The EBA Way - A Better Way to Buy a Home

There are so many choices and so little time! The available inventory is constantly changing. To make the process as efficient and successful as possible, start by creating a feature/benefit list with your agent. List important features such as price, location, size, amenities, and style. Then prioritize your list. Using the information from this list, your agent will be able to customize a personalized property search for you and you will receive email listings whenever a home that matches your criteria becomes available.

You will be able to stay organized when your Buyers Advantage Group Realty agent provides you with a customized property listing website where you can keep the listings that interest you, rate them and make comments or ask for additional information, and you can even request a showing appointment right from the website. This is a very useful resource and helps you to communicate with your agent while staying organized.

If you enjoy visiting new home communities or open houses it is important not to disclose any personal or confidential information to the on-site agent who is representing the seller. The NC Real Estate Commission publishes a Working With Real Estate Agents brochure which sets out the different ways real estate agents work and explains their duties and loyalties. The current practice is for an agent to provide this brochure to prospective clients at first substantial contact but I believe this information should be available and understood before you ever talk to an agent. To preview, download and/or print the Working with Real Estate Agents brochure, Click Here (Please be patient as file downloads).

Today, many homebuyers begin their mortgage loan research on-line. The internet has an enormous amount of useful information but you will also find information that is out-dated and possibly incorrect. While the internet is a great resource, when the time is right, nothing beats sitting down, face-to-face, with someone. We encourage you to work with a local lender who is knowledgeable about the Fayetteville real estate market. We have established relationships with reputable local lenders who get the job done. They won’t tell you what you want to hear just to get your business and then attempt to change the terms on you when you are sitting at the closing table. Choosing the right mortgage loan officer is as important as choosing the right real estate agent. Choose wisely!

One of the best resources for prospective first time homebuyers is to attend a Home Buying Workshop sponsored by Cumberland Community Action Program. Call them at (910) 323-3192 ext 21 for information on the next workshop and for registration details. 

Pre-approval vs. Pre-qualified:

Loan pre-approval is different than pre-qualification. Pre-approval is based on verified financial information that you provide to a mortgage lender. You should get pre-approved before you ever start looking at homes. And, when you find the home of your dreams, that pre-approval will put in you the best position to negotiate. It is as if you are a cash buyer and sellers are more likely to favorably consider an offer if they know the buyer has already been pre-approved for a mortgage loan. 

We recommend that you talk with at least three mortgage lenders as you begin to research this step of the process. You may want to talk with the institution you are currently banking with. Another suggestion is to ask those you know about their experiences with lenders they have used. Finally, we encourage you to talk with at least one of our lender partners.

Once you have a list of  lenders, give each a call and set up an appointment to meet face-to-face to discuss your goals. Decide if he or she is someone you can connect with and if he or she is someone you have confidence in. Ask each lender for a “Good Faith Estimate.”  This will help you and your agent to compare their recommended loan products.

If, after talking with the lenders, you learn that you may not qualify for a mortgage loan at this time, don’t be discouraged. Begin taking the steps necessary to correct that situation and you will be ready to enter the housing market sooner than you thought.  The Cumberland Community Action Program, is also a great resource for debt counseling, so check them out.

Buying real estate today is a complex matter. You deserve assurance that the agent you hire will always have your best interest at heart and that you will have their undivided loyalty, 100% of the time. Only an Exclusive Buyer Agent can guarantee that. As EBA’s, Buyers Advantage Group Realty agents are committed to working exclusively with home buyers. We never accept listings and we guarantee there will never be a conflict of interest. Our clients are never asked to settle for less than 100% representation. 

What can you expect from your EBA?

• Assist in locating and evaluating suitable property
• Advice on proper purchase pricing strategy
• Negotiate the best contract terms for you
• Evaluate loan & financing options
• Facilitate inspections, home warranties, full disclosure, contract compliance and all closing activities

Contact Us Today to learn more.

It's no surprise that we are seeing increased numbers of first-time homebuyers interested in the Fayetteville real estate market. The $8000 tax credit is an attractive incentive. Naturally, we are seeing new clients who have recently married or graduated from school, or who are relocating to Cumberland County and who are looking at purchasing their first home. We are also seeing many long-time renters who recognize the current opportunity and want to make the shift from renter to owner. The key to success in any transition is planning. I thought it would be a good time to address some of the key steps to prepare for homeownership and today I will share the first step.

The first step is to determine if you are ready. There are two parts to answering this question.

Why you want to move? What do you hope to gain that you do not have now? Having clearly defined goals will help you and your buyer’s agent to focus on properties that will best meet your needs and this will save you time and energy.

Do you have the money? Your readiness will also be determined by your finances. You may have heard that you will need at least 5% down payment but did you know there are very good loan programs available that do not require any down payment. There are also down payment assistance programs available through the NC Housing Finance Agency and other city and county programs. Good credit is the key to being approved for any mortgage loan, however, so you will want to make sure that you are staying current with all of your monthly expenses. Homebuyers will also need to account for closing costs. These are the costs associated with closing the loan and include attorney fees, tax proration, homeowners insurance, etc. A knowledgeable agent can advise you on what area sellers are typically contributing to buyer’s closing costs and will be able to structure an offer that takes full advantage of those trends.

Come back soon and I will discuss Step 2, Choosing Your Real Estate Agent.