Whats a piece of advice you would give to a first time homebuyer?

Asked by Jacedionne, Las Vegas, NV Fri Jan 25, 2013

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Donald Mituz…, Agent, Chappaqua, NY
Wed Jan 30, 2013
I've seen a lot of good advice in the replies here, exept seeing 100 homes. You may loose out on the best deal while looking at all those other properties. Best thing I could add is ask around with the people you know for the name of an agent they worked with and did a great job. If you don't know anyone in the area than call a few brokerages in the area, speak with the manager and tell them what kind of agent you are looking for. If you just call and talk to the "floor agent" or "up time agent" you could wind up with anything. Once you found a good agent, ask them for a recommendation for a good mortgage broker they have worked with. Doesn't make sense to look at homes you can't buy so getting pre-approved first is the way to go. Last, but not least, if you find a home in your price range that you like and meets your needs, don't hesitate to make an offer. Let your agent guide you. If you wait on it, the house could be gone when you decide to make an offer. If you have questions anywhere in the process, ask them.

Good luck.

Donald Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate

1 vote
John Walin, Agent, Libertyville, IL
Sat Jan 26, 2013
find one agent you trust, and utilize them fully as a local resource. Recognize that a search engine uses an elimination criteria methodology meaning if you say 4BR min, 3BR wont show up. Same with 2 car garage. So my view is to really think what is the min config/size house and to a cap number and get an auto search sent to you every day from that agent.
1 vote
Matthew D'Er…, Agent, Las Vegas, NV
Fri Jan 25, 2013
Please call us any time after 8am. We'd love to answer all your questions and we can share our 25 years of being in Las Vegas Real Estate. We specialize working with New Home Buyers and Investors alike. We make the whole process fun and easy. Feel free to use our web site to check out homes for sale. Please call and ask for Kim or Matt.

Matthew and Kim D’Ercole
Prominent Realty Group, LLC
New Home Buyer Specialists
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
1 vote
Annette Law…, Agent, Palm Harbor, FL
Fri Jan 25, 2013
* Your agent is an expert regarding real estate in your area.
* Be transparent with your agent regarding your situation, your goals, your fears and who is making the decisions.
* Agree with your agent regarding the strategy to be used and the manner in which your relationship will be manged.
After all that,
*the NUMBER ONE mistake of first time buyers is ignoring the reason the have an agent in the first place -- the buyer go rogue. Uncle Ruebarb who has purchased and sold two homes in 37 years has derailed the plan. Be clear with your objectives. Listen to your agent.

Best of Success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
1 vote
Myra Gouger, Agent, Las Vegas, NV
Fri Jan 25, 2013
Don't watch the TV shows where they visit only three homes, Find their dream home among the 3 and make an offer which gets accepted right away WAY BELOW the "asking price." Las Vegas is a very tough market. We have very few homes in any price ranges right now. The entire situation is stressful for buyers, seller, realtors, mortgage people and title companies. The most important thing I could say about this market is be patient. Your realtor isn't "dumb, stupid or incompetent" because he or she can't get you a home. There just aren't many homes to get. So, here are some guidelines:

1. Be patient.
2. Be flexibile in terms of areas that will work for you.
3. Make sure you are pre-qualified by a reputable licensed NV bank or mortgage broker.
4. Have all your pre-qual paperwork with you when you meet with a realtor.
5. Work with an experienced realtor.
6. Be prepared to outbid and go over list price.
7. Don't get crazy trying to outbid the previous crazy person.
8. Make sure that you have enough saved up for your downpayment.
9. Try to go with a conventional mortgage if you can.
10. Work on your credit with the bank or mortgage company if your credit has problems.
11. Choose several homes that might work for you.
12. Have your realtor put in many offers.
13. Have documentation you can give your realtor showing your proof of funds.
14. Don't try to micromanage. Let your realtor do his or her work.

Myra Gouger
Realty ONE Group
1 vote
Rhonda Brink…, Agent, Las Vegas, NV
Fri May 24, 2013
Rhonda Brinkerhoff, Agent, Las Vegas, NV

Seeing a lender is the first thing to do . I like my clients to be underwritten approved, this way when we put an offer in and there are multiple offers they will take you just as serious as a cash buyer. It is better to be underwritten approved to sellers than a pre approval. I can help you with this process also.

Educate yourself on what to expect from a Realtor and you should interview at least 3 of them. Look for designations (CRS) is a very important one, it is equivalent to a masters and only 2% agents hold that designation. How long in the business, how long selling in Vegas, what awards have been won, any past clients you could personally talk to. Once you found a Realtor THEN He/She will help you in picking an Inspector out, usually a Realtor will recommend someone they have been working with for years that they trust and never get any complaints on. I would not inspect any home untill you have an accepted offer on it.It could be a waste of money.

A good Realtor will also educate you on our market and how it works, which is different from anything anyone is use to.

If you do take this advice and interview some agents , I would love to be one you interview. You can email me at Rhondasellsvegas@gmail.com .
Good luck.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Fri May 24, 2013
Good afternoon Jacedionne,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Terry Farnsw…, Agent, Lisle, IL
Fri May 24, 2013
Two pieces of advice actually...

1. Save your money, you'll need it after you close. The biggest surprise to most new homeowners is the actual cost of owning a home. Things will wear out, break unexpectedly, and need to be replaced often. You'll also realize you need things you never planned for, or thought you would need. If you are moving into a larger home than the one you came from, your new utility bills may be a little bit of a shock to you as well.

2. As far as seeing 100 homes, this might be good advice for an investor who is laser focused on the bottom line, and makes a living flipping properties for rent or sale - but for the other 99.9% of the population who has a lease ending in 2 months, children, a new school year starting soon, etc. etc. - that advice is a bit unrealistic. Most often, buyers who are searching for that "perfect" property at a once in a lifetime deal - are going to miss out on a "great" deal. At the end of the process, the house these people end up with is often something they have to "settle for" because of time constraints, or exhaustion.

I work with my clients as long as it takes, and will do whatever it takes to get a great deal. You have to also however understand that the "perfect" home is an oxymoron.

Hope that helps!
0 votes
Robert Adams, Agent, Henderson, NV
Mon Feb 18, 2013
Las Vegas has VERY low inventory and VERY high demand right now. In this HOT seller's market you need to come in with clean, strong offers. If you can find pocket listings (listings that agents have that have not yet been listed on the ML) then you can get offers in before the bidding wars, often times equaling a better purchase price for you the buyer. Inventory is remaining very low (below the 5,000 mark). Deals are getting harder and harder to lock down. You can read a thread about the competitiveness of the current market here: http://goo.gl/csgZg

If you want to hear about the possible softening of the market then read this link: http://goo.gl/RJvvl

With that being said, if you find a property that you want to purchase, it is important that you write up a clean, strong offer. Here are some tips to getting you offer(s) Accepted: http://goo.gl/1605G

If you would like my team and I to represent you in purchasing your next home please send us what type of home you are looking for by filling out our Buyer's Form. If you need Sell your home please fill out our Seller's Form.

We hope this is informative and we thank you for your business!

Best Regards,
Robert Adams
0 votes
David Cooper, Agent, Los Angeles, CA
Sat Feb 9, 2013
If you want the best house for the lowest price, visit as many open houses on Sunday and ask lots of questions. There is a certain feeling when you know its the right one that cannot be pinpointed just by doing an internet search. After a while, you will just know what works for you and what doesn't.

David Cooper foreclosure specialist
0 votes
Diggity, Agent, Las Vegas, NV
Sat Feb 9, 2013
Take a first time homebuyer class either live or online . That is your first step to sustaining home ownership and understanding the process . I can't emphasize enough Tha an educated buyer is a smart homeowner . For listings of live lasses in your area check out Http://www.hud.gov , find your city and state then go to housing counseling agencies . You may qualify for down payment assistance as well .
For an online course please go to Http://hopehomefoundation.org scroll to the bottom of the page and click on the Framework online course . There is a fee and it is a HUD approved online course . I like this because you can take it at your leisure , go back and look at chapters , and download budgets and worksheets . Let us know if we can help .
0 votes
opondomusa, , 10020
Fri Feb 1, 2013
On my part i will tip you on how can you make sure that you get the best deal possible?

1. Do your research about the home:
Know as much about the home as you can before you put an offer on it.Conduct a thorugh inspection. This will cost you some money, but could end up saving you a lot more if the inspector uncovers any problems.

2. Do your research about the seller

The best way to know how low a seller is willing to go during price negotiations is to understand why they are selling the house. For example, if they already have a new home, this could be to your advantage. After all, they don't want to pay two mortgages at once, so they'll likely be more willing to negotiate with you in order to get rid of their old house. Or, if they've recently lost their job, been through a divorce, or experienced some other unforeseen personal situation, they may be more willing to negotiate than someone who is just looking to downsize.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Wed Jan 30, 2013
Take the time to interview a number of Buyer brokers before selecting one. I've attached a link below on what you should be asking and what you need to look for. The difference in working with a truly experienced buyer broker who likes working with first time buyers and any old Realtor is like night and day. Over half the Realtors working don't deserve to have their licenses and we all cost the same.

Best of luck to you and happy house hunting.
0 votes
Bill Eckler, Agent, Venice, FL
Wed Jan 30, 2013

Keeping it simple......Know your finances, get pre-approved for funding, and seek a local experienced agent with whom you feel comfortable working.

Good luck,

0 votes
Mack McCoy, Agent, Seattle, WA
Tue Jan 29, 2013
Find one trusted advisor, listen to them, and ignore everyone the h**l else.
0 votes
Carl Garcia, , Illinois
Tue Jan 29, 2013
There is just so much information to learn before you dive in hoping you have enough knowledge to end up on stable footing for first time home buyer.

Home buyers can be split up into two groups, first-timers and owners. I fall into the former category, and as I begin the search for my first home I keep getting lots of great advice and horror stories from friends and family. The personal, realistic situations and advice that I am receiving outweighs any generic information that I'm reading in books, online or from real estate agents.

Firstof all you should be sure of this situation as :
- Figure out where you want to live.
- Find out what you can afford.
- What is your credit score.
- Before seriously looking, get pre-approved for a loan.
- Find a realtor or broker near you.
- Browse homes for sale.
- Secure funding, make an offer and seal the deal.

I hope you get the point.

Carl Garcia
0 votes
Elizabeth Sa…, , California
Tue Jan 29, 2013
You can hire a real estate agent. They are needed to point out defects and should help first time buyers feel confident that the home selected meets the buyer's search parameters.
0 votes
David Cooper, Agent, Los Angeles, CA
Sat Jan 26, 2013
There has been so many times in my 35 year career when I just stopped to look at one more open house, and find out the seller was getting anxious, and they were willing consider any offers.
As an investor, I want the best house for the lowest price, and the more houses I see in person, the more opportunity I have to find out who is truly motivated.

David Cooper Investor
0 votes
Rhonda Brink…, Agent, Las Vegas, NV
Sat Jan 26, 2013
I agree they need to be educated and I educate my clients very well; thats why they would never have to see a 100 homes...I mean have you heard of "over kill" How many buyers out there would rather physically go look at a 100 homes vs using the internet , getting educated on how are market works and narrowing down their search before they physically start shopping for a house. All I can say is more power to you, so glad I dont have to show that many homes to one buyers. ;)
0 votes
David Cooper, Agent, Los Angeles, CA
Sat Jan 26, 2013
After 35 years in the real estate industry, I have heard enough "buyer's remorse" stories to advise a first time buyer to get educated about the biggest gamble their are ever going to take in their life. Committing to a $150,000 loan for 30 years with a cash down payment is serious business.

And having just survived the real estate crash, the buyers who got took it upon themselves to do their own research and made their own decisions had a better chance of not losing their home.
0 votes
Rhonda Brink…, Agent, Las Vegas, NV
Fri Jan 25, 2013
wow David, with all due respect, if you have to see or your clients have to see 100 houses before purchasing, someone is not doing their job very well, Communication is a huge part of a successful working relationship, and the only reason someone would need to see that many homes is because their agent or themselves are not listening. If the Realtor is good, he will take notes on their exact needs are and what they would like if they could get it. I have been in the business 17 years and I trained with very good people, mostly at Century 21 Money World, I was taught from day one, if you have to show more than 10 homes, your not listening to your client and also was told and I know this to be true, people start putting things into homes that didn't have it etc.....in other words makes the client feel over whelmed and confused and its impossible these days to even look at 100 properties with the clients exact criteria in mind. We are having a supply in demand issue.

To Original poster, my best piece of advice is to select 2 or 3 agents and interview them. Ask them what designations they have. how easy they are to reach by phone, how long would you have to wait for reply's etc.....So many (but not all) agents today lack in people skills , some never return calls , on and on. choose carefully and in today's market be strong and patient, we do so much work with the banks and they are so slow . With the market mostly being foreclosures and short sales, you need patience (we dont get answers quickly). Please feel free to email me anytime with questions. Id be happy to help and I would love to be interviewed by you.You should also get pre qualified so that you are ready to place an offer as soon as you feel that you found your home. Rhondasellsvegas@gmail.com
0 votes
David Cooper, Agent, Los Angeles, CA
Fri Jan 25, 2013
Make a plan to visit every open house in an area of town you would like to live. I was trained t see 100 open houses before making an offer. Take a camera and a note pad and ask lots of questions.

David Cooper Real Estate Coach-Investor
Contact me at http://www.lasvegaswinner.org
0 votes
Steven Goldm…, Agent, Las Vegas, NV
Fri Jan 25, 2013
Hello Jacedionne,
Listen to the words Myra writes,
I may have this printed on a 3x5 card for the Buyer to carry. I will laminate it and refer to the words often.
I particularly like #15.

Your Realtor is the key to success. Select a Realtor you can trust and will listen to. The buying and selling of property has become very complex. Select a Realtor with a vast base of knowledge and experience in the properties you are looking at.

Just because an licensee is a member of the National Association of Realtors, it does not mean that they are knowledgeable about every type of product. There are single family, condos, multifamily, investment, commercial, land, and high rise properties. Many properties have restrictions from the color of the paint to use, to parking in your own driveway. Look for education and the ability to relate to your needs for the type of property you want.

As a Buyer, I suggest you look for a Realtor that has an ABR credential. The Accredited Buyers Representative credential means that the Realtor has formal education to work with Buyers and getting your offer(s) accepted.

If you have a special interest such as Ham radio, raising cats, or boating, look for a Realtor that has a similar interest. They can assist you in looking for property that meets your needs because they will know what you are needing for a comfortable property.

Remember to challenge your Realtor. Let them work for their pay. They deserve to be paid, they also have a responsibility to assist you in showing what you want.

You have one basic job in all of this action. You need to select a Realtor that you feel comfortable with and can relate to.

If you start working with multiple Realtors, it is like having multiple girlfriends. You will not receive quality time with anyone of them. A Realtor deserves payment for assisting you. You need to provide the information and time to allow the assistance in locating your new home.

All Realtors have access to the same information. All Realtors have computers, networks, cars, pens, pencils, and lock box keys. The hard part is choosing a Realtor that can use the resources to locate a property that you want and is not just on the market.

When your Realtor becomes unbelievable, it may be time to move to another. If you think you made a mistake, please tell the Realtor that you are unhappy. Like any relationship, you and the Realtor have to work for a successful relationship. If you and the Realtor can fix a relationship issue, it will be easier than starting over with a new Realtor that has to learn about your needs. If it is a market issue, they will be able to explain the problem and work towards a solution.

Remember to have fun picking out your new home. It should feel like you are looking at tuxedos and a wedding dress for your wedding.

Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.

Steven Goldman, CRS
Broker Salesman
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
Certified Probate Real Estate Specialist (CPRES)
REO-BPO Certified
Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135
Direct 702-242-1372
Fax: 866-286-2099
E-Mail: crssteven@teamgoldman.info
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Fri Jan 25, 2013
The most frequent mistake I see buyers make is they think they are “Preapproved” for a mortgage because a loan officer pulled their credit report and chatted with them about income. The buyer didn’t furnish all of the support documents and have them reviewed.

I estimate that 30% of the so called “preapproval letters” in my market area are not worth the paper they are printed on. Realtors – just watch the stats, see how many listings go to pending then back to active and you’ll see I am right.

The buyers are not taking it seriously enough - can’t take off a couple of hours to meet face-to-face with a loan officer and review every document???? How much do they earn per hour?

I’ll bet they don’t earn as much per hour as they will waste on inspections, appraisals, etc.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
Web Reference:  http://jamessimms.com/
0 votes
Jacedionne, Home Buyer, Las Vegas, NV
Fri Jan 25, 2013
Follow up to question:

I already have gotten pre-approved for 200,000. I have a agent also. Just want to see what mistakes veteren realtors/homebuyers have seen first time home buyers make, and piece of advice to help through the process. Thank you!
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Jan 25, 2013
You are outside your COMFORT ZONE; you are stressing out.
You need to put a lot on someone else's shoulders.
That is what a Realtor is for.
0 votes
Will Nabhan, Agent, Las Vegas, NV
Fri Jan 25, 2013
Find a Realtor that you trust that can lead you through the home buying process, protecting your interest throughout and keeping you informed and confident throughout the process.
Web Reference:  http://www.FreeMoveHome.com
0 votes
Valley Prope…, Other Pro, Las Vegas, NV
Fri Jan 25, 2013
Always get a home inspection. We will check and operate every accessible item in and around the home, provide you with a complete report, and educate you about the property. Our inspections exceed the state minimum requirements for inspections. Please visit my website for more information and you are always welcome to contact me for free advice or questions.
Lee Taylor
0 votes
Thank you!
Flag Fri Jan 25, 2013
Sharon Paxson, Agent, Del Mar, CA
Fri Jan 25, 2013
I agree with Shanna below to first meet with a lender to find out what you are qualified for in order to obtain a loan. And I highly recommend working with a buyer's agent.
0 votes
Shanna Rogers, Agent, Murrieta, CA
Fri Jan 25, 2013
Hi Jacedionne,

Get pre-approved for your loan (unless you're paying all cash) - so you know what properties you should look at for purchase. And, hire a Realtor to assist you - unless you know all the Real Estate laws in your state. The seller usually pays all the commission - for both the listing agent and the selling agent (buyer's agent).

Shanna Rogers
SR Realty
0 votes
I already have gotten pre-approved for 200,000. I have a agent also. Just want to see what mistakes veteren realtors/homebuyers have seen first time home buyers make, and piece of advice to help through the process.
Flag Fri Jan 25, 2013
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