Home Buying in 76040>Question Details

Laura, Renter in 76040

We are starting the first time home buyers process, should we get an agent or lender first?

Asked by Laura, 76040 Sat Sep 3, 2011

We are starting taking the certification class to start the process of getting into a first time home buyer program, we have seen a few houses that met our criteria and the question is, should we get a realtor or lender first?? Please help.. we extended our apartment lease 6 months so we need to find a house and get this process completed in that amount of time.

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Answers

21
Definitely get with a lender first. It does not make sense to be looking for a home if you are unsure you can get approved. You will need an approval letter to submit with any offer. Find out what you can get approved for and then decide how much you can afford... don't just buy as big a house as the bank will allow. Take a look at your finances and decide what is best for you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
1 vote Thank Flag Link Mon Sep 5, 2011
Hi Laura,

Really both is okay.

But if you find a Realtor you like and trust first, we have Lenders we work with on a regular basis, that we know and trust.

If you work with me and one of my Lenders, you are working with someone that has a track record of knowing the business well, and works hard to get you the best deal...because they want to stay as one of my preferred Lenders.

We work as a team to help you and your family to buy the right home, at the right price, with the right terms.

We are always here to help you!
1 vote Thank Flag Link Sat Sep 3, 2011
Hello Laura,
As Skip suggests, it might be wise to contact a mortgage lender first to see what amount you can qualify for a loan. You do not have to use this lender for the purchase but at least it will give you a better idea of what price range you should be looking in.

A real estate agent will not only assist you in finding properties that meet your needs and desires but can also recommend lenders for you to contact.

It is best to shop around for a mortgage as lenders charge different fees and you want to find the one that will give you the best interest rate with the lowest fees.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
1 vote Thank Flag Link Sat Sep 3, 2011
Hi Laura,
I would suggest you talk to a lender first so the realtor will know the price range you will qualify for.
Good luck,
1 vote Thank Flag Link Sat Sep 3, 2011
I prefer my clients to come through me directly right off of the bat. Why, because I have a fast knowledge of how to pick a quality lender. A lot of my past clients found themselves attempting to go with a poor financial advisor and simply it could cost you a great deal of money in the end. Who would know better from experience than your own agent? Feel free to contact me I will gladly get you well on your way to success. Don't feel pressured with only having 6 months many of my clients find the house they are looking for within the first 3-5 showings ,why? Because I always listen to my clients needs.

Keller Williams Realty
Real Estate Consultant
Joseph Fernandez
Cell:817-975-7258
Off: 817-635-1028
0 votes Thank Flag Link Thu Feb 14, 2013
Yes, you need a lender first... you need to see what you kind of price you can pre-qualify for before looking at any homes. Most realtors require a pre qual letter before they show houses.
0 votes Thank Flag Link Thu Feb 14, 2013
Hello,

Have you started your home search. I specialize in the area and would appreciate the opportunity to be of assistance.


Scott Killian
Scott Real Estate, Inc.
http://www.SaveWithScott.com
Scott@SaveWithScott.com
Phone: 817-703-1165
0 votes Thank Flag Link Fri Feb 10, 2012
Laura,

I hope these answers have been helpful. There are MANY incentives on new build home right now. Lennar is promoting their "everything is included" by providing washer/dryer/refrigerator and $25.00 earnest money deposit which is typically $500.00. I can help you get your Title Commitment paid for plus bonus incentives with many builders. Just let me know your preferred location and I will help you from that point. Lenders are funny, you don't want to pre qualify more than 90 days out from buying a home - send me an email and let's focus on your specific needs.

Take care,

Lucy puniwai@fathomrealty.com
0 votes Thank Flag Link Mon Sep 5, 2011
Ask the agents is this their full time job? And do they work with buyers often?

I would also ask how many listings they have and how many transactions they have closed in the last 12 months. I know some agents on here may disagree with me but I want an agent that does volume and deals with all kinds of situations when they arise.

As far as the warranty program, you can get a third party warranty done on the pre-owned and new home side of it. The builders will offer more extensive warranties on for the first 2 years and a 10 year structural warranty.

Also I do have a lender I work with that offers a 3% grant program for first time home buyers and is a big help to limit the out of pocket. These programs are hard to find and a little more difficult to originate by the lender.


Let me know if I can do anything to assist you further and thank you for the replies.
Web Reference: http://www.realtordamon.com
0 votes Thank Flag Link Mon Sep 5, 2011
Oh one more question..since we really would like a warranty is it possible for first time home buyers to get a new house utilizing one of the first time home buyers programs/grants/loans?
0 votes Thank Flag Link Mon Sep 5, 2011
Thanks everyone you have given me lot of very helpful information. I do have a list of lenders that the Fort Worth Home Buyers program recommends, so we will get prequalified and go from there. When we do start viewing houses or checking out agents....what are some questions you suggest we ask that agent and also when viewing houses what are good questions to ask about the house we may be looking at?
0 votes Thank Flag Link Mon Sep 5, 2011
Laura,

I say get the lender first. Get prequalified for a mortgage NOW. They can give you goals to shoot for, such as how much down payment will you need, how much will you need to save for closing costs. What your payment might be and how much you can spend.
We need to start looking at homes about 90 days before you want to move out of your apartment.
Normally once you find the home you want it takes about 30-60 days to close. Normally then you might want to look for a home 30 days before that.
The homes you see now for sale hopefully will be long gone by then. However looking now gives you an idea of what might be available, general areas, and neighborhoods.
We can of course recommend great lenders to you. We are very very picky about the lenders we use and recommend.
I've lived in Euless several times and know the area well.
Congratulations.....sounds like you are moving in the right direction.
The link below will show you homes available for sale in the Euless, Bedford, and Hurst areas.
0 votes Thank Flag Link Sun Sep 4, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Hi Laura, You should find a realtor first and ask them who they recommend on the lending side. Find one of the best agents in your area by googling buyers agent in (City) or ask around. Typically referrals are your best way to go!! Good Luck
0 votes Thank Flag Link Sat Sep 3, 2011
Hi Laura!

Euless is in my back yard so when you do decide to get an agent, I hope I will be on your list of agents to interview.

Working with a Lender would be first choice as a consumer. I would want to know what I am qualified to
purchase and feel comfortable in looking at homes within your price range or below. This will depend on where
you want Principle, Interest, Taxes and Insurance payment to be. This is called PITI.

The Lender needs to explain the way rates are fluctuating and how their "buy down" process works (buying down a point of interest to lower your monthly payment). Depending if you going to use FHA, Conventional or VA, your Lender will explain the funds needed for Closing. This makes the home search the fun piece of the adventure! We look for homes and you are informed about your buying power. Your Lender will provide a pre-qualification letter. The difference between a pre-qualification and pre-approval is running your credit.
Now, the underwriting process is a whole different arena.

Once you have found your home and the Seller accepts the offer, your Realtor sends a copy if the executed contract to the Lender and this is when underwriting begins. This is the process where selecting your Lender is critical. I work with Lenders that are able to close on my offers before or on the Closing date. I don't like surprises during the underwriting process and home buyers become stressed and some experience "Buyers Remorse" because of the underwriting process.

Before you Realtor shows you properties that you have selected (I will send you all listings based on your personal decision as to where you want your mortgage to be) you and husband will do some drive byes and visit the neighborhood to see if it is your flavor. Select homes that appeal to you from the curb and the surrounding areas. This way you are in charge of the area in which you choose to live. In addition, once you select those properties, I would perform due diligence is researching the Seller's Disclosure to determine if there are any known problems with the property, look at the comparable market analysis for the neighborhood so I know in advance what the "window" of your offer should be based on what the inside looks like and I will also look at the current year's property tax assessment so we can figure this amount in to your monthly mortgage payment. My job is to negotiate any structural (not cosmetic) damage or inconsistencies not listed on the Seller's Disclosure. You will have a 10 day option period to have your home inspected and for me to negotiate any repairs. A lot of this is based on your offer. If the seller accepted a low offer because they are motivated to get the home off the market, they may share the expense of the repair(s) with you or pay it in full or, no concessions from the seller is a possibility. This is where a strong Buyer's agent becomes important. You will choose your inspector and if you don't know anyone, I have a list of reputable inspectors that I can offer.

I remain in contact with the Lender and Title Company once your offer is accepted. This is called an "Executed Contract". You will need earnest money and money for an option period (the seller takes the home off the market during your option period) and these monies are reimbursed to you at Closing if you follow through with the purchase of the home.

First time home buyers became my specialty when my 29 - 33 year old children started buying homes. I realized the need for an agent to walk new home buyers through the process, be available to answer questions and represent you in areas that our specialty. I always use the analogy that Doctors tend to speak in their language, Realtors do as well. This is not helpful when people are buying the most expensive investment in their life.

I remain in contact with my Buyers and I have a list of clients you may contact to ask questions about my abilities and negotiation skills.

If you would like to chat about selecting a Lender, Realtor or Inspector, feel free to call me (214) 783-6416.

If you send me your email address to puniwai@fathomrealty.com, I will set you up with a list of homes for you to compare items such as year built, square footage of the home(s), locations in Euless, size of yard, proximity to high ways, number of bedrooms,bath and covered garages. There will also be pictures for you to look at so you can see by photo if the home has the curb appeal you want.

I hope this information is helpful. I am available to assist you when you are ready.

God bless,

Lucy
0 votes Thank Flag Link Sat Sep 3, 2011
Hi laura,
It must be very exciting for you purchasing your new home. Congratulations!
I suggest that you talk to a lender first so you can know what you are qualified for and discus the typs of financing and options like closing costs, interest rates and etc. you can start looking for an agent first too since most real estate agents know lenders and can referr you to one.
I willl be happy to assist you with finding the right lender for you. I have a few lenders thst I can referr you to. I have been selling real estate for over 15 years and understand the first home buyer's meeds.

Rina levy
Broker/associate
Realty Executives
702-612-7099
cvegashomes@gmail.com
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Sat Sep 3, 2011
First, Six months is a long time to get the process completed, so dont let that worry you. With what you have done so far have you meet a lender or a agent that you seem to jell with? If so, run with that person. They can set you up with a local lender or agent they have worked with. If not, I would look for a agent first. You will be spending more time with your agent, in homes, in the car, and maybe even for lunch while out looking at houses. Your agent will be walking you through the whole process from A to Z. You will spend some time with the lender, who will know more about you by the end of the loan that you think, but the lender will not be at the inspection of the home. And the last point. Your agent is working for you, looking out for you during the whole process. Good Luck on Making Your Dream Come True.
0 votes Thank Flag Link Sat Sep 3, 2011
Laura,

You are very wise to start the process now of looking at possible purchases. This way you get to know the market pricing as well as the areas that you prefer.When I begin with a client I introduce them to our finance officer at Prudential. Kathy has done wonders for my past buyers ! I have four finance companies that will also work with my clients to get the very best loan . I would be happy to help you with HEB properties, etc. Please feel free to contact me at phillip.peters@prutexas.com or by phone at 817-675-5273
0 votes Thank Flag Link Sat Sep 3, 2011
Realtor will work with home buyers who are qualified . With any sales offer you must submit your lender approval letter.

Direct Link over 70 cities Dallas homes for sale
http://www.lynn911.com/Web/AR287090/CustomContent/index/5055822

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Sep 3, 2011
Talk to a lender first so you can understand what mortgage programs you might be eligible for and how much home you can qualify for and afford. Also ask about what special mortgage programs might be available to you such as FHA 203k.
0 votes Thank Flag Link Sat Sep 3, 2011
Laura,

Certainly reach out to a lender to get pre-qualified for a loan. Not only will it be useful to your agent but it will also help you in knowing you will be ready to act if you do find the perfect home right away. If you look at homes without getting pre-qualified, you may fall in love with a house only to be disappointed later because you don't qualify for it.

If you do not know of a lender, a REALTOR could make recommendations to you for you to interview for your business.

A good REALTOR will always encourage you to get pre-qualified. Much as you are taking the class to become eligible for the First Time Buyer program here in our area, you are doing the steps necessary to be ready to buy your home.

Let me know if I can help you in any way. 817-800-4780.
0 votes Thank Flag Link Sat Sep 3, 2011
Talk to a lender and give them an idea of where you want your payment. They will then put together the range in pricing you need to stick around. Once you have that contact an agent and communicate where you feel confortable and you guys can start the search.

Let me know if you would like assistant with a good lender referral and if you are finding an agent I would be happy to assist you guys in your home buying search. I work with first time homebuyers all the time so I understand the situation you are going through. And good job on deciding to cross into the buy side of the market as it is a great time to do so. Contact me thank you!
Web Reference: http://www.realtordamon.com
0 votes Thank Flag Link Sat Sep 3, 2011
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