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To my prospective buyers: If you aren't willing to pay fair value and will only purchase if you can get a steal, tell me at our first meeting so I can go fishing instead.
OP, not only do you want someone familiar with the general area, but even down to the neighborhoods you want to live in. You want someone where you give them your price range and they tell you right off, these are the neighborhoods in your range. Understand no one will be able to produce what does not exist, so keep your expectations reasonable.
A good agent will know where the grant money is in No. VA and where the best programs are. Fannie just released a FABULOUS program called HomeReady that will compete head to head with FHA. A good agent will know about the housing lotteries in Fairfax and Loudon Counties.
Look for someone advertising first time buyer seminars. When you find one that's also listing in your targeted subdivisions (they would also be helping their former buyers sell and move up), you have found the right one.
(Another resource is the VHDA website. Virginia Housing Department Authority administers the Virginia first time loan programs. They have a list of the top loan officers using their programs. Call a loan officer in the area you are considering, and call them for a recommendation of a Realtor. Don't worry about the loan officer just yet. Politely refuse to provide your information to be contacted, because those on that list are there for a reason, they are relentless. (Aggressive sales does not necessarily = good at their job).
1.5% of $4.5M is $68K.
And, I think the Danger report was spot on.
The splits are horrible in Colorado if agents closing $4.5 MM are on a 50/50 split. In Florida most brokerages are happy to pay an agent over 80% for that level of production.
To my prospective buyers: If you aren't willing to pay fair value and will only purchase if you can get a steal, tell me at our first meeting so I can go fishing instead.
Tell your sellers that it's not 2006 anymore. Thanks.
I see there are limitations on the loan but I don't understand if only some lenders recognize it -in that case, does vhda direct me to lenders/brokers that will work with my loan?
Also, do some condo/Townhouse/HOAs can refuse my purchase based on the type of loan I have?
It is not that condos and townhomes refuse your loan, not all condos/townhomes are FHA approved. FHA loans generally offer a lower downpayment option than conventional loans.
You would probably benefit from taking VHDA's home ownership class. I am sure it will teach you a lot about what the program is and the home buying process. Free Homebuyer Class - VHDA
Before you hire your agent, find out:
1. Do they specialize in the type of homes / price ranges you are looking for?
2. Do you need information on the local area, if so, choose a local agent that is active in that area.
3. Do they work with niche lenders than can offer special programs for low/moderate income buyers like yourself?
4. What is their availability compared to yours (will your hours match up)?
5. Interview 3-5 agents and ask them to tell you why they are uniquely positioned to help you!
Best of luck!
Jim
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