LISA: WE ARE BACK AND I'M LISA SCHAFFNER YOU ARE WATCHING HOW TO BUY A HOME THE RIGHT WAY

Size: px

Start display at page:

Download "LISA: WE ARE BACK AND I'M LISA SCHAFFNER YOU ARE WATCHING HOW TO BUY A HOME THE RIGHT WAY"

Magdalen Polly Harper
5 years ago
Views:

1 LISA: WE ARE BACK AND I'M LISA SCHAFFNER YOU ARE WATCHING HOW TO BUY A HOME THE RIGHT WAY IN THIS PARTICULAR SEGMENT WE'RE GONNA TAKE A LOOK AT WHAT YOU SHOULD KNOW ABOUT WORKING WITH A LENDER AS WELL AS A REAL ESTATE AGENT. JOINING ME RIGHT NOW IS LADONNA CRUSE, SHE'S WITH THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY. VHDA. AND NOW WE'VE ALREADY TALKED ABOUT EDUCATION ON HOME OWNERSHIP. WE'VE TALKED ABOUT PERSONAL FINANCES NOW WE'RE UPTO THE REAL ESTATE AGENT AND THE LENDER. BOTH VERY CRUCIAL IN THIS PROCESS. WHICH ONE SHOULD COME FIRST, IN TERMS OF MY APPROACHING AS A NEW HOME OWNER? TALKING TO A LENDER? OR TALKING TO THAT REAL ESTATE AGENT? LADONNA: EASY, TALKING TO THE LENDER FIRST. LISA; ALL RIGHT, LENDER. HOW DO I FIND THAT LENDER?

2 LADONNA; WELL, ONE OF THE WAYS TO FIND A LENDER IS THROUGH VHDA'S WEBSITE. WE HAVE A GREAT LENDER SEARCH. IT HAS A LISTING OF VHDA APPROVED LENDERS THROUGHOUT THE STATE. ANYONE VISITING THAT SITE CAN SORT THAT LIST BY CITY OR COUNTY. AND THEREFORE THEY CAN FIND A LENDER IN THEIR AREA. LISA: OK, AND YOU KNOW WHEN YOU TALK ABOUT A LENDER IN MY AREA, WHAT ARE SOME THINGS THAT I SHOULD BE ASKING MYSELF? YOU KNOW, WHO'S A GOOD LENDER FOR ME? I HAVE NO IDEA. DO I GO TO THE PERSON WHO HAS A LOW INTEREST RATE? OR SOME BODY WHO'S IN THE NEIGHBORHOOD? OR IN THE CITY? OR, HOW DO I FIND A GOOD FIT? LADONNA; RIGHT. WELL, ONE THING YOU NEVER WANT TO SHOP BY INTEREST RATE ALONE. LISA; REALLY? LADONNA: REALLY! LADONNA:THERE ARE TOO MANY FACTORS TO CONSIDER THEN, TO SHOP BY INTEREST RATE ALONE.

3 LISA: AH...SO THAT'S A BAD THING? LADONNA: THAT S A BAD THING. LADONNA; SO, ONE OF THE THINGS THAT WE DO GO OVER IN OUR HOME OWNERSHIP EDUCATION WORKSHOPS, IS SOME OF THOSE QUESTIONS THAT YOU'RE ASKING NOW. AND THAT IS WHAT ARE WE LOOKING FOR IN A LENDER. LISA: WHAT WOULD BE THE MOST IMPORTANT THING THAT YOU WOULD INDICATE, THAT WOULD BE SOMETHING I NEED? IF I'M NOT LOOKING AT INTEREST RATES, WHAT SHOULD I BE LOOKING FOR? LADONNA: IT'S A GOOD IDEA TO, YOU KNOW, LOOK AT LOCAL, YOUR LOCAL BANKS AND YOUR LOCAL CREDIT UNIONS AS WELL. IF YOU ALREADY HAVE AN ESTABLISHED RELATIONSHIP WITH THEM THEN YOU MAY WANT TO SPEAK TO THEM ABOUT A MORTGAGE LOAN, AS WELL. LISA: AND, IF YOU DONT HAVE AN ESTABLISHED RELATIONSHIP WITH ANYTHING... I WOULD GUESS, THAT TALKING WITH NEIGHBORS, RELATIVES, OTHER

4 FRIENDS OF WHO THEY'VE DELT WITH AND HAD SUCCESS, WOULD BE ANOTHER GREAT WAY TO FIND A LENDER THAT'S A COMFORTABLE FIT? LADONNA: ABSOLUTELY. LISA: ALL RIGHT. I'VE GOT MY LENDER. I THINK I'VE GOT MONEY. AND THAT LETS ME KNOW HOW MUCH MONEY I HAVE TO SPEND, I WOULD GUESS AS WELL? LADONNA: WELL BY VISITING THE LENDER FIRST, YES, YOU WILL GO THROUGH THE APPLICATION PROCESS AND GET PRE-APPROVAL. AND THAT WAY YOU WILL KNOW HOW MUCH HOME YOU CAN AFFORD, BEFORE SHOPPING WITH THAT REAL ESTATE AGENT. LISA:ALL RIGHT, GET ME TO THAT REAL ESTATE AGENT. HOW DO I FIND A GOOD REAL ESTATE AGENT? WHAT AM I LOOKING FOR? BECAUSE THAT'S AN IMPORTANT RELATIONSHIP, YOU'VE GOT TO BE ABLE TO TALK. LADONNA: IT IS. IT IS.

5 THE BUYER AND THE REAL ESTATE AGENT. THERY'RE GOING TO WORK REALLY CLOSELY THROUGHOUT THE HOME BUYING PROCESS. THESE TWO INDIVIDUALS WILL NEED TO ESTABLISH A GOOD WORKING RELATIONSHIP. SO A LOT OF TIMES IT'S GREAT TO, MAYBE TALK AGAIN, TO FAMILY, FRIENDS AND CO-WORKERS, ESPECIALY THOSE WHO HAVE RECENTLY PURCHASED. AND ASK THEM ABOUT THEIR RELATIONSHIP WITH THEIR REAL ESTATE AGENT. LISA: WHAT ARE SOME OF THE THINGS THAT I SHOULD BE COMMUNICATING WITH MY REAL ESTATE AGENT. IN TERMS OF WHAT I WANT IN A HOME, HOW BIG...LOCATION...GIVE ME AN IDEA OF SOME OF THE OTHER THINGS. LADONNA: SOME OF THE OTHER THINGS WOULD BE, IF IT'S IMPORTANT TO YOU TO BE IN A CERTAIN SCHOOL DISTRICT. WHICH IS SOMETIMES IMPORTANT TO MANY INDIVIDUALS. ALSO, IF YOU WANT A GARAGE, OR SOME OF THE OTHER FEATURES

6 THAT YOU MAY WANT TO HAVE IN A HOME AS WELL. LISA: NOW, WHEN IT COMES TO THAT REAL ESTATE AGENT, WHAT ARE SOME THINGS THAT PERHAPS, I SHOULD BE GETTING RED FLAGS... MAYBE IT'S NOT A GOOD FIT, IF THEY'RE TRYING TO PUSH A LOCATION DOWN YOU, OR, SUGESTING OTHER AVENUES THAT YOU DON'T FEEL COMFORTABLE WITH WHAT ARE SOME SIGNS THAT YOU MAYBE KNOW THAT IT'S NOT A GOOD FIT? LADONNA: THOSE ARE DEFINITELY RED FLAGS, THOSE ARE DEFINITELTY RED FLAGS. BUT, THE MAIN THING IS THAT IF THAT REAL ESTATE AGENT IS LISTENING TO YOU. THEY SHOULD DEFINITELY BE TAKING YOU INTO YOUR PRICE RANGE, NOT ABOVE YOUR PRICE RANGE. THEY SHOULD BE LISTENING TO YOUR NEEDS, IF YOUR NEEDS ARE THAT YOU WANT TO BE IN A CERTAIN SCHOOL DISTRICT AREA, THEN THEY SHOULD BE TAKING YOU TO THAT DISTRICT AREA. SO YEAH.

7 LISA: HOW LONG SHOULD THE PROCESS WORK? SO LET'S SAY THAT I'VE BEEN WORKING WITH THIS REAL ESTATE AGENT... AND WE'VE BEEN WORKING FOR MONTHS, AND I STILL HAVEN'T FOUND THE PERFECT HOME, IS THAT A SIGN THAT I SHOULD GO TO SOMEONE ELSE? LADONNA; WELL IT COULD BE TWO THINGS. IT COULD BE THE REAL ESTATE AGENT. IT COULD BE THE HOME BUYER. LISA; AHH...WHAT AM I NOT DOING RIGHT. LADONNA: YEAH, THE HOME BUYER MAY HAVE A WISH LIST THAT'S......JUST A LITTLE BIT...A DREAM LIST. AND THEREFORE THEY MAY NEED TO BE A LITTLE BIT MORE FLEXIBLE, AND UNDERSTANDING ABOUT THE THINGS THAT THEY CAN ACTUALLY AFFORD TO GET IN THEIR PRICE RANGE. SO, IT'S NOT ALWAYS THAT THE REAL ESTATE AGENT IS NOT FINDING YOU A GOOD HOME. THEY MAY NOT BE FINDING YOU THE HOME THAT YOU THINK

8 THAT YOU CAN AFFORD IN THAT PRICE RANGE. WITH ALL OF THE THINGS THAT ARE ON YOUR WISH LIST. LISA: NOW IF YOU GO INTO A HOME AND YOU SAY, WOW, THIS IS THE VERY FIRST ONE THAT YOU WALK INTO, LADONNA: RIGHT. LISA: I REALLY LIKE THIS, THIS IS THE ONE I WANT. SHOULD YOU GO FOR IT? OR SHOULD YOU REALLY TAKE A LOOK AT SOME OTHER THINGS AND OTHER OPPORTUNITIES THAT MAY BE...IN YOUR PRICE RANGE, IN THAT COMMUNITY. LADONNA: THERE'S NOTHING WRONG WITH GOING FOR THAT FIRST HOME, IF YOU WALK INTO IT AND YOU GET THAT FEELING THAT THIS IS THE HOME FOR ME. THAT IT'S MEETING YOUR NEEDS AND IT'S MEETING SOME OF THE WANTS THAT YOU HAVE IN A HOME. BUT I WOULD DEFINITELY ALSO SUGGEST TAKE THE TIME TO LOOK AT A FEW OTHER PROPERTIES, AS WELL. AND, LIKE I SAID, MOST OF THE TIME PEOPLE END UP COMING BACK TO THAT FIRST ONE IF IT GAVE THEM THAT TYPE OF FEELING.

9 LISA: NOW WHEN YOU RE GOING TO LOOK FOR A HOME IS IT IMPORTANT TO LOOK, IF YOU ARE MARRIED, THAT YOU'RE LOOKING AS A COUPLE, AND WHAT ABOUT THE KIDS? SHOULD YOU TAKE CHILDREN ALONG WITH YOU AS WELL? IS THAT A FAMILY DECISION OR DOES THAT MAKE THINGS TOO COMPLICATED? AND FREAKS OUT THE REAL ESTATE AGENT? LADONNA: NO, IT SHOULD DEFINITELY BE A FAMILY DECISION. LISA: REALLY LISA: REALLY, EVERYBODY SHOULD GO ALONG. LADONNA: WELL, I DON'T KNOW IF EVERYBODY SHOULD GO ALONG BUT WHEN YOU RE SITTING DOWN AND MAKING THAT WISH LIST, THAT IS WHAT I WAS TALKING ABOUT, THAT'S A GOOD TIME TO BRING IN THE CHILDREN. SO THAT YOU CAN KIND OF GET A GOOD FEELING OF REALLY WHAT'S IMPORTANT AS A FAMILY. AND THEN, IT'S A BUSINESS TRANSACTION, SO YOU MAY JUST WANT TO DO THE SHOPPING PART OF IT WITH THE HUSBAND AND WIFE.

10 WHEN YOU GET IT NARROWED DOWN, BRING THE CHILDREN THEN. LISA: BRING THE CHILDREN THEN. LISA; ALRIGHT LADONNA WE'VE GOT A FEW MORE QUESTIONS. DON'T GO ANYWHERE YET BECAUSE WE NEED TO TAKE A VERY SHORT BREAK. AND WHEN WE COME BACK, LADDONNA IS GONNA TELL US HOW TO GET READY FOR SOME VERY CRUCIAL STEPS IN THE HOME BUYING PROCESS. IT'S CALLED THE HOME INSPECTION AS WELL AS THE LOAN CLOSING. STAY WITH US.

Buying and Holding Houses: Creating Long Term Wealth

Buying and Holding Houses: Creating Long Term Wealth The topic: buying and holding a house for monthly rental income and how to structure the deal. Here's how you buy a house and you rent it out and you