Profile Of A First-Time Buyer
I had a lot of fun this past weekend helping an incredible young couple buy their first home.
Mike and Susie (names changed to preserve confidentiality) were referred to me by Susie’s mother, an old friend.
They met on e-Harmony a couple of years ago, have fallen in love, and were ready to purchase their first home.
Here’s how it all unfolded in textbook, perfectly-executed fashion:
- I referred them to Monica Davis at Countrywide Home Loans and Monica approved them for 100% IHFA financing within a matter of hours.
- We met for the first time last Saturday morning to look at homes and signed a Buyer Representation Agreement.
- Prior to our meeting, I thoroughly researched MLS for suitable properties up to $180,000 in the Meridian and West Boise areas.
- My MLS search quickly revealed an abundance of short sales and homes in obvious poor condition, which I confirmed by doing some previewing.
- The comments in the MLS listings (“dog named Hulk probably won’t bite”, “buyer must make offer before viewing property”, etc.) were enough to dissuade us from even looking at most of the listings, and we saw many discouraging properties before settling on one exceptionally-nice home.
- To their credit, Mike and Susie were decisive and made an offer on the home they liked best.
- The home had just been reduced from $179,900 to $176,900 and it had been on the market 82 days.
- It was listed by an experienced broker and I knew we had a good chance of making things work.
- We offered $176,900, asked the seller (builder) to pay up to $4,000 of their closing costs/prepaids, with a 14-day escrow.
- The seller accepted their offer (I think the pre-approved financing and fast closing clinched the deal).
- We locked Mike and Susie’s loan (at a rate lower than originally expected) and reserved funds with the lender Monday.
- We will close escrow on 3/31 and Mike and Susie’s payments will be roughly equivalent to what they would have paid to rent a similar home after you factor in the tax advantages of home ownership.
Best of all, they will be homeowners and not renters.
Are you a potential first-time buyer?
This same builder has other similar homes under construction.
Call me at (208)938-5533 Direct or e-mail me for details!
March 18th, 2008 Posted in Buyer Stuff, Inside Real Estate
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