First Time Homebuyer Meeting With Agent Tomorrow (Tampa: for sale, real estate)

[SeaSpur]

So after researching for what seems like forever, we are meeting with an agent in the area tomorrow.

We haven't done a single thing beyond Zillow searching and driving around, so we don't really even know what we can afford at this point...although there is a home near us we have our eyes on.

Any last minute advice some of you want to give? I have a big trust issue with meeting with a stranger to allow them to assist in the biggest purchase I have ever made in my life.

Are we doing it backwards by meeting with an agent before getting pre-approved or going to mortgage lenders? Experience with RE agents that we should be looking out for?

All advice is appreciated!

We are looking in South Tampa are (where we currently live) if that helps any...thanks!

[Occifer]

Make sure the agent knows exactly what you want and points you in the direction of places that meet your criteria. There are agents out there who will try to push their own brokerage's listings because their company makes more money if both the buyer's agent and seller's agent are from the same brokerage. Make sure that the agent shows you listings that reflect what you're looking for, not what they think you should want. If that's not the case then look for a new agent. Hopefully you were referred to this agent from someone you know and who will vouch for the job they do.

There's nothing wrong with meeting an agent without getting pre approved, but pre approved buyers are usually taken more seriously by everyone in the real estate process. If you don't have a lender in mind, I'm sure your agent will refer you to one.

[maggiekate]

You can get preapproved by a bank and they will tell you what you can afford. I think it is around 33 percent of
your income, They also factor in insurance any HOA fees and all this needs to be documented, You also need a
good credit score.

[DUNNDFRNT]

Originally Posted by SeaSpur

So after researching for what seems like forever, we are meeting with an agent in the area tomorrow.

We haven't done a single thing beyond Zillow searching and driving around, so we don't really even know what we can afford at this point...although there is a home near us we have our eyes on.

Any last minute advice some of you want to give? I have a big trust issue with meeting with a stranger to allow them to assist in the biggest purchase I have ever made in my life.

Are we doing it backwards by meeting with an agent before getting pre-approved or going to mortgage lenders? Experience with RE agents that we should be looking out for?

All advice is appreciated!

We are looking in South Tampa are (where we currently live) if that helps any...thanks!

You definitely should get a pre approval letter from a broker. South Tampa is very competitive and you have to be prepared to make an offer.

[bentlebee]

If you are meeting with a good agent they will guide you through the process. If your gut feeling is telling this is not a good fit then meet with someone else.

This is an important time in your life and you want to build a good relationship with the agent so you can trust each other.

Good luck.

[Pragmaticus]

Originally Posted by SeaSpur

So after researching for what seems like forever, we are meeting with an agent in the area tomorrow.

We haven't done a single thing beyond Zillow searching and driving around, so we don't really even know what we can afford at this point...although there is a home near us we have our eyes on.

Any last minute advice some of you want to give? I have a big trust issue with meeting with a stranger to allow them to assist in the biggest purchase I have ever made in my life.

Are we doing it backwards by meeting with an agent before getting pre-approved or going to mortgage lenders? Experience with RE agents that we should be looking out for?

All advice is appreciated!

We are looking in South Tampa are (where we currently live) if that helps any...thanks!

If you need a pre-approval from the bank to tell you what you can afford, you are not really prepared enough for house buying as you should. Just saying. And you are meeting a realtor without even know what range of house you are comfortable buying? Operative word is comfortable.

[SeaSpur]

Originally Posted by MeInDenudinFL

If you need a pre-approval from the bank to tell you what you can afford, you are not really prepared enough for house buying as you should. Just saying. And you are meeting a realtor without even know what range of house you are comfortable buying? Operative word is comfortable.

I didn't mean we don't know what we can spend on housing each month- we know that. That doesn't mean the bank will loan that amount, either. Right now, I would say we could spend $1500 on a monthly payment and still have plenty to take care of bills, fun, and rainy day fund.

Remember, I also didn't claim that we are "prepared enough" for homebuying...we are pretty green to the whole process, thus why we are meeting with a realtor and I am asking some questions here. At this point, we know 5 "needs" in our home, where we want to live and what we have to spend. Have to start somewhere, right?

[Maggi07]

You definitely need a pre-approval letter before making an offer. However, a good agent will not push you into a purchase right away. They should be willing to wait and work with you for an extended period of time. I see nothing wrong with meeting with an agent at this point.

Something I learned last time around was that you are under no obligation to go with any finance company recommended by your Realtor. We had a fabulous agent, but we were far less than pleased with the broker she recommended. We ended up finding someone else fairly close to the end.

[cfbs2691]

Originally Posted by bentlebee

If you are meeting with a good agent they will guide you through the process. If your gut feeling is telling this is not a good fit then meet with someone else.

Good advice

While it's not legal, it's not uncommon for realtors to only show you homes where the realtor's offered the highest commission. Meaning there may be a home for sale that would be a perfect fit for you, but the realtor won't show it because it's offering a lower commission.
Use the available websites so that you know what's available.
Best of luck!

[Pragmaticus]

Originally Posted by SeaSpur

I didn't mean we don't know what we can spend on housing each month- we know that. That doesn't mean the bank will loan that amount, either. Right now, I would say we could spend $1500 on a monthly payment and still have plenty to take care of bills, fun, and rainy day fund.

Remember, I also didn't claim that we are "prepared enough" for homebuying...we are pretty green to the whole process, thus why we are meeting with a realtor and I am asking some questions here. At this point, we know 5 "needs" in our home, where we want to live and what we have to spend. Have to start somewhere, right?

If this is the case, you don't need pre approval. You are spending below your means for a house. I guess that's all I am saying.

Based on that number, given insurance, taxes and mortgage for the current interest rate, I would say you are looking at a house of 190K to 200K + your down payment. If 20% down, then you are looking at 235K to 250K house. The point I am trying to make is that YOU need to come up to the value of house that you want to buy not the realtor. The realtor just looks for the house for which you set the price on. My impression from your first post is that you don't even know what range of house (price wise) you can buy comfortably, hence, my comments.

Since you mentioned you have trust issue with realtors, ask your realtor a reference or two and talk to the people who he/she helped closed deal to have an idea.

Good luck!