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    First Time Homebuyer's Guide
    First Time Homebuyer's Guide
    First Time Homebuyer's Guide
    Ebook79 pages2 hours

    First Time Homebuyer's Guide

    By Allan Rentz

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    About this ebook

    This book is meant to provide you with all that you need to know when purchasing your first home. From deciding what you can afford all the way through the closing, this book is an excellent resource. You will be taken step by step through every aspect of the purchase process and provide you with more knowledge than many in the business! The book includes tips on how to quickly calculate what a mortgage payment will be on each home, what to take into account when deciding how much you can afford or want to afford, how to select a Realtor and mortgage professional and much more. The information in this book will insure that you are not taken advantage of and that you are in control as you progress from considering a purchase to the minute you have the keys in your hand. An invaluable resource!

    LanguageEnglish
    PublisherAllan Rentz
    Release dateOct 25, 2013
    ISBN9781311680716
    First Time Homebuyer's Guide

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      Book preview

      First Time Homebuyer's Guide - Allan Rentz

      First-Time Homebuyer's Guide

      By: Allan Rentz

      Smashwords Edition

      Copyright 2013 Allan Rentz

      This ebook is licensed for your personal enjoyment only. This ebook may not be resold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you're reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Introduction

      Buying a home for the first time is not nearly as complicated or frightening as it is made out to be. To listen to some experts, you would think that it is the most complicated process in the world and that you are taking the gamble of your life. True, it is a big investment but, as I will show you, not nearly as big as some make it out to be. The recent crisis in the housing market has exasperated people’s fears and driven the media into a frenzy of negative reporting and fear mongering. Of course all of this fear will be forgotten the next time a mildly positive report is issued by some government agency. Please remember that most numbers you hear reported in the media are meaningless. For the most part, real estate numbers and reports are not national topics. They are local topics that can’t be accurately discussed on a country-wide basis.

      In this age of the internet there is a lot of research you can do on your own and thus be more prepared when dealing with the various players you will come across in your journey to home ownership. I seek to add to that base of knowledge with real experience, a few anecdotal (and TRUE) examples and a history in the business. What I have to offer is a broad range of information on everything that goes into buying your first home. There are many minefields to navigate through and I seek to help you do so and make the experience as easy and painless as possible. I think I will also save you some time, money and frustration.

      I got into the world of real estate young. I obtained my real estate license at the age of 26 and soon acquired a second license in another state. I have worked in real estate for the past 13 years as an agent, mortgage broker, loan officer, banker and small time investor. I also went through all of the classes required to become an appraiser though I never ended up becoming licensed in this area. I have been present at countless inspections and have learned what problems with a house matter and what problems are not serious. I believe I have mastered the art of negotiation and I am proud to say I have never had a buyer come back and complain to me about the house they eventually purchased.

      The 13 years I have worked in this field have seen a number of ups and downs, swings in technology and a huge increase in a buyer’s access to information. These years have also seen the incredible rise in prices and the subsequent collapse. I have witnessed the formation of all the exotic mortgages, subprime mortgages and liar loans. I have seen people become rich just by buying a house and seen other people lose a ton of money buying at the top of the market. I have seen people cheat and lie to be able to buy a house that was way over their head and have seen others purchase homes at a price much lower than what their bank told them they could afford. I think I have seen it all from the different perspectives of Realtor, mortgage broker and banker.

      Having started so young, many sellers and second time homebuyers (upsizing or downsizing) were not comfortable working with me. Therefore, I dealt almost exclusively with first time buyers. I enjoy working with people new to the market and I have made that my specialty. I have left the world of banking and mortgages and now work exclusively as a Realtor. I am still in touch with all of the other areas I listed as they are obviously involved in every real estate deal.

      When I started things were a lot simpler for buyers: you saved your 10% - 20% down-payment, relied on a Realtor to show you homes and went to your local bank to apply for a 30 year mortgage. Simpler, yes but you were basically at the mercy of the professionals you dealt with. That reality morphed into a time when buyers in many areas had few choices and everything was rushed. A house would go on the market and sell the same day - sometimes with multiple offers within hours. Buyers were urged to buy fast and mortgage brokers sought to stick them into loans for homes they could not afford. After all, prices only go up, right? People buying from 2003 through the beginning of 2008 were constantly chasing the market and many of them got stuck. Now we are in a different world. Buyers are in control as the inventory of houses is enormous in most areas, there are many government mortgages available and information is plentiful. Add to that, interest rates are low. At the time of this writing a 30 year fixed rate mortgage can be had for about 4%. That rate versus a long term average of about 8%.

      I am going to take you through the basics and hopefully leave you armed with the facts to buy your first home with confidence, information and perspective. When you are done reading this book you will be ready to tackle to world of real estate and not be taken advantage of.

      I have told you a bit about who I am and the experience that I have. Let me tell you who and what I am not. I am not a house flipping real estate investor. I have not laced this book with self serving promotions or hidden advertisements. I have no hidden agenda. I am not the prototypical realtor one sees on television these days. I do not float around town in a Mercedes selling million dollar homes. I don’t think I have ever sold a house - I show houses, discuss options and steer people through the buying process once THEY have found the home they want. I never drop clients because they are not buying fast enough. If they are serious buyers I will work with them for as

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