February 26, 2009
First time home buyer concerns & questions
I’ve recently had the pleasure of working with a young couple. They are first time home buyers and a bit fearful about “how does it all work?”
- They had concerns with “how much earnest $
- Who pays the broker?
- How much of a down payment will they need?
- Can down payment $ be a gift?
These two hardworking people had some very legitimate questions. As our first phone call progressed I discovered their budget was small, they are credit score challenged, (FHA loan vs. Conventional), they wanted to view homes in several areas, they did not have a home to sell and they didn’t have a lender in place. Because of my ABR (accredited buyer representative) training I was able to counsel & guide them onto the most prosperous path.
We were able to fine tune a lot of our initial obstacles by providing answers & solutions to all of their concerns.
- Earnest $ typically should be 3% of the purchase price, in some cases I’ve even seen as low as $500.00
- Normally the seller provides compensation
- Down payment can be as low as 3.5% - 20%
- Gift down payment – Yes, but there are guidelines
The group of homes that were our candidates were short sale homes, foreclosed homes and homes that were majorly distressed. We picked out the best ones and went shopping.
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Posted By: 
Mary Petersen
Tagged With:
abr,
foreclosed homes,
home buyer
and short sales
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Le Anne Stefanski said,
March 4th, 2009 at 05:25 PM
I recently purchased a home in Burlington, WI and was very lucky to have Mary Petersen as my real estate agent. I have purchased homes in the past, but this was the first time doing it as a single woman. This time around held a little more fear for me. Could I do this on my own, could I afford it? Mary, was there every step of the way. We met on a Saturday morning at the first home Mary wanted to show me. She was at the home before I arrived and was very knowlegeable about each home she showed me that day. She was very upfront and honest and ansewerd all my questions. The first day out with Mary I found the home I wanted to purchase. She advised me about lenders in the area, inspection companies and lawyers who could all help in the purchasing transaction. Mary advised I work with a local lender and even though I agreed, I was committed to a lender in Chicago. This proved to be a terrible experience for both Mary and myself. We got through it, but next time I will use a lender that is close by. Mary was on top of all our deadlines and kept me informed on how the purchase was progressing. I think we spoke everyday!! :) I closed on my home in late January of this year and am very happy there. Mary continues to stay in contact with me thru emails and phone calls. I will recommend her to anyone who wants to sell their home or is looking to buy. Mary, you are not a only a great real estate agent, but have come to be in my eyes, a good friend and I appreciate all you did in the purchase of "MY FIRST HOME". Sincerely, Le Anne