Buying your own home is the American Dream, especially once you get into your home. But the home buying process can be confusing and stressful, and the outcome can be costly and disheartening, unless you know what you are doing going into the purchase process.
This course is designed to give home buyers all the information they need to protect themselves and make smart decisions throughout the home buying process. This course is designed to make buying your home the fun and enjoyable process it should be.Anybody buying a home will benefit from this course as well as anybody new to the real estate industry including new real estate agents, loan officers or escrow officers. After taking this course you will understand what a home buyer needs to do to get the best home while protecting their interests as much as possible.
The value of this course for anybody planning to buy a home far exceeds the price of the course. The course will teach you how to get the home you want at the best possible price and how to renegotiate to save even more money after your property is already under contract. The instructor is also offering to help you find the best agent in your area. And in the end, if this course helps you get the home of your dreams, you couldn’t be thankful enough for having taken the course.
Here I discuss the two main groups of people who will benefit most from the course, people buying a home or people new to the real estate industry.
This is an important document for following along with the course and taking your own notes. The course is primarily video of the instructor explaining the home buying process. This document will allow you to take notes as you follow along with the lectures. So print this pdf document and take notes as you become educated on the home buying process.
In this lecture I discuss everything that is contained in the course and why. The course will include advantages of home ownership to consider when considering buying versus renting. The next sections cover the various steps in the home buying process in the order you should complete each task: get a good local real estate agent, sit down with the agent’s recommended lender, the offer process including pricing and terms, and how to handle a bank owned or a short sale property. Then once a property is under contract, what should be completed on day1 of the offer being accepted and how should you conduct your investigations. Investigations may also lead to further negotiations. And then the final steps before getting the keys to your new home.
This document outlines all the major steps involved in finding and purchasing your home. The value of finding a good local real estate agent is at the beginning is paramount. This agent will connect you with the right lender who will be able to recommend your maximum purchase price. And then you can seriously begin your search and be confident when you find the right home, you can qualify for the loan. The various activities and process which occur once your offer is accepted are also outlined on this flowchart. You should print this document and take notes on it as you take this course.
The instructor is a real estate agent with years of experience in the business as well as years of experience as an educator. Giving real estate advice can have legal and tax implications, but the instructor is not an attorney or certified public accountant. So he recommends seeking their advice for you final tax planning or any special legal issues. However, the course will offer great insight into how best to utilize your attorney or CPA if needed.
In this lecture I discuss the many benefits of homeownership relative to renting your home. Typically if people have owned their own home before, when they rent they feel awful about giving the landlord their money instead of investing the monthly house payment in their own future.
So the financial benefits are abundant and we go into all of them in this lecture. The personal benefits are also great. The security of knowing your house payment for many years to come and knowing that the landlord can’t kick you out with only 30 days notice is a great value. And the joy of nesting as you make your home yours is another great value.
In conclusion, if you can afford to buy, you will realize the smart thing to do is buy. As with many lectures you will see the importance of a local real estate agent recommending a good lender to speak with before you get too deep into the home buying process, because that lender will let you know if you can afford to buy and how much home you can afford to buy.
The primary component to any home search is a good local real estate agent. That local agent will know the best lender to connect you with so you will know how much home you can afford. The agent knows the neighborhoods and inventory so they can be sure to get you into the best home to fit your needs, desires and means. The agent will know the local customs regarding how offers are submitted and the terms of the offer. And the agent will know the best inspectors and other support personnel to assist you in thoroughly investigating your property and completing escrow efficiently and professionally. Your agent should be an extension of you: a local real estate expert working exclusively with your interests in mind. You will learn a lot from this course, but it will not teach all these local specifics that your professional local agent can bring to the property search and acquisition. Because the agent is such an essential part of your home search and purchase, the instructor is offering, at no additional cost to you, to find an excellent agent in your area for anybody who takes the course.
Occasionally buyers can afford to buy their home without getting a loan. Some buyers can’t get a loan because they don’t fit in the lender guidelines. If you can get a loan, it is a good idea because of the tax benefits associated with real estate loans.
When getting a loan, the lender will qualify the buyer and the home which is the asset securing the loan. But before a particular home is involved, the lender will look at buyer information to determine how much home the buyer can afford. The lender will primarily focus on three metrics of the buyers ability to pay the loan, the buyer’s credit score, the buyer’s income and the buyer’s down payment. These three factors will be used by the lender to determine how much home the buyer can afford. This will be essential for guiding what price range of homes are included in your property search.
Your local real estate agent will be able to recommend the best lender who is trustworthy, dependable and has a history of being able to fund loans that they approve.
Determining the offer price is one of the trickiest and important aspects of an offer to purchase a property. This lecture will discuss how to determine the market value of the property and then use this number with the listing price and various scenarios to determine how much to actually offer for the home you want to buy.
Determining the offer price is an important but definitely not the only part of the offer to purchase a home. The terms can protect the buyer and they can also make your offer look more appealing to the seller. So it is important to consider the many aspects of the terms.
Depending on the economy, bank-owned properties and short sales can make up a significant amount of the market and buyers need to be aware of the significant differences between buying a property from other individuals versus these two situations which have much more bank involvement. The bank-owned properties are also called foreclosures and REOs. The lecture will discuss the differences between submitting an offer to a bank and the bank addendum and bank bureaucracies. Short sales are another special circumstance where banks can take weeks and even months to approve or disapprove the short sale price.
The offer package is everything submitted by your real estate agent to the listing agent and the seller. In this section the option of the buyer submitting a personal letter is discussed and when it is the best times to use the personal, emotional letter to help you get your dream home.
Once the offer is accepted, your agent will need to get moving on several items in particular. You will also need to get your good faith deposit to escrow as soon as possible.
Investigations are an essential part of any home buying process and you can typically make the cost of the home inspection and more back when you renegotiate based on the results of the inspection.
Once all your contingencies are removed, everybody starts heading for the finish line. Sellers sign off on the deed. The lender sends the funds to escrow. And you sign off on the lender documents as well as other title and escrow documents. Then you all that is left is picking up the keys to your new home!
Trevor is an educator, real estate expert and consultant. He is the owner and broker of The Buyers Brokerage, a real estate brokerage dedicated exclusively to supporting the needs of real estate buyers. Trevor is also passionate about the great investment real estate offers for both home buyers and commercial property owners. His passion for the investment aspect of real estate has led him to develop software for investors to wisely analyze and understand the value of investment properties.
Before getting into real estate, Trevor received his Ph.D. in physical chemistry, and he has taught chemistry and physics for years, primarily at the university level. He has more recently channeled the years of experience as an educator into giving public presentations and teaching his real estate clients the ins and outs of buying real estate.
Trevor’s real estate clients have noted “he was very forthright and informative and answered all my questions clearly,” as well as “he made buying our home from out of state a seamless and stress free process.”
Trevor is excited to bring his vast experience as an educator and real estate expert together to teach the entire process of buying homes and investment properties, so people can truly enjoy buying their next home because of the clarity and understanding of the real estate buying process they can gain by taking his courses.