First time home buyer and I’m Closing on a house at the end of January at the age of 21 god is good🙏🏼 just got done with paying for the appraisal today still need home inspection and closing cost. Goodluck to everyone
I’m looking at buying my first house in 6-9 months. I didn’t know where to get started and this video very much helped me get an idea of how to go about it. Thank you.
you are wonderful never had anyone explained it so well i used to have the agent license a life time ago 🤭 but only work as property manager. i am buying a home and wanted to make sure i remember the process… thank you!
If I say you’ve been awesome it’s an understatement! You really covered every ounce of it with simplicity and professionalism 😊 I’m glad I found out about your Chanel, can’t thank you enough!
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
My CFA, Rebecca Noblett Roberts, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. I must say, Rebecca appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Thank you so much for this. I thought I would have questions in the end but you literally covered everything I was concerned about. Now on to your video on debt to income ration because that was an issue I ran into a few years ago when looking into purchasing a home.
Thank you so much for making this video! My husband and I are in the beginning staging of looking for a home and your video has been super insightful. I really appreciated the fact that you broke down what percentages we need in order to have our finances aligned. Thank you for not gate keeping this information :)
Man, that couple can basically afford a mobile home nowadays, lol. Thank you so much Nicole for your valuable content, I have watched many of your videos and they are all so so well detailed and you keep it interesting as you provide great information.
My advise is when you get a home inspection, be there with them and ask a lot of questions if need be. When I purchased my home I was encouraged to be there by the inspector.
Hello! Great video which credit burea score will they be looking at? And how long is the process?do I hire my own home inspector? Or realtor helps with it
If appraisal comes back higher, then how or why do we need to negotiate with the lender again? We are looking into buying our first home and we don’t know much.
Your step-by-step guide to buying a first home in 2024 is a lifesaver! 🏡💡 Excited to learn every detail, from financial planning to closing the deal, especially with expert tips for the current market.
How can people save that much money, I’ve worked my whole life and living is just so expensive I don’t understand how people can afford to save 6-7% of a house 😫
Live with family is most ppl way to save. But the issue here is, ppl most common mistake is they don’t save while they live with their family. I’ve lived with my family for 33 years, I could have saved more but I try to not be too frugal as it takes away quality of life. I saved up $115k In California.
My current lease is up in 4-5 months. At this point I check all the boxes except for the down payment. And honestly I’m not going to be able to save up $25k in 4 months. What options do I have? I’m done wasting my money on rent. 23. Single. 2+ years employment. good credit. Roughly 75k at the moment
I’d recommend saving what you can but also looking at down payment assistance programs. Depending on how your income compares to the median income in your area, there may be state down payment assistance you qualify for. Another option is the USDA loan! If you are buying in a city with 30,000 or less people, you can use it to buy with no downpayment. I have videos about it on my channel ☺️
Can you not move back in with you're parents for just a few months,? house share with friends?. Yeah you don't rent, no future, no security, financing other people's lifestyles.
If the agents are splitting the commission, why wouldn’t the buyers agent also try to get you to pay more ……. If The sellers agent has to split it with your agent …..????
Technically, the agents don't split commissions. The sellers agent and it's brokerage collects all the commission. But as an incentive to draw in customers, they'll offer to split their share of commission with a buyers agent if they can successfully bring a buyer. It's better for a buyers agents to get a smaller commission for a house his client can afford than collect nothing for trying to hike up the price. In addendum, buyers agent are contractually obligated to their clients best interest. Here's an obligation from the exclusive buyers agency form "exercise reasonable skill and care for BUYER, and promote the interests of BUYER with the utmost good faith, loyalty and fidelity unless acting as a Transaction Broker, or as a Disclosed Dual Agent..."
This was an amazing video and I’m not a first time buyer! We are about to list our current house this spring and buy our third home most likely “forever” home. Any pointers for sellers or not first time home buyers?
Thanks so much for watching! I'm happy to hear you still enjoyed the video. 😊 As a seller/buyer come 2024, my biggest advice is to give yourself ample time and keep an active eye on the market! The best time to buy next year may not align with the best time to sell. Making sure that you have a fantastic agent by your side to assist you with figuring out timelines will be of utmost importance!
Is it cheaper to buy a fixer upper? Or just get pre approved for a loan To buy a abandoned, fix upper ? What the best way to go it’s 2024. I’m thinking dis year I’ll become a first time home buyer
I think at one point or another everyone contemplates buying a fixer upper! (I blame hgtv and the diy videos😅) In all honestly, fixer uppers are not glamorous. Because of the fixing needed, usually they are difficult to finance meaning you need the cash up front to buy them and fix them. If you have cash and are very handy, they can be a great option, it really just depends on your goals and tolerance! ☺️
Thank you! This was a very detailed video and explanation. what are the things i need to look for or do during the loan if i get a contract with a lender but i would like to keep putting more money when i can besides my monthly house payment throught out the years? lets say my house payment is $2500/ month but if i ever have some extra money add additional money without having problems with the contract.
I’m curious why the appraisal process would come after you submitting an offer? If that’s the case, wouldn’t you always run the risk as a buyer of offering too much versus what you can actually get a loan for? Is there a way to have the appraisal come before submitting an offer?
Great question, Matthew! There are a few reasons why the appraisal comes after the offer. First, the appraisal costs time and money. Usually appraisers will have 10 days to get these completed and are $500+. It would be risky to have a house appraised if you are not under contract because in the amount of time you have spent waiting for the appraisal to come back, another buyer could have made an offer and had it accepted. This would essentially make the appraisal you were waiting for useless. Now with that said, there are some ways that the risk of overpaying is mitigated. As a buyer’s agent, I’m never going to take the seller or listing agent’s word for what a home is worth. If you were my client and wanted to make an offer on a property, I would run a report of comparable sales for us to discuss and we would use that information to craft your offer. Comparable sales are also what an appraiser will be looking at when the appraisal is completed. As long as you reference the “comps” you shouldn’t be overpaying. In my years in real estate and hundreds of transactions, I think I’ve only had a low appraisal once or twice. Hope that info helps! Let me know if there’s anything else I can clarify! ☺️
@NicoleNark Hey, Upon the appraisal if the home value is more than 15% and we made down-payment of 5%. Does that mean we have already built an equity of 20% and avoid the mortgage insurance in FHA? you response is appreciated!
Thank you for the helpful video. 🙋♀️✅A quick question I have is, if your pre-approval expires (since it’s only valid for 60 to 90 days) and you have to file a renewal of your pre-approval, would that affect your credit score again?
Question: I’m planning to buy a house at another state, therefore, how is my realtor help me look for houses? I was under the impression that I would visit the other state and my realtor will take to see different houses during my stay let’s say a week to look for houses. However according to what you’re saying is I’ll be looking online and/or go visit houses on my own, if this is the case, what is the realtor getting a commission for if I’m basically doing all the work? 🤔
Great question! When buying out of state, your realtor plays a crucial role even if you're browsing online. They help narrow down options, provide local insights, and guide you through the process remotely. While you might visit houses on your own, their expertise ensures you make informed decisions. The commission covers their expertise, negotiations, and overall support, making the long-distance homebuying process smoother for you.
I'm so glad you asked this! 😊Overall, I agree with everything that Clare said above. When I work with clients moving in from another state the process usually goes as follows: 1. We do an initial phone or zoom consultation so that I can learn what you are looking for and understand your motivations. We usually knock out the buyer agency paperwork at this time. 2. I will send homes to you that meet your criteria. 3. If you decide to travel into town to view homes, we will spend that time looking at properties together. If unable to travel in, I personally will handle showings via facetime or zoom. 4. Once we find the perfect home for you to make an offer on, we proceed with all of the remaining steps outlined in the video! Overall, in terms of work load involved the process is pretty similar whether your feet are on the ground as a buyer or you decide to go through the buying process remotely. Hope that helps! Let me know if there's anything else I can help clarify!
@@NicoleNark thank you Nicole for taking the time to reply to my questions. I just wanted to be clear on the process when purchasing out of state. By the way, I enjoy your videos very much, however,I’m have to admit it gets a little overwhelming for me. Thank you again!
@@SCSC-qz7rr you are so welcome! I TOTALLY understand the overwhelming feeling. The good thing is, you are doing your homework on the front end. It may not feel like it now, but learning all of this is going to make the process go so much smoother for you and you will be WAY ahead of other home buyers ☺️
What’s the deal with a new construction home ? Can they go down on price or usually stead fast on terms. Also me and my wife have roughly $14,000 cash on hand and a house that we are you to sell that we are not living in that’s approximately worth $25,000-$30,000. Our credit is about 740 for us both. Our drive is about 46. What do you recommend? Our first time as home buyers.
Hi Nicole, you talked about the inspection and the seller's option to reject proposed repairs. If they do reject them, can you retract your offer if you are not willing to move forward giving the extra cost for repairs?
You will receive a loan estimate early on with estimated figures of what you will be looking at. You will get the final numbers 3 business days before your closing on your closing disclosure!
A mortgage broker brings buyers and lenders together by acting as an intermediary between the two. Working with a mortgage broker can help if you want to shop around without the hassle of contacting multiple lenders on your own. On the flip side, a real estate broker (or realtor broker as you referred to it) is what I am. Real Estate Brokers have brokers licenses which allows them to oversee other real estate agents if they wish. In order to become a real estate broker you have to have first been a realtor for a few years and have reached certain benchmarks in your career. 😊
Thank you for this video. Now I do have a question. When we do the inspection on the house, does the inspector also check for pest? Or do we also need to get a pest control inspection?
Hey Krysta! Great question, in most cases a termite inspection and clearance will be done by a pest company if you are buying in a termite prone area. The regular home inspector isn’t necessarily trained in pests but will likely make note if they see an infestation or nest of some kind!
What if you're looking for something with specific needs that aren't super common in the area? Would there be a time limit once your loan is approved and you have a realator?
Your loan pre-approval will likely be good for 90days without an additional credit check. If you are looking for something that doesn’t come up often, it’s a good idea to give yourself ample time to find it and work with an agent that’s well connected!
To my knowledge there isn’t a cap as to how much extra you can bring. Just know that if you bring extra, the title company will immediately cut you a check for the difference. There isn’t a way for them to apply that extra to your principal balance for example!
Hi Nicole! love love your content ❤ first home buyer - would you recommend the rocketmortgage for someone who is willing to pay more than 25% of downpayment with an excellent credit history?
Hey there! ☺️ I say, fill out an application with them and see how their loan estimate compares to others. With a larger downpayment and excellent credit, the lenders will fight for your business so it’s a good idea to shop around and apply with a few!
That’s a good idea in theory but may not be practical. Home inspections typically cost $350+ per house depending on your market. You wouldn’t want to spend that money without having the home under contract because you risk someone else coming in and swooping it up before you can.
Hi! So I was in the process of getting my condo ready to put up for sale last month. Painting etc... I met with my realtor, she provided me with a sellers net estimate. In the mean time, I had a water leak issue coming in my kitchen from the unit above me. It's now been 3 weeks and still not fixed. The management company sent out a plumber twice now. They found the issue was from the drain stack which is also causing water leaks in the other unit above. I'm waiting to hear when the contractors will be out here to fix this issue. I'm told by the contractors they will need to cut into my wall to tear down my kitchen cabinet's, counter top and my beautiful glass back splash :( So my question is, once this is all fixed and my kitchen is repaired and back in place, do I have to disclose the water leak I had to potential buyers? Thank you so much!
Hey Jennifer! You should disclose the water leak when you sell. Most buyers will not see the leak from a drain stack as a bad thing since that can happen with any multi-story building. It’s always best to be upfront and honest. Make sure to mention that the leak was repaired and your unit was put back by the property management company.
When getting pre-approval for a loan does the lender give you an amount that you are approved for or do you apply for a certain amount in your price range that you are shopping for. & once you get approved for a certain amount is it flexible ( example does the lender tell you okay you are approved for a 150k loan or do they tell you, you're approved for a loan between 120k to 150k & that makes it easier to shop different price ranges?)
Great question!! When filling out a loan application, you might see the lender asking how much you want to get approved for. Understand that this is just a baseline. It’s helpful for the lender to know upfront of you are looking for a $100k loan vs a $1mil loan. Regardless of what you enter in your application, after reviewing your finances your lender will be able to tell you what your maximum approval is for.
Also what you're approved could be different from what you can afford. Personally, we were approved for a 250k loan but we knew we could not afford that payment. We settled for a 190k home.
In your offer to buy a house, you can offer to pay what's called an "earnest money". It's non obligatory and not required but offering to pay it will make your offer stronger as it shows commitment. If your offer is accepted, the earnest money must be paid within typically 3 days. If not, the seller has the option to back out. If the earnest money is paid and you back out for reasons not in the contract, you'll lose the money. If you back out because of inspection, appraisal or mutual agreement, you'll get your money back. The "money down" Is due at closing. (The earnest money you paid is part of the money down).
They can if your balance is high! To understand how lenders factor them into your loan approval, check out my Debt To Income (DTI) video. I explain it in detail ☺️
Am I still considered a first time buyer if I current inherited a house? I am in the military, I live in another state as the inherited house and I have given my next base assignment in another state. Just seeking guidance. Thank you for all that you do.
Hey there! If your name is listed on the title, you would not be considered a first time home buyer. Being in the military, definitely look into the VA loan! It’s a great $0 down option ☺️
The order on those two is really inter-changeable. I have been promoting getting connected with an agent first because they usually have good info on lenders!
![BRASIL vs. URUGUAY [1-1] | RESUMEN | ELIMINATORIAS SUDAMERICANAS | FECHA 12](http://i.ytimg.com/vi/-hWBAuxF1eY/mqdefault.jpg)
First time home buyer and I’m Closing on a house at the end of January at the age of 21 god is good🙏🏼 just got done with paying for the appraisal today still need home inspection and closing cost. Goodluck to everyone
And very helpful video you hit it spot on step by step, wish I would have saw this video before!
So excited for you!! 🥳
I hope to be doing the same soon!
Been a pretty stressful process but it’s been going smooth just waiting on the surveyor to mark my boundary.
@@brizzle3903 you can do it!!!
I’m looking at buying my first house in 6-9 months. I didn’t know where to get started and this video very much helped me get an idea of how to go about it. Thank you.
Glad it was helpful! ☺️
how has it been
How has getting your first house been?
I am a Realtor! I am impressed with how well you explained everything. Great job! 👏
I appreciate it!
Can you make a video for buying a home as a first time home owner in California ? It’s soooo rough in Cali .
you are wonderful
never had anyone explained it so well
i used to have the agent license a life time ago 🤭 but only work as property manager. i am buying a home and wanted to make sure i remember the process…
thank you!
Thanks for watching!! ☺️ I’m so glad you found my video helpful
If I say you’ve been awesome it’s an understatement! You really covered every ounce of it with simplicity and professionalism 😊 I’m glad I found out about your Chanel, can’t thank you enough!
Wow, thank you! I appreciate you taking the time to watch. Lots more is coming soon😊
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
My CFA, Rebecca Noblett Roberts, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. I must say, Rebecca appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Hey Nicole, thank you so much for taking the time of day to guide us through home buying for us new home buyers!! ❤xoxoxo
Very thorough explanation of the process. Video randomly popped up, usually I keep scrolling but was hooked the whole time 😊
Wow thank you so much for the positive feedback. I’m happy to hear your found my video insightful ☺️
How long does a approval last, and how early should you get with realtors and loans approved.
Thank you so much for this. I thought I would have questions in the end but you literally covered everything I was concerned about. Now on to your video on debt to income ration because that was an issue I ran into a few years ago when looking into purchasing a home.
So glad you found the video helpful Ashley! 💕☺️
You make this so easy to understand, thanks for the clarity!
Hi Nicole! Love the video it was very informative and easy to understand all the steps. I am planning on buying my 1st home.
thank you so much for putting this video out here. I will be buying my first home next year and this has answered soooo many questions I've had.
Great video! What camera and lens are you using? You're looking sharp! I love it
EDIT: I see camera gear list.. Thanks for sharing
Very useful stuff Nicole. Thank you for all that you do to educate those of us wanting ot optimize our knowledge in real estate.
You are so welcome!🤗
You give great insights on appraisal and negotiating, also the condition of the home
Thank you!
Thank you so much for making this video! My husband and I are in the beginning staging of looking for a home and your video has been super insightful. I really appreciated the fact that you broke down what percentages we need in order to have our finances aligned. Thank you for not gate keeping this information :)
Glad it was helpful! Please let me know if you have any additional questions. I’m happy to help in any way I can ☺️
This is golden information -- thank you! And yes, I would very much like to watch a video about how to draft an offer.
Thanks for watching! And you got it ☺️
Very helpful! Thank you so much :)
Best video I’ve seen on this topic. Thank you.
You are so welcome!! Happy to hear you found it helpful ☺️
I really enjoyed the video and got good picture of what is coming down the road.
Happy to hear that! Thanks for watching ☺️
Man, that couple can basically afford a mobile home nowadays, lol. Thank you so much Nicole for your valuable content, I have watched many of your videos and they are all so so well detailed and you keep it interesting as you provide great information.
I would like to see your thoughts in a video regarding terms and offers.
Thanks so much for this detailed guide! Your tips on saving and finding a great realtor were super helpful!
Thank you! This was a very detailed video on the house buying process. One of the best videos I've seen on this topic so far.
Thanks! I’m glad you think so! ☺️
My advise is when you get a home inspection, be there with them and ask a lot of questions if need be. When I purchased my home I was encouraged to be there by the inspector.
Hello! Great video which credit burea score will they be looking at? And how long is the process?do I hire my own home inspector? Or realtor helps with it
SO helpful to have it all laid out like this. Thank you so much for putting this together!!
If appraisal comes back higher, then how or why do we need to negotiate with the lender again? We are looking into buying our first home and we don’t know much.
Yes I’m buying my first home this year!
How exciting! You are already on the right track by educating yourself about the process
Thank you! This was so helpful and clear.
Glad it was helpful! ☺️
Yes! Definitely a video on making an offer
You got it!
Your step-by-step guide to buying a first home in 2024 is a lifesaver! 🏡💡 Excited to learn every detail, from financial planning to closing the deal, especially with expert tips for the current market.
Thanks Clare! 😊 I appreciate it and would love to connect with you!
Sharing with my clients/customers because this is wonderful! ❤🎉
Thank you so much! 💕
Thanks! My closing date is April 11th 🙏🏽
I’m so excited for you Tiesha!! 🎉
Good morning Nicole. Are you a realtor in Florida?
Super good clarification !! Thanks so much !!
You're an Asset to real estate. Keep it up!
Thank you very much, I appreciate that!
Very informative...Thank you!
Question: if a buyers agent is paid a commission on the total sale of the house, wouldn’t they be motivated against the buyers interest?
Very helpful. But I'm more stressed. Didn't know I haf to go "shopping" for lender. I applied w/my bank and got approved in 30 minutes or so.
How can people save that much money, I’ve worked my whole life and living is just so expensive I don’t understand how people can afford to save 6-7% of a house 😫
Same here😢how????!!
They started young. Never faltered. Had one shot. But you can do it. The next goal would be to pay it off before retirement
Let Amazon keep working like sears f around and find out
Live with family is most ppl way to save. But the issue here is, ppl most common mistake is they don’t save while they live with their family.
I’ve lived with my family for 33 years, I could have saved more but I try to not be too frugal as it takes away quality of life. I saved up $115k
In California.
Super helpful video! First time buyer here looking at a Lennar home in Land O Lakes. This video is very encouraging!
So happy to hear that! ☺️
❤ This video was GOLD 🥇 so many gems thanks so much!
You are so welcome!! Glad you found it helpful ☺️
This video was extremely helpful!!! Thank you!
You are so welcome! I’m happy to hear that you found it helpful ☺️
My current lease is up in 4-5 months. At this point I check all the boxes except for the down payment. And honestly I’m not going to be able to save up $25k in 4 months. What options do I have? I’m done wasting my money on rent. 23. Single. 2+ years employment. good credit. Roughly 75k at the moment
I’d recommend saving what you can but also looking at down payment assistance programs. Depending on how your income compares to the median income in your area, there may be state down payment assistance you qualify for.
Another option is the USDA loan! If you are buying in a city with 30,000 or less people, you can use it to buy with no downpayment. I have videos about it on my channel ☺️
Can you not move back in with you're parents for just a few months,? house share with friends?.
Yeah you don't rent, no future, no security, financing other people's lifestyles.
As a european the differences in this process are very interesting to see.
What are the main differences you noticed?
If the agents are splitting the commission, why wouldn’t the buyers agent also try to get you to pay more ……. If The sellers agent has to split it with your agent …..????
Technically, the agents don't split commissions. The sellers agent and it's brokerage collects all the commission. But as an incentive to draw in customers, they'll offer to split their share of commission with a buyers agent if they can successfully bring a buyer.
It's better for a buyers agents to get a smaller commission for a house his client can afford than collect nothing for trying to hike up the price.
In addendum, buyers agent are contractually obligated to their clients best interest. Here's an obligation from the exclusive buyers agency form
"exercise reasonable skill and care for BUYER, and promote the interests of BUYER with the utmost good faith, loyalty and fidelity unless acting as a Transaction Broker, or as a Disclosed Dual Agent..."
It happens for sure.
@@tsheejkoothank you!!!!
This was an amazing video and I’m not a first time buyer!
We are about to list our current house this spring and buy our third home most likely “forever” home. Any pointers for sellers or not first time home buyers?
Thanks so much for watching! I'm happy to hear you still enjoyed the video. 😊 As a seller/buyer come 2024, my biggest advice is to give yourself ample time and keep an active eye on the market! The best time to buy next year may not align with the best time to sell. Making sure that you have a fantastic agent by your side to assist you with figuring out timelines will be of utmost importance!
@@NicoleNarkcan you do one with how to do a listing process and when is the right time to list a home
Thank you
Thank you for sharing knowledge
One stop shop video ❤ you are great !
Is it cheaper to buy a fixer upper? Or just get pre approved for a loan
To buy a abandoned, fix upper ? What the best way to go it’s 2024. I’m thinking dis year I’ll become a first time home buyer
I think at one point or another everyone contemplates buying a fixer upper! (I blame hgtv and the diy videos😅) In all honestly, fixer uppers are not glamorous. Because of the fixing needed, usually they are difficult to finance meaning you need the cash up front to buy them and fix them. If you have cash and are very handy, they can be a great option, it really just depends on your goals and tolerance! ☺️
Thank you! This was a very detailed video and explanation. what are the things i need to look for or do during the loan if i get a contract with a lender but i would like to keep putting more money when i can besides my monthly house payment throught out the years? lets say my house payment is $2500/ month but if i ever have some extra money add additional money without having problems with the contract.
You will want to look out for a pre-payment penalty! No need for you to get punished for putting more money towards your home ☺️
I’m a realtor and this is great information!
I love all the info you provided . My only question is should I as a buyer get a attorney for closing thanks Rick
What is Ernest money? When is that used. What if house appraised for more than selling proce. Can seller blackout or change selling of home
I am closing on my new home on July 15th and the appraisal agent is go to double check that the seller fixed what needed to be fixed
Appraisers will do that when there are appraisal required repairs!
I’m curious why the appraisal process would come after you submitting an offer? If that’s the case, wouldn’t you always run the risk as a buyer of offering too much versus what you can actually get a loan for? Is there a way to have the appraisal come before submitting an offer?
Great question, Matthew! There are a few reasons why the appraisal comes after the offer.
First, the appraisal costs time and money. Usually appraisers will have 10 days to get these completed and are $500+. It would be risky to have a house appraised if you are not under contract because in the amount of time you have spent waiting for the appraisal to come back, another buyer could have made an offer and had it accepted. This would essentially make the appraisal you were waiting for useless.
Now with that said, there are some ways that the risk of overpaying is mitigated. As a buyer’s agent, I’m never going to take the seller or listing agent’s word for what a home is worth. If you were my client and wanted to make an offer on a property, I would run a report of comparable sales for us to discuss and we would use that information to craft your offer. Comparable sales are also what an appraiser will be looking at when the appraisal is completed. As long as you reference the “comps” you shouldn’t be overpaying. In my years in real estate and hundreds of transactions, I think I’ve only had a low appraisal once or twice. Hope that info helps! Let me know if there’s anything else I can clarify! ☺️
@NicoleNark Hey, Upon the appraisal if the home value is more than 15% and we made down-payment of 5%. Does that mean we have already built an equity of 20% and avoid the mortgage insurance in FHA?
you response is appreciated!
Superb explanation!
Thank you so much! Glad it was helpful! 😊
Thank you for the helpful video.
🙋♀️✅A quick question I have is, if your pre-approval expires (since it’s only valid for 60 to 90 days) and you have to file a renewal of your pre-approval, would that affect your credit score again?
Question: I’m planning to buy a house at another state, therefore, how is my realtor help me look for houses? I was under the impression that I would visit the other state and my realtor will take to see different houses during my stay let’s say a week to look for houses. However according to what you’re saying is I’ll be looking online and/or go visit houses on my own, if this is the case, what is the realtor getting a commission for if I’m basically doing all the work? 🤔
Great question! When buying out of state, your realtor plays a crucial role even if you're browsing online. They help narrow down options, provide local insights, and guide you through the process remotely. While you might visit houses on your own, their expertise ensures you make informed decisions. The commission covers their expertise, negotiations, and overall support, making the long-distance homebuying process smoother for you.
I'm so glad you asked this! 😊Overall, I agree with everything that Clare said above. When I work with clients moving in from another state the process usually goes as follows:
1. We do an initial phone or zoom consultation so that I can learn what you are looking for and understand your motivations. We usually knock out the buyer agency paperwork at this time.
2. I will send homes to you that meet your criteria.
3. If you decide to travel into town to view homes, we will spend that time looking at properties together. If unable to travel in, I personally will handle showings via facetime or zoom.
4. Once we find the perfect home for you to make an offer on, we proceed with all of the remaining steps outlined in the video!
Overall, in terms of work load involved the process is pretty similar whether your feet are on the ground as a buyer or you decide to go through the buying process remotely. Hope that helps! Let me know if there's anything else I can help clarify!
@@mortgagewithclare thank you for your reply, it helps a lot.
@@NicoleNark thank you Nicole for taking the time to reply to my questions. I just wanted to be clear on the process when purchasing out of state. By the way, I enjoy your videos very much, however,I’m have to admit it gets a little overwhelming for me. Thank you again!
@@SCSC-qz7rr you are so welcome! I TOTALLY understand the overwhelming feeling. The good thing is, you are doing your homework on the front end. It may not feel like it now, but learning all of this is going to make the process go so much smoother for you and you will be WAY ahead of other home buyers ☺️
What’s the deal with a new construction home ? Can they go down on price or usually stead fast on terms. Also me and my wife have roughly $14,000 cash on hand and a house that we are you to sell that we are not living in that’s approximately worth $25,000-$30,000. Our credit is about 740 for us both. Our drive is about 46. What do you recommend? Our first time as home buyers.
Do you need all cash for an all cash offer ?
Hi very interesting video.
Is now a good time to buy a house in New jersey?
House prices are skyrocketed.
Once you get pre approved how long is that good for?
Usually 3-4 months!
usually 60-90 days based on lender.
Fist time buyer, looking for a house to buy.
Where you from?
I would like to get more info.
Do we need buyer agent for new build houses or it's ok with direct purchase from new bulders
Should I hire a realtor near the area which I plan to buy. Giving im buying in another neighbors state
Hi Nicole, you talked about the inspection and the seller's option to reject proposed repairs. If they do reject them, can you retract your offer if you are not willing to move forward giving the extra cost for repairs?
Essentially, yes! You can terminate the contract if you can not come to terms on repairs with the seller
good stuff, although definitely would be a good idea to update it for July!
There will 100% be an update! Waiting just a little longer to see how public opinion may or may not change
HOW DO I SEE A LIST OF ALL THOSE NUMBERS BEFORE CLOSING ? the fees etc
You will receive a loan estimate early on with estimated figures of what you will be looking at. You will get the final numbers 3 business days before your closing on your closing disclosure!
What do you use to edit your videos? Thanks!
What is the difference of a mortgage broker and a realtor broker
A mortgage broker brings buyers and lenders together by acting as an intermediary between the two. Working with a mortgage broker can help if you want to shop around without the hassle of contacting multiple lenders on your own.
On the flip side, a real estate broker (or realtor broker as you referred to it) is what I am. Real Estate Brokers have brokers licenses which allows them to oversee other real estate agents if they wish. In order to become a real estate broker you have to have first been a realtor for a few years and have reached certain benchmarks in your career. 😊
Thank you for this video. Now I do have a question. When we do the inspection on the house, does the inspector also check for pest? Or do we also need to get a pest control inspection?
Hey Krysta! Great question, in most cases a termite inspection and clearance will be done by a pest company if you are buying in a termite prone area. The regular home inspector isn’t necessarily trained in pests but will likely make note if they see an infestation or nest of some kind!
Yes! How to make an Offer Video please!
You got it!
What if you're looking for something with specific needs that aren't super common in the area? Would there be a time limit once your loan is approved and you have a realator?
Your loan pre-approval will likely be good for 90days without an additional credit check. If you are looking for something that doesn’t come up often, it’s a good idea to give yourself ample time to find it and work with an agent that’s well connected!
Hey Nicole, I love all the information you share and your video set up as well. Do you mind sharing what video editing software you use? Thank you!
Thanks Wendy! I use Premier Pro ☺️
@@NicoleNark thank you!
Im planning on trying to buy a house in 2 years when should i start looking or getting a realtor? Im planning on moving in with my boyfriend
I would advise starting the process 3-6 months before you plan on buying!
Thank you for this all important information 💯.
You are so welcome! Glad it was helpful ☺️
Thank you for this informative step’s video! If you get to the closing step is there a cap on how extra funds you can bring above the CD amount?
To my knowledge there isn’t a cap as to how much extra you can bring. Just know that if you bring extra, the title company will immediately cut you a check for the difference. There isn’t a way for them to apply that extra to your principal balance for example!
Best way to check credit score online?
Great info girl!!!
How do I qualify for house loan for vacant that I purchased
Hi Nicole! love love your content ❤
first home buyer - would you recommend the rocketmortgage for someone who is willing to pay more than 25% of downpayment with an excellent credit history?
Hey there! ☺️ I say, fill out an application with them and see how their loan estimate compares to others. With a larger downpayment and excellent credit, the lenders will fight for your business so it’s a good idea to shop around and apply with a few!
Would it be better to get a home inspector to look at homes Im choosing before I choose a official home?
That’s a good idea in theory but may not be practical. Home inspections typically cost $350+ per house depending on your market. You wouldn’t want to spend that money without having the home under contract because you risk someone else coming in and swooping it up before you can.
Comprehensive video explained each step perfectly.
Glad you think so! Thanks for watching 🎉
You are welcome Nicole
Hi! So I was in the process of getting my condo ready to put up for sale last month. Painting etc... I met with my realtor, she provided me with a sellers net estimate. In the mean time, I had a water leak issue coming in my kitchen from the unit above me. It's now been 3 weeks and still not fixed. The management company sent out a plumber twice now. They found the issue was from the drain stack which is also causing water leaks in the other unit above. I'm waiting to hear when the contractors will be out here to fix this issue. I'm told by the contractors they will need to cut into my wall to tear down my kitchen cabinet's, counter top and my beautiful glass back splash :( So my question is, once this is all fixed and my kitchen is repaired and back in place, do I have to disclose the water leak I had to potential buyers? Thank you so much!
Hey Jennifer! You should disclose the water leak when you sell. Most buyers will not see the leak from a drain stack as a bad thing since that can happen with any multi-story building. It’s always best to be upfront and honest. Make sure to mention that the leak was repaired and your unit was put back by the property management company.
@@NicoleNark Ok, thank you so much!!💙
such a great video, thank you!
You're so welcome! 😊
When getting pre-approval for a loan does the lender give you an amount that you are approved for or do you apply for a certain amount in your price range that you are shopping for. & once you get approved for a certain amount is it flexible ( example does the lender tell you okay you are approved for a 150k loan or do they tell you, you're approved for a loan between 120k to 150k & that makes it easier to shop different price ranges?)
Great question!! When filling out a loan application, you might see the lender asking how much you want to get approved for. Understand that this is just a baseline. It’s helpful for the lender to know upfront of you are looking for a $100k loan vs a $1mil loan. Regardless of what you enter in your application, after reviewing your finances your lender will be able to tell you what your maximum approval is for.
@NicoleNark Okay gotcha thank you so much for your help!
Also what you're approved could be different from what you can afford. Personally, we were approved for a 250k loan but we knew we could not afford that payment. We settled for a 190k home.
At what point am I obligated to put money down?
At what point can I back out of purchase without loosing money?
In your offer to buy a house, you can offer to pay what's called an "earnest money". It's non obligatory and not required but offering to pay it will make your offer stronger as it shows commitment. If your offer is accepted, the earnest money must be paid within typically 3 days. If not, the seller has the option to back out. If the earnest money is paid and you back out for reasons not in the contract, you'll lose the money. If you back out because of inspection, appraisal or mutual agreement, you'll get your money back. The "money down" Is due at closing. (The earnest money you paid is part of the money down).
How long does all of this typically take beginning to end.
3-6months
If I could come to the negotiations with cash, do I by standard get a discount?
Not necessarily. Although it can make your offer appear stronger
Do student loans hinder the home buying process?
They can if your balance is high! To understand how lenders factor them into your loan approval, check out my Debt To Income (DTI) video. I explain it in detail ☺️
I love this video. Thank you Nicole 💜💜
You are so welcome! Thanks for watching ☺️
Am I still considered a first time buyer if I current inherited a house?
I am in the military, I live in another state as the inherited house and I have given my next base assignment in another state. Just seeking guidance. Thank you for all that you do.
Hey there! If your name is listed on the title, you would not be considered a first time home buyer. Being in the military, definitely look into the VA loan! It’s a great $0 down option ☺️
Amazing exposure and guide
Thank you 🙌 Glad you liked it!
I thought you are supposed to get pre approved first before hiring an agent? Or are those two interchangeable
The order on those two is really inter-changeable. I have been promoting getting connected with an agent first because they usually have good info on lenders!
And how many people can be on the loan?
Extraordinary Video as a buyer
Thanks a lot
You are so welcome!! Glad it was helpful 🥰