On Today's Episode
- We are joined by Sue Prins and Ginger Herman of Sue Prins Group Five Star Real Realestate Leaders to bring you a complete home buying guide! Perfect for the first time home buyer.
- Benjamin Moore has revealed 2024's color of the year! Did we guess right? We will be discussing the color of the year along with the color trends 2024 palette.
A Guide for First Time Home Buyers [00:00 - 31:47]1. Talk to a realtor!
- Sue and Ginger discuss the current market and why it is crucial to have an expert by your side.
- It may be counter intuitive but it's actually recommended you talk to realtor before You start talking to lenders or getting pre approved. Realtor's can discuss your dreams, goals and help you come up with a game plan to navigate the current market.
- Once you have a clear plan your realtor can actually help match you with the RIGHT lender. Lenders offer different types of loan structures and financing options so it is important to find the right one for your situation.
- Your realtor can also help uncover hidden closing costs and help you shop rates with ALL the information!
- Working with a realtor will also means that you have access to a Multiple Listing Site and custom home search! You will be notified in real time rather than waiting for third party sites like Zillow, which, can be hours or even days behind!
2. Talk to a lender
- Now it's time to find the right lender. It is important to find lender based on your goals, financial portfolio and budget.
- Shopping rates can be a good idea, just remember some interest rates come at a cost! Make sure you know what they will charge you at closing.
- Most people are surprised to find out you don't need 20% down. You can put 10% down, 5% or even NO PRECENT.
- Find the right loan program for your situation and get pre approved.
- Be prepared, loan officers will ask for a lot of personal and financial information. Don't let this intimidate you!
- Once you are pre approved it is very important not to make any big financial changes or big purchases! This could hurt your chances of getting approved after offering on a house.
- Do you have family helping you with the down payment? Make sure you talk to your lender before depositing any large checks! These will need to be documented in a specific way.
3. Let's see houses!
- If you haven't already, now is the time to set up a home search with your realtor.
- Seeing homes with an experienced realtor by your side is crucial! Sue Prins and Ginger Herman offer a wealth of knowledge when it comes to spotting potential problems or costly home repairs.
- Remember, realtors have walked through thousands of homes, lean on their experience and expertise so you make a good investment!
- Once you have found a home you will meet with your relator to go over an offer.
- There is an art to writing offers. Sue Prins and Ginger Herman are always adapting to the market in order to write the most competitive offer possible.
- It is always recommended to have your future home inspected but buyers have been waiving these in order to make their offer competitive. In this case Ginger and Sue recommend getting a pre inspection. This means paying for an inspection BEFORE writing an offer.
4. I'm in escrow!!
- Hurray your offer was accepted! First on the agenda is inspections (if they have not been waived).
- Next an appraiser will visit the home to make sure the property is worth the money you are offering.
- Closing on your house can be as fast as 30 days, although sometimes you will need to give a seller time in their home after closing.
- Closing on a house can be chaotic, there is a lot of paperwork during this transactions and...
