make the decision to offer a counter or move on and look again.
Step 6 - Inspections - after the contract acceptance, we contact the home inspector the client interviewed during Step 1 and order the home inspection. I express the time importance of this step because of the contract contingencies. I suggest, but it is their choice, to be at the inspection. I have found that the client has a better feel for the home after the inspection, especially if a repair limit has been set and needed repairs may exceed the limit. Homework Assignment: Look over the inspection report, ask for repairs, submit request to other agent. Can you live with repairs which may need to be done but may not be completed by seller?
Stay tuned for the final four steps.
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