First Time Homebuyers: You Have No Idea What You Are Doing
And, like, it's not OK.
It's about time I told you all this. Besides, I'm no longer a "Millenial" (I actually just turned 30 a few days ago, so I'm practically your guru).
Bow down, peasants.
How do I know that you don't know what you don't know? Simple.
I used to see the expression on your faces before you put an offer in on a house. It looked like this:
The picture above is what inspired me to create the only First Time Homebuyers Class in the Upstate. I pooled my experience with my clients and collaborated with my team of buyer's agents to teach you the methods, systems, and winning strategies from 700+ home purchases and wrapped it into a nice, neat little 60-minute class for you. Interested? Sign up with the link!
(It's free. And yes, I'm going to shamelessly promote/poke fun at how little you know during this post because I have to feed this little monster.)
4 Things you won't know unless you take a first time homebuyer class (with me)
1. You won't know what you don't know.
Multiple offers, Contingency Addenda, Right of First Refusal, Client vs. Customer relationships, Loan Approval, Inspection Period, Earnest Money, Escrow Accounts, Environmental Hazards, Material Defects, Counter-Offers, Comps, and Escalation Clauses.
And who the **** calls the inspector???
The contract that will win you a house is 8 pages long full of terms, definitions, and DECISIONS that you have to make. Want to feel like a lost puppy? Read a copy of the contract tonight. Want to feel like a champ? Fill one out to buy a home with me. I told you I'd be self-promoting.
My clients love buying a house with me because, just like Dora the Explorer, you know exactly what to expect.
"Look! Over there! It's the thing I was telling you about! You are so smart!"
2. you will not know What to expect when you are inspecting
Nobody (looking at you, unnamed other real estate agents) really explains what to expect during inspections.
It can be complicated, and it's an art (not a science) and that's why nobody takes the time to explain it to you.
For example: in some cases, the seller has to fix a problem with the home on their dime, and others they don't.
3. You will not know what deserves a freak-out and what deserves your chill mode.
Simply put, everyone freaks out about the wrong stuff when buying their first home.
Example: "Dear Sweet Mother of Shamu, if I apply for more than one loan my credit score will TANK!"
It will not. The first application for a mortgage reduces your credit score 1-3 points, and each subsequent application (any mortgage company, bank, or filthy-rich parent) will drop your credit score a whopping zero points. Which is about how high your home-buying IQ is right now until you meet with me. Remember that link I put up there? Click it.
Example: "By the Whistle of Dabo Swinney! I need $45,000 for a down payment!"
STOP the play! No you don't. In some cases, you can get a home with zero money down. Sorry-not-sorry for sounding like a used car salesman, and it's true. VA/USDA loans require zero money down. Call or text me to see if you can qualify.
Example: "Clutch my Pearls! Who do we put on the title? On the contract?"
Truth be told, you can put anyone on there that you want. And you can change it if you change your mind (for a small fee) before closing. Not a huge deal/a great question for a real estate lawyer (I know a few).
4. You won't know how much less expensive it will be to own a home than to rent one.
Yes, you could be the oddball who lives on the unfinished basement floor where four other dudes rent upstairs. Don't be that guy, you are killing my statistics.
I can't name names, and here's what I found:
When I asked "did you get a loan for more or less than you expected to get?" on Facebook:
- 100% responded "More!"
- 25% responded "Way more!"
Conclusion: You can probably afford more house than you think today.
What are you paying in rent today? One anonymous client may or may not have a $750.00 / month mortgage... on a $250,000+ house. Sound pretty cool? Let me introduce you to a loan officer who can help - one great loan officer is Nate Gafken of Hanover Mortgage. You can contact him with this big button:
Well, that's a wrap for today. All joking aside about how First Time Homebuyers know nothing, I truly enjoy guiding people into their first home purchase. Everyone loves the class and I frequently hear rave reviews such as "We talked to 3 other agents and NONE of them offered to do this! All they did was send us houses!" and "I feel much more comfortable now that I know what to expect" etc. etc. etc.. If you are on the fence, go to my website, read the reviews, give me a call, and ask me some questions. If you know a soon-to-be First Time Homebuyer looking anywhere near Greenville, I'd love to help them. Send them the link.
Max thanks you.
David is a REALTOR®, New Homes Buyer Specialist, author of the only new homes website in the Upstate of South Carolina.
Are you buying a new Upstate SC home in the next 3-6 months?
Call or text: 864.416.4505 | firstname.lastname@example.org