Several times a year I teach a First Time Homebuyer’s Class for WATCH CDC (www.watchcdc.org). This certificated course designed by CHAPA (www.chapa.org) runs for 10 hours and provides first time homebuyers comprehensive information to enable them to purchase a home with confidence. After teaching it for several years, I found there are two important things that all homebuyers must know.
First: Know how everyone you work with gets paid.
It’s not important to know how much they get paid, but know how they are compensated. Does your lawyer charge a flat fee for work done, or is she paid by the hour? Is your mortgage lender on salary, or does he receive more compensation if you borrow more money? Your real estate agent is paid a commission that usually comes from the seller. But does your buyer’s contract require you to pay the difference between the amount the seller is offering and what you’ve agreed to? It is very important to assure that you and the service provider are completely aligned.
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Second: YOU ARE THE BOSS!
Almost everyone lives in a home. And they all have opinions about what is best for you! While it doesn’t hurt to listen to advice, your friends and parents and lawyer and real estate agent don’t have to live in the house, nor are they responsible for your mortgage. What you should do is educate yourself. This takes some work on your part. Call multiple mortgage providers. There are a large variety of programs, one of which will be best for you. Interview several real estate agents. They are not all alike, either in competence or personality. Interview several real estate attorneys and home inspectors. You are about to make the biggest purchase of your life. Don’t hesitate about putting your needs first and making decisions about what is best for you. If you have any doubt about whether what you are doing is the right decision, take a breath and a moment to consider all possibilities. YOU ARE THE BOSS.
