What are some of the best ways to prepare to buy property? Well, attending a homebuyer seminar is one way to get your head in the game, and also to start preparing for the tasks ahead.
One thing I find with most of my first-time buyers is that they are ready, willing, and able, but just don’t really know what to expect in the next few months. So with my first-time buyers, I try to give them a sense of what is going to happen.
First, they are going to get in touch with a lender to see what their financial state is, and if it’s not ideal, the lender can give them ideas of what to do and how to make it better. Then we are going to make a list of what they are looking for, what they want and what they don’t want in a property. Then we are going to compare that list to what is on the market.
Once we are pre-approved and ready to go, we can look at houses and decide which one is the best candidate. Do they want something that is turn-key and ready to move in? Do they mind if the home needs some renovations and are willing and able to manage those renovations? Are there 10 other people trying to buy the home and we need to come up with a competitive strategy?
The other part of attending a homebuyer seminar is that the attendee gets to ask questions of a lender. Are there programs that might help them save money on closing costs? Are there programs in this jurisdiction that will help them with their down payment? Are there ways of getting credits from the seller or the lender that will help them have less cash to close the deal? Are there tax benefits that they don’t know about?
Another part of the homebuyer seminar is to discuss what the buyer has available to them as protections in the process. To discuss the contingencies that are available, and how they apply. Also, it’s good to clarify how much cash is needed to close the deal. What is the earnest money deposit and how does that compare to the down payment?
All of this helps the first-time or even the second-time homebuyer to be more educated in their purchase and to know all the cards that could be in their hand as they make a move toward homeownership. My next homebuyer seminar will be on Feb. 9 on Zoom if you would like to attend.
Joseph Hudson is a Realtor with The Rutstein Group at Compass. Reach him at 703-587-0597 or Joseph.email@example.com.