Okay, first-time buyers… it’s time to turn the dream into the dirt you can stand on. Your very own home. I’m sure you have questions. In fact, I’m sure your questions are like most first-time buyers. Which is why I’ve put together this down-and-dirty answer guide for the most common questions home buyers have.

1. What kind of credit score do I need to have?
   Generally, 630 or above is what you’ll want to have. The better your score, the better the terms will be on your loan. Some lenders may give you wiggle room on this, but it all depends on the circumstances. A loan professional can help you navigate this as you go.
2. How much of a down payment is required?
   There are loans which will let you in for as low as 3% – 5% of the value of the home, but I would consider 5% to be the floor. More is better, especially if your credit isn’t as optimal as you’d like it to be. Working with a loan officer will help.
3. What’s the first step to home buying?
   Getting pre-approval for a mortgage. Don’t shop for a home until you know what you can afford. There’s no use in falling in love with a $300,000 home in your dream neighborhood if the banks will only write you a loan of $150,000.
4. How much do I have to pay my real estate agent?
   As a buyer, you don’t have to pay your real estate agent. The seller is responsible for listing fees and a portion of those fees will be paid to your agent for helping with the transaction.
5. Why should I use a real estate agent?
   Like a lawyer, doctor, or other professional hired to represent your interests, the agent will not only advise you about the transaction, but protect and facilitate the process.
6. How long does it take to buy a house?
   After you find the home you want to buy, it takes between 30 and 45 days, generally. The home search can take longer, however, so have a clear idea what you’re looking for and able to afford. (Your agent can help you with this. Another reason to have one on your side!)

Naturally, there’s more to buying a home, but this covers the basic introduction to the process. As your agent, I will walk you through the rest, guiding you along the way. When you’re ready to make the move, reach out to me at (928) 916-1921.

There is no denying that the real estate language can be confusing. Although, one term that is straightforward is a “Buyer’s Agent”. A Buyer’s Agents is a real estate agent who represents only the buyer of a property in a real estate transaction. This type of agent agrees to exclusively represent the best interest of the buyer, usually under a formal contract. A Buyer’s Agent is worth a million when it comes to buying a house.

The beauty of a Buyer’s Agent, they work for one person, the buyer! It costs nothing to hire a Buyer’s Agent, as all commission are paid by the seller. The second bonus of a solid Buyer’s Agent, is they will not only will work for you to negotiate the best price for the home, using their expertise with the market conditions, but they will provide you a tremendous amount of knowledge, relating to which lenders to use, home inspectors, contractors, insurance agents, appraisers, etc.

One of the key tasks for a Buyer’s Agent is keeping things on track. Buyer’s Agents coordinate the timeline so things run smoothly, such as inspections, repairs, loans, title, and escrow. A good Buyer’s Agent will coordinate with all the parties involved with the transaction to ensure the closing will occur on time. This isn’t a task they take lightly. If you don’t have someone in your corner leading the transaction through its various stages, there is a good chance that things won’t close on time, and you may find yourself spending a few nights at a local hotel.

There are two key support roles of a Buyer’s Agent: emotional and legal support. Realtors have a fiduciary responsibility to their clients and need to understand the legality of the transaction. In addition, purchasing real estate, as well as the back and forth of negotiating, can be a highly emotional process. Buyer’s agents understand the contract, have continuing education requirements to keep up to speed on the always changing market, and understand the responsibilities that come with meeting the terms and timelines of the contract, so the selling party doesn’t breach the contract.

Buying a home is an exhilarating experience. The hunt. The find. The score. To ensure that you minimize your costs and to get the best deal on a home, it is crucial to have a Buyer’s Agent represent you. Use their knowledge and experience and tap into their huge resource base to make the process a positive experience. Truly, there isn’t a better deal in real estate than hiring a Buyer’s Agent.  Contact me for more information, I would be happy to help you buy your next home.