I have the pleasure of working with 1st time homebuyers this weekend. My clients are relocating from out of state where home prices are astronomical and they are excited about the affordability of homes here in North Carolina. 1st time homebuyers are my favorite - they listen closely to the advice of professional agents and are full of energy, excitement, enthusiasm, and questions. That's when the wheels started turning and I started thinking....
What can I provide to my clients that will help simplify the home buying process? They are young, tech savvy, have their own personal blogs, use my space, realtor.com, etc, etc. That said, I read a post this morning by Karen Krushka entitled Homebuyer's Guide. Karen strikes me as a very traditional agent and she indicated that she has several homebuyer guides- one in Powerpoint, brochure format, and even a bound version. That's when the wheels started turning again and I started thinking......
What about an online reference guide from none other than the powerful gurus from Active Rain? Ken Stampe just started a new group called First Time Homebuyer on 8/23/2007. What a great idea. Since this group is new and my clients will be in town this weekend I'm going to pull together a few reference topics and member posts that my clients might enjoy reading through while they are going through the homebuying process. Feel free to add any links in your comments - I won't be offended.
1. Find a Qualified Buyer's Representative
- The Advantages of Using a Buyer's Agent by Tracy Santrock
- Best of Buyer Agency by Tracy Santrock w/links to several AR contributors
- Buyer Agents, Should I work with one? by Matt Ratcliffe
2. What to expect with the buying process
- Buying your first home can be intense....... by Jeff Belonger
- The Real Estate Buyer's Guide To The Home Buying Process - Part One by Danilo Bogdanovic
- The Process of Buying a Home by Lawerence Yerkes
- 10 Steps to Buying a Home by Ramsey Yount
3. Assess Your Credit and Finances
- Prequalification & Preapproval by Valerie Archer Belardo
- Buying a home? How much can I afford? by Jonathan Saffiedine
- Fees on a mortgage by Hank Parmenter
- Seven steps of the loan process by Ki Gray
4. Find the right home
- Find The Right Home For You by Jeff Flower
5. Negotiating the contract
YOU WIN SOME, YOU LOSE SOME. ALL IN A BUYERS AGENT'S DAY by Lynn Harley- Top Negotiating Skills Are A Must For Success by Laurie Furem
- Real Estate and Poker: The dynamics of adjusting to the situation. by Edward Mehnert
- How much is the right amount of Earnest Money? by Paul Renton
- 6. "Seller Market" Issues
- Bidding in a Hot Market by Tracy Santrock
- Evaluating Multiple Bids by Scott Gerami
- Raleigh NC Real Estate - #1 Sellers Market in the Country by Tracy Santrock
7. Inspections & Repairs
- An Inspection of Home Inspections - Do They Matter? by Donna Yates
- Questions and Answers regarding Home Inspections by Donna Yates
- REQUESTING REPAIRS ~ It's not a blank check to create a dream home! by Glen Huxtable
8. Closing with an attorney
In some states across the US Title Companies are used for closing. In North Carolina Attornies handle the Title search on the property and the closing details.
- Buying Your Home: Settlement Costs and Information At this site you can receive a free guide to closing and cost details.
- OVERVIEW OF CLOSING A PURCHASE TRANSACTION by Michael Hamar
9. Agency Law in North Carolina
The North Carolina Real Estate Commission requires, by law, that all real estate agents educate their clients on their rights and options as a buyer or seller in the State of North Carolina. This link provides, in detail, agency law in the state of North Carolina.
10. Special 1st Time Homebuyer Program in North Carolina
The North Carolina Housing Finance Agency (NCHFA) has special programs for 1st Time Homebuyers. There are specific requirements that met including income 
restrictions, not having owned a home in the past three years, and the price of the home. For those that are eligible this is a great option.
This should get any online savvy buyer a start and a reference as they muddle through the buying process. You don't have to be Einstein to figure out how to buy a home but being educated and going into the process armed with knowledge will be a blessing.
Related Posts:
1st time homebuyer toolkit - Updated
Wow, you should get an award for this post. Awesomely put together and very well thought out. Great work. You should have put this in one of Byrant contest blogs.
Good luck and I hope this helps with your business.
O great blog.
Hi Kris,
Thanks for the Kudos!! I'm hoping that I can add to this, make it even better, and then use it as an online resource for my clients.
Donna- Thanks for the Kudos!!
Bonnie - You are such a talented writer! The flow chart sounds fantastic!!! Clients love pictures/visuals!!
Sure Kate,
I hope your clients find it beneficial. I know my clients do!!
Tracy.... I agree with Ken Stampe that this should have been featured. Even the good ones fall through the cracks. It's good to still see you around here because I remember first e-mailing you the end of last year, I think.
In any case, thank you very much for the mention and great post.
Tracy,
This is Great! I read an article this weekend about Lulu, where you can publish your material in a book form.....then order 1, 2 or as many as you need. In other words you should publish this!
Dick Beals
Good Consolidation of resources for putting things together. Definitely worth taking notes on this one.
Bonner
Thanks for the kudos. My clients have really enjoyed the benefit of this online resource and I use it over and over again! It's just about time I write an update w/more details...
Wow! I am so impressed with your points. I am from Benson/McGee's Crossroads Area. I am an ActiveRain newbie and I am excited about all the helpful information. Love this post. I am going to bookmark this one.
Thanks, I read several things I forgot first time buyers might not know about ...I'm going to make a point to bring their attention to these.
Tracy, although we don't use attorneys here in Arizona, you have presented some very valuable information for first time home buyers. I have bookmarked for future reference. Thank you.
Great post. There is a wealth of info here. Thanks!
Great job Tracy! Leave it to an FM'er to pull it off. Beats the 25 page booklet I've been sending out. You've inspired me.
Thanks Leigh! I appreciate the kudos!
Great post, lots of ideas, I'll be reading for awhile.