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A Beginner's Guide to Buying Your First Home
Rating: 4.1 out of 5(131 ratings)
7,007 students

A Beginner's Guide to Buying Your First Home

Learn how to buy a home in an American Live-Work-Play Community. Comes with Downloadable Home Shopping Checklists.
Created byJohn W. Tanner, J.D.|M.S.
Last updated 3/2017
English
English [Auto],

What you'll learn

  • Understand the current U.S. housing market.
  • How to choose home features that match with your desired benefits.
  • Overcome low valued appraisals.
  • Understand what home inspections are for and what is included in them.
  • Make strategic offers to avoid bidding wars.
  • Select the right real estate agent for your home buying process.
  • Consider alternative down payment options.
  • Understand the difference between a New York style closing and a California closing.

Course content

1 section • 11 lectures • 52m total length

  • Introduction5:10

    Explore the ten steps to buying your first home, from prequalification to closing, and learn to navigate loans, inspections, and down payment options with practical checklists.

  • Market Conditions3:17

    Explore market conditions for first-time buyers, including seven-year holding patterns, financing trends, home types, demographics, and barriers like student debt.

  • The Down Payment1:49

    Set a budget to determine what you can afford, plan an FHA loan with a 3.5% down payment and 3% closing costs, and consider gift funds and new construction incentives.

  • Getting Pre-Qualified1:42

    Learn how to get pre-qualified for a mortgage by comparing rates with your bank or lender, and prepare pay stubs, bank statements, tax returns or W-2s.

  • Finding a Real Estate Agent7:47

    Learn how to find and evaluate real estate agents using referrals, online research, and interviews. Understand local market data, neighborhood considerations, and how to negotiate favorable buyer's agent terms.

  • Neighborhood Selection4:45

    Explore how to choose a neighborhood that matches your lifestyle, considering amenities, walkability, and future equity, beyond location, with live-work-play developments and smart home features.

  • New Construction v. Existing Properties7:01

    Compare new construction and existing properties to balance upfront costs and long-term maintenance. Evaluate site, floorplan, energy efficiency, warranties, insurance, HOA fees, and renovation needs for a turnkey choice.

  • Home Selection: Features v. Benefits2:46

    Identify features vs benefits to differentiate wants from needs. Explore alternative options to meet objectives when buying your first home.

  • Bidding Wars and The Purchase Contract3:32

    Navigate bidding wars by evaluating fair market value, the list price sale price ratio, and the absorption rate to strategize offers in the purchase contract.

  • Dealing With Deal Killers: The Appraisal & The Home Inspection8:40

    Evaluate the appraisal and home inspection to avoid deal killers, and use bracketing, comp adjustments, or a second appraisal to negotiate value with the seller.

  • Closing the Sale5:47

    Close your home purchase with required documents and signatures in a California-style closing. Look for a certificate of occupancy or a clear to close as readiness to close.

Requirements

  • This is an entry level course providing an introduction to the American home buying experience.
  • No prior requisites are necessary.

Description

Learn about the ten basic concepts that you will need to understand when purchasing your first house, condo, or town home. 

  • Review of the current market conditions
  • Saving for a home and the down payment
  • Getting pre-qualified for a home loan
  • Finding a real estate agent
  • Choosing the idea neighborhood
  • New construction v. existing homes
  • Home selection: features v. benefits
  • Navigating through bidding wars
  • Dealing with deal-killers: the appraisal and the home inspection
  • Closing the sale!

Following the Home Buying Journey:

Move sequentially through the typical buyer's journey, from checking out home prices (market conditions) to saving for a down payment and applying for a loan at your local bank or online mortgage lender, to working with a real estate professional that will help you find your dream home, to closing the sale! 

Course Content:

This course includes 11 sessions of video presentations, teaching you each concept that you will encounter when shopping for a home loan, comparing new construction features and benefits versus the pros and cons of buying an existing home. You will learn what to review in a property appraisal and be presented with an overview of what the home inspection is (and why it's important). Lastly, with all of the "due diligence" duties complete, and the bank's final approval of your loan commitment, you'll be ready for the closing table!

In conclusion, by understanding these ten concepts, participating in this learning series will clear up much of the ambiguity surrounding the home buying process common among beginners and will help to improve the quality of your future home shopping experience.

Who this course is for:

  • This course is for anyone who wants to know how to buy their first house, condo, or townhome in the United States.

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