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We will soon begin looking to buy. I am almost 50 and have never owned-I am low income.I am in very very expensive Northern Virginia . DH wants us to use his friend who is not NoVa specific but works throughout the DMV We know our budget and have our top 5 needs, which may change as we go out and look at properties. What issues/criteria /pointers would you like me to know before I start up with an RE professional?
1. Get pre-approved for a mortgage.
2. Know what is involved with your monthly payment (principal, interest, property taxes, closing costs and any HOA fees)
3. Look at your monthly budget after steps 1 and 2
4. Use a Buyer's Agent that will educate you on the full Buying process.
5. Educate yourself on the area you have targeted to purchase in.
Last edited by George Chong; 01-23-2016 at 06:53 AM..
After you take Jack and George's advice and interview possible buyers' agents; ask them one question: How many sides did you do in the last 12months? You want an a number between 20-50.
A Buyer's agent that does more than 25 transactions a year needs an assistant. You do not want an agent that does not have time to properly manage your transaction.
You also would like a buyer's agent that knows about low income programs for first time home buyers. Ask them what they know. This is a partnership.
After you take Jack and George's advice and interview possible buyers' agents; ask them one question: How many sides did you do in the last 12months? You want an a number between 20-50.
I disagree, too. I think it depends on location but, even generally, that is completely unnecessary to finding a great agent.
At 2BinDenver and BBronston,
Explain to me how an agent who does only 15 sides per year for $300K properties makes a living?
That is only $68K gross.
My point was not about hard and fast numbers of 20-50, but about not hiring someone who does [for example] 5 sides a year.
That person would be a part timer. Huge red flag in my book.
I'm not suggesting that a PT agent is a better choice than a FT agent but I'm also not saying that a PT agent can't do a great job. It depends on the person involved and these generalizations have the potential of doing someone a disservice. If someone wants to earn $30, 40, 50, 80K....whatever....that has nothing to do with their knowledge and ability. And, the busier the agent, the less able they are to provide high quality, individualized, service. If you are one person, there's only so much time you have....hence, I think, "2b's" point about the assistant.
At 2BinDenver and BBronston,
Explain to me how an agent who does only 15 sides per year for $300K properties makes a living?
That is only $68K gross.
My point was not about hard and fast numbers of 20-50, but about not hiring someone who does [for example] 5 sides a year.
That person would be a part timer. Huge red flag in my book.
Agreed on the part-timer.
But, the gross income from $4.5 million in sales volume better be more than $68,000 or that agent is tinkling away a LOT of money.
Agreed on the part-timer.
But, the gross income from $4.5 million in sales volume better be more than $68,000 or that agent is tinkling away a LOT of money.
1.5% of $4.5M is $68K.
And, I think the Danger report was spot on.
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