Sep. 5, 2007 - 1st Time Homebuyer's Online Toolkit

I have the pleasure of working with 1^st time homebuyers this weekend.  My clients are relocating from out of state where home prices are astronomical and they are excited about buying the affordability of homes here in North Carolina.  1^st time homebuyers are my favorite - they listen closely to the advice of professional agents and are full of energy, excitement, enthusiasm, and questions.  That's when the wheels started turning and I started thinking....

What can I provide to my clients that will help simplify the home buying process?  They are young, tech savvy, have their own personal blogs, use my space, realtor.com, etc, etc.  That said, I read a post this morning by Karen Krushka entitled Homebuyer's Guide.  Karen strikes me as a very traditional agent and she indicated that she has several homebuyer guides- one in Powerpoint, brochure format, and even a bound version.  That's when the wheels started turning again and I started thinking......

What about an online reference guide from none other than the powerful gurus from Active Rain?  Ken Stampe just started a new group called First Time Homebuyer  on 8/23/2007.  What a great idea.  Since this group is new and my clients will be in town this weekend I'm going to pull together a few reference topics and member posts that my clients might enjoy reading through while they are going through the homebuying process.  Feel free to add any links in your comments - I won't be offended.    

1.  Find a Qualified Buyer's Representative

• The Advantages of Using a Buyer's Agent by Tracy Santrock
• Best of Buyer Agency by Tracy Santrock w/links to several AR contributors
• Buyer Agents, Should I work with one? by Matt Ratcliffe

2.  What to expect with the buying process

• Buying your first home can be intense....... by Jeff Belonger
• The Real Estate Buyer's Guide To The Home Buying Process - Part One by Danilo Bogdanovic
• The Process of Buying a Home by Lawerence Yerkes
• 10 Steps to Buying a Home by Ramsey Yount

3.  Assess Your Credit and Finances

• Prequalification & Preapproval by Valerie Archer Belardo
• Buying a home? How much can I afford? by Jonathan Saffiedine
• Fees on a mortgage by Hank Parmenter
• Seven steps of the loan process by Ki Gray

4.  Find the right home

• Find The Right Home For You by Jeff Flower

5. Negotiating the contract

• YOU WIN SOME, YOU LOSE SOME. ALL IN A BUYERS AGENT'S DAY by Lynn Harley
• Top Negotiating Skills Are A Must For Success by Laurie Furem
• Real Estate and Poker: The dynamics of adjusting to the situation. by Edward Mehnert
• How much is the right amount of Earnest Money? by Paul Renton

• 6. "Seller Market" Issues
• Bidding in a Hot Market by Tracy Santrock
• Evaluating Multiple Bids  by Scott Gerami
• Raleigh NC Real Estate - #1 Sellers Market in the Country by Tracy Santrock

7.  Inspections & Repairs

• An Inspection of Home Inspections - Do They Matter? by Donna Yates
• Questions and Answers regarding Home Inspections by Donna Yates
• REQUESTING REPAIRS ~ It's not a blank check to create a dream home! by Glen Huxtable

8.  Closing with an attorney

In some states across the US Title Companies are used for closing.  In North Carolina Attornies handle the Title search on the property and the closing details. 

• Buying Your Home: Settlement Costs and Information At this site you can receive a free guide to closing and cost details.
• OVERVIEW OF CLOSING A PURCHASE TRANSACTION by Michael Hamar  

9.  Agency Law in North Carolina

The North Carolina Real Estate Commission requires, by law, that all real estate agents educate their clients on their rights and options as a buyer or seller in the State of North Carolina.  This link provides, in detail, agency law in the state of North Carolina.

10.  Special 1^st Time Homebuyer Program in North Carolina

The North Carolina Housing Finance Agency (NCHFA) has special programs for 1^st Time Homebuyers.  There are specific requirements that met including income restrictions, not having owned a home in the past three years, and the price of the home.  For those that are eligible this is a great option. 

This should get any online savvy buyer a start and a reference as they muddle through the buying process.  You don't have to be Einstein to figure out how to buy a home but being educated and going into the process armed with knowledge will be a blessing.  

Oct. 31, 2007 - RE: 1st Time Homebuyer's Online Toolkit

great post...very informative.

make sure to get those clients approved before shopping for a home!

1st time home buyer