Orange, Ca First Time Home Buyer Tips- Part 1: How to Choose your Realtor

Orange, Ca First Time Home Buyer Tips- Part 1: How to Choose your Realtor

This will be the first in a series of first time home buyer tips blogs that I hope will be beneficial to all first time home buyers looking for tips on how to prepare for purchasing their first home. Buying your first home is both exciting and trying. Choosing the right agent can mean the difference between your first set of home keys and disappointment. Here are a few tips to keep in mind when searching for the perfect agent for the job.

First Time Home Buyer tip 1: Chose an agent who specializes in working with First Time Home Buyers. This might seem like stating the obvious but many buyers do not understand why this is important. As a First Time Home Buyer, your needs are different than most. Many agents have specialties. Some agents, for instance, specialize in relocation buyers. Others specialize in move up buyer's. And the list goes on and on as there are many different types of buyers and sellers. As a first time Home buyer, your may need a little more guidance and reassurance than other buyers. A first time home buyer specialist will likely understand these needs and will be better equipped to answer all your questions. A first time home buyer specialist will likely be more patient and willing to take the time necessary to make you feel comfortable in your future purchase.

First Time Home Buyer tip 2: Chose an agent who is familiar with the area you are looking in. If you are looking for a home in Tustin , it would be beneficial for you to work with an agent who works in this areas. If you work with an out of area agent they will have less knowledge about prices and neighborhoods in the area you are looking in.

First Time Home Buyer tip 3: Chose an agent who understands finance options. Unless you are planning to purchase all cash, remember, you cannot buy a home without a home loan. Your agent should inquire about your financing plans and be able to give you advice or recommendations. Today FHA financing is one of the most widely used loan products for first time home buyers. Your agent should understand FHA and its rules and guidelines. Not understanding financing and its implications can greatly hinder your chances in obtaining your new home. Are you planning to buy a condo? If so, you should know that if you are using FHA financing, the condo complex must be FHA approved. Does your agent know how to find out if a complex is approved? They should. The last thing you want is to fall in love with a condo only to find out that it does not qualify for the financing you are approved for. Even if you are planning to buy a single family home, your agent needs to know that not all homes will qualify for financing.

First Time Home Buyer tip 4: Work with a full time agent. Being a Realtor is a full time job. I am currently working with a first time home buyer who spent 1 1/2 years working with a part time agent without success. They chose this agent because he was a friend. The problem is he has a full time job and only sold real estate on the side. When the buyer found a house he was interested in, it often took over a week for his agent to get back to him. By then, the house was often already sold. On top of this, they were often forced to go and look at homes after dark because of their agent's schedule. Needless to say, they never found a home. First Time Home Buyers demand a lot of time and attention. You need an agent who is dedicated to you and not another job. And remember, finding a home is just half the battle. Your agent needs to be available to walk you through the purchase once you find your home.

First Time Home Buyer tip 5: Work with an agent you like. Although we are technically in a buyer's market, there is a lot of competition amongst buyer's especially for starter homes. Because of this, many houses and condos often receive several offers. This means you may have to put in a few offers before you get one accepted. What this means for you is you may be spending a lot of time with your agent so make sure you are comfortable with your agent. Does your agent make you feel pressured or awkward? Does your agent make you feel your questions are dumb or unimportant? If so, then maybe you should keep on looking. You should be able to think of your agent as a friend who's goal is to get you into your first home. Your agent should also be like a trusted teacher as they will be guiding you in one of the most important purchases you will ever make.

First Time Home Buyer tip 6: Work with an agent who understands today's market. As a First Time Home Buyer you will run into 4 different types of homes: bank owned, short sales, equity homes, and investor owned homes. As a First Time Home Buyer you probably have no idea what this all means. Your agent should be able to explain these type of sellers to you. More than half of all listings you will find in Orange will be either bank owned or short sale. Your agent needs to understand the implications and process for both of these types of homes so they can explain to you what to expect. As short sales are often the most difficult but also the best deals, you may want to chose an agent who specializes in short sales and First Time Home Buyers. On the other hand, you may want to purchase a corporate owned home or a home from a seller with equity. Your agent needs to understand how to deal with these particular kinds of sellers as well.

Choosing an agent to purchase your first home with as a first time home buyer is just as important as choosing the home that you are going to purchase. Be selective. You deserve to work with the agent who will get you the best results. On my next First Time Home Buyer Tips installment, I will get into choosing your lender. Perhaps I should have started with this, but being a Realtor I am a little partial. In the meantime, if you are looking to purchase your first home in Orange or its surrounding area, I would be honored if you gave me a call or email to find out if I am the agent for you.

Click here for First Time Home Buyer Tips- Part 2 How to Choose a Loan Officer