Twin Cities North and East Metro | Wondering If You Can Buy Your First Home?

 

Are YOU facing the home buying dilemma? When is the right time to buy a first home in the North and East Twin Cities Metro? Funny thing is, there is no right answer. We are fortunate in the Minneapolis St Paul area. Homes are affordable for both single people and couples. There are abundant down payment resources available for Minnesota home buyers too. 

Today I would like to talk more about the topic: Wondering If You Can Buy Your First Home?

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage.
We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first-time buyer:

Bottom Line

You may not be much different than many people who have already purchased their first homes. Let’s meet to determine if your dream home is within your grasp.

Source: KCM Teri Eckholm Blog

 

READY to Make YOUR Move? It IS essential to have a knowledgeable agent at your side. If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of BOARDMAN Realty, a call at 651-336-7073 or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
 
Copyright 2018 terieckholm.com

Taking a First Step IS Hard!

Taking a first step is hard. No matter what you are attempting: Learning to ride a bike; Learning to swim; Learning to drive a car; Learning a foreign language. Even setting up an extensive vacation can be a challenge with hotel reservations, airline tickets, passports, car rentals etc. A while back, I had a REALTOR® friend ask me how to blog. I gave her quick rundown on how to get going fast, but her response gave me pause. Where can I take a class? Is there  a book? Last I heard, she was heading to the library and months later, still no blog.  

The First Step IS Hard--But doesn't have to be...

First time home buyers often feel this way too and it’s usually because they don’t know where to start. Many folks have only one experience with buying a big ticket item…a new car. And we all can remember how much “FUN” that experience was!  Buying a home should be easier!  Because when you purchase a house you have your own REALTOR® in your corner working for YOU! That used car salesman was working for his manager in the back office; the one who had to approve your offer. On a home purchase, I am with my client negotiating the counter offer.  What a vastly different experience than buying a car and the salesman leaves you alone in a cubicle with a cold cup of coffee waiting for an answer. 

First time home buyers who want to learn more about the process generally start by scouring the internet for answers. There is a load of information out there…but is it GOOD information? How does it relate to buying a Minnesota home? Will the programs outlined on the website visited work if you want to buy a home in Washington County, Anoka County or is it only for a specific area or state?
Often I am asked by friends and relatives where potential home buyers can take a class to learn more about buying a home. Most people need a class that will fit their schedule and get them out searching for their dream home very quickly.
Well, I will let you in on a little secret. First time home buyers do not need to sit in a class to learn to buy a house. There isn’t a class requirement to write a purchase agreement. If you want to learn the process, contact me. I can walk you through the process and put you on a fast track to purchasing your first home. This will enable you to take advantage of the extremely low interest rates that are available this fall too. As an experienced and professional REALTOR® with hundreds of extremely happy clients, I can educate you quickly on the process of buying your first home and at NO out of pocket cost to you!

Ready to take the FIRST Step? Request your**FREE** HOME BUYER SUCCESS PACKAGE. As soon as I receive your information, I email your guide to download.  Plus if you have any additional or immediate questions, feel free to call me.  I’m happy to help!

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of BOARDMAN Realty, a call or visit my website  FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
 
Copyright 2015 www.terieckholm.com

Payment Assistance for First Time Home Buyers in Minnesota

Summer is almost here and wouldn't it be wonderful to enjoy a barbeque in your OWN backyard? Interest rates are still very good but what if you don't have a down payment? If you are thinking of buying a home in Ramsey County, there might be a chance to make your dream home a reality. First time home buyers in Ramsey County have amazing, but often overlooked opportunities with first time buyer funds. If you qualify under the specific qualifying guidelines you could take advantage of down payment assistance and access to newly remodeled homes in Ramsey County. It is very important to find a loan officer or mortgage broker that knows all the details of the programs to take advantage of these unique opportunities.

Minnesota Down Payment Assistance

There is an excellent program for down payment assistance available in the Ramsey County area. Ramsey County includes the communities of St. Paul, Maplewood, Roseville, Shoreview, New Brighton, Little Canada, North St Paul, Vadnais Heights and White Bear Lake. The Minnesota Housing Finance Agency offers a program called StartUP which can be used for either up to 3% or $3,000 worth of assistance. This StartUP down payment assistance is a second mortgage on your home but has no interest and requires no payments until you pay off the home. One of the unique features of the funds in this program is that it can often be used in addition with other assistance programs.

Down Payment Assistance through Ramsey County

Ramsey County offers another great down payment assistance option for Minnesota first time home buyers up to $10,000. The FirstHome assistance program can be used with many loan programs such as VA, FHA, and conventional loans. The program can also be used with the StartUP assistance from Minnesota Housing if you qualify. Like all other programs Ramsey County has certain qualifications that the Ramsey County first time home buyer must meet. Meeting with an loan officer familiar with the program for your pre-approval is essential as they can help you determine if you are eligible for the Ramsey County FirstHome program.

Neighborhood Stabilization Program in Ramsey County Qualified homebuyers also have an opportunity to purchase newly remodeled and rehabilitated Ramsey County homes. These homes are amazingly updated and give the first time homebuyer a perfect start to home ownership. They are reserved only for first time buyers that meet the income guidelines outlined by the Ramsey County program. Several of these homes come on the market every year in communities throughout the county.

Homebuyer Classes are Required in Ramsey County

Most of these programs for down payment assistance will require that you attend a class for first time home buyers called the Home Stretch Workshop. Don’t worry…these are not like high school classes. There is no test at the end. They are fun and very informative.

You will need to plan for a full day of classroom training. There are many dates available to accommodate home buyers schedules including evenings and weekend options. Verify that the workshop you register for will satisfies both the state and local community program guidelines if you are using more than one program. 

Ramsey County down payment assistance programs can be used with a variety of mortgage loans. Most typically they would be used with an FHA loans to help with the 3.5% down payment. However, if you already have a sizable down payment but need some help getting to 20% down to eliminate the need for mortgage insurance, it is possible these programs could help if you meet the income restrictions.  If you are a veteran, these programs can also work with a VA loan if you meet the qualifications.

Information about Ramsey County

Ramsey County is one of the eleven counties in the Minneapolis/ St Paul metropolitan area. It is the home to the state capital of Minnesota, St. Paul. With a population of over 500,000 it is one of the most densely populated counties in the state if not the entire U.S. First time home buyers  in Minnesota can benefit from the Ramsey County First Home program with down payment assistance up to $10,000.

First Step In Buying a Home: Get Preapproved!

For most Minnesota first time buyers the next question is, where do I start? Your very first step towards buying your first home is to get pre-approved for a first time buyer's mortgage. Contact me and I can direct you to a local loan officer that understands and is approved to work with these special programs. Your mortgage partner will counsel you through the pre-approval process and help determine which programs you will qualify for. Once you know exactly how much you qualify for, we can start a home search in a price range with payments well within your budget.

 
Copyright 2014 www.terieckholm.com

Real Estate Word of the Day for the First Time Homebuyer is Appraisal

First Time Homebuyer Real Estate Word is Appraisal

On a rerun of the TV game show, Cash Cab, a carload of New Yorkers were stumped when asked  to define the acronym, FSBO. This is a term often used in real estate to describe people who sell their home without an agent or "For Sale By Owner". As a REALTOR® I was a bit surprised they couldn't come up with the correct answer but then I  remembered of all the times a look of confusion came over a buyer’s face when I mentioned escrow funds and earnest money. These terms sound so much alike when being bombarded with new terminology like, mortgage, deed, easement, appraisal, and association dues, etc. It is understandable that a buyer who is more interested in room sizes and kitchen counters to be confused with the everyday real estate jargon like down payment or cash to close. Buyer confusion is totally understandable because most people will only buy a home once or twice in a lifetime.

FSBO is only one of many terms that could possibly confuse a First Time Homebuyer. So I thought a glossary of real estate terms might be helpful. From time to time I present terms often used by REALTORS® in a series of posts for the first time homebuyer with explanations. This way you can skip buying that big “how to buy a house” book or attending that First Time Homebuyer Class and have a quick resource at your fingertips. I am continuing the series with Today’s Real Estate Term:

Appraisal An appraisal is the process of assessing a value to a parcel of real estate. A real estate appraiser is an independent 3^rd party who will assess the property and prepare a valuation report. This is most often ordered by the buyer’s lender and paid for by the home buyer to verify the amount the buyer is requesting for the mortgage is not more than the current value of the home. The appraiser will try to find three to six comparable homes that have been sold in the last few months to compare to the subject home. The process involves comparing the size, structure, age and features of the subject home/land to the comparable sold homes to determine an appraised value.

An appraisal is similar to a market analysis performed by a real estate agent but it does differ in several key ways. A real estate agent does a market analysis at the request of a seller to determine the best price to list a home. It will take into account homes that are currently listed for sale but an appraisal will not. Appraisers are often licensed and trained to do a precise, detailed value analysis while the market comparison done by a real estate agent is used to determine a price. While an appraiser will charge a fee of several hundred dollars to appraise a property, most real estate agents do not charge a fee to provide a market analysis of a home. A market analysis can be a cost effective way for a homeowner to get value of their home if offered for sale but this document is not acceptable to verify value for a mortgage.

Copyright 2013 www.terieckholm.com

First Time Homebuyer’s Word of the Day is Earnest Money

In an episode of Cash Cab, a television quiz show that takes place in the back seat of a New York City taxicab, a family was stumped by the acronym, FSBO. This is a often term used in real estate to describe a person selling their home by owner (For Sale By Owner). As a REALTOR® I was a bit surprised that such a simple term I use everyday would be unknown to so many. But then it got me thinking of all the times a glazed look came over a buyer’s eyes when I talked about escrow or earnest money. These can easily be confused with other real estate and mortgage terms like down payment or cash to close. It is totally understandable because most homebuyers do not buy houses everyday.

There are so many terms that could possibly confuse a First Time Homebuyer that I thought an online glossary of real estate terms might be helpful. So I have an ongoing series of posts for the first time homebuyer with explanations of the most often used (and sometimes confusing) real estate terms. This way you can skip buying that big “how to buy a house” book or attending that First Time Homebuyer Class and have a quick resource at your fingertips. Today’s Real Estate Term is:

Earnest money The funds that a buyer submits with their offer or purchase agreement to demonstrate to the seller their seriousness about buying the property. It should be an amount sufficient enough to indicate to the seller that the buyer will not walk away from the deal without good reason. It is not the same as a down payment. If your offer on the home is accepted, the earnest money check will be cashed and placed into a broker’s trust account. The funds will go toward the purchase price of the home.

Copyright 2012 terieckholm.com

First Time Homebuyer’s Real Estate Word for Today is Earnest Money

It may be hard to believe that the acronym FSBO could stump a game show contestant. But in an episode of the Emmy award winning television show, Cash Cab, a taxi full of New Yorkers couldn't come up with the answer. FSBO is a often term often used in the real estate world to describe a person selling their home by owner (For Sale By Owner). As a REALTOR® I was surprised that such a simple term I use everyday would be unknown to so many. But then it got me thinking of all the times a glazed look came over a buyer’s eyes when I talked about escrow or earnest money. These can easily be confused with other real estate and mortgage terms like down payment or cash to close. It is totally understandable because most homebuyers do not buy houses everyday.

There are so many terms that could possibly confuse a First Time Homebuyer that I thought an online glossary of real estate terms might be helpful. So over the next few weeks I am going to have a series of posts for the first time homebuyer with explanations of the most often used (and sometimes confusing) real estate terms. This way you can skip buying that big “how to buy a house” book or attending that First Time Homebuyer Class and have a quick resource at your fingertips.  

Today’s Real Estate Term is:

Earnest money The funds that a buyer submits with their offer or purchase agreement to demonstrate to the seller their seriousness about buying the property. It should be an amount sufficient enough to indicate to the seller that the buyer will not walk away from the deal without good reason. It is not the same as a down payment. If your offer on the home is accepted, the earnest money check will be cashed and placed into a broker’s trust account. The funds will go toward the purchase price of the home.

Copyright 2012 Teri Eckholm

Minnesota Homebuyers Targeted with Grant Deed Scam

Does a Minnesota Homeowner need copy of Grant Deed?

I received an email late in the evening earlier this week from one of my clients regarding a letter they had received in the mail. Sherry and her fiancé had bought a home this past fall and received this letter strongly urging them to purchase a grant deed for their files. My clients are very educated but the wording was strange and so they began to question their instincts…Did they need this “grant deed and property file” as the Record and Retrieval Company of Champlin was suggesting?

The short answer is no.

My clients were right to contact me before parting with $87 of their hard-earned money for what is just above a scam in my book. My first instinct screamed “SCAM” as real estate professionals rarely use the term “grant deed” in Minnesota (but it does make it sound official doesn’t it?) At a closing, my clients receive all of the documentation they required regarding the purchase of their new home from their closing agent. She creates a file with all of the signed paperwork and places it is a storage folder with the business cards of their closer, loan officer and REALTOR® attached. The closer then files the deed at the county. Now, should my clients ever require a copy of the deed to their home, they can visit the county offices and purchase a copy directly for a very nominal fee (i.e. significantly less than $87!)

This “scam” of selling inexpensive documentation for a high fee started making the rounds in Minnesota early this year according to the Minnesota Better Business Bureau. The MN BBB refer to this offer as “shady” rather than an out-an-out scam. Shady or scam, it is not a good deal and not something a homeowner needs to keep on file. My suggestion, if you receive a letter from the Record and Retrieval Company of Champlin, file it directly in the recycling bin!

Copyright 2012 www.terieckholm.com

First Time Homebuyer’s Real Estate Word for Today is Short Sale

First Time Homebuyer Word of the Day Short Sale

As a Minnesota REALTOR®, I have received many calls in recent weeks from excited first time homebuyers and/or their parents as they assist their children looking for a first house. A lot has changed since dad and mom bought their first home a decade or so ago so are many questions.

A few days ago a call came from an excited first time homebuyer who has been scouring the internet for the perfect property at the ideal price. He calls and wants to set up some showings for the homes he has found. With a quick email, he forwards a list of a half dozen MLS listings and I bring up an array of his dream homes. With five of the six properties, there is an agent note that indicates the home is in short sale. When I pass on the information, I hear a puzzled silence and pause.

What exactly is a Short Sale?

Even after the abundant media coverage of the mortgage crisis over the past few years, many people still do not understand exactly what a short sale is....And more importantly, how it affects the home buying process. In a nutshell, a short sale is when the seller owes more on the home than it can be sold for in today’s market. In order to sell the home and avoid a possible foreclosure, the homeowner must ask the bank to take a loss on the sale by approving the purchase at the lower value. It is also know as a pre-foreclosure home and can be a way for a homeowner to avoid being foreclosed upon if they can no longer pay their mortgage.

Why should a homebuyer care if a home is in short sale? When a homebuyer writes and offer on a short sale home, the offer is submitted with earnest money to the property owner selling the home just as in any other real estate transaction. The sales price and terms are negotiated and agreed upon by the homeseller who then signs the purchase agreement. But the agreement is contingent upon the bank who holds their home mortgage agreeing to accept less money than is owed on the market to clear the title for sale. Some larger banks have hundreds, if not thousands, of these files waiting for short sale approval. It is normal to wait 12-16 weeks for an answer from the bank.  Adding to the problem, many sellers will have more than one mortgage on their home and therefore more than one bank will be involved in the approval process. In some cases, the purchase price might cover enough for the first bank to receive most of its money back so it will be willing to approve the sale. But the second bank, who is in a subordinate position, will get nothing and not approve the deal. It can be frustrating for a home buyer to wait for a closing to be scheduled when there is no guarantee as to  when the bank (or banks) will respond.

How does a short sale compare to a foreclosure? In a foreclosure, the bank has taken back the home from the owner. The seller is now the bank and homebuyers along with their agents, deal directly with the bank when an offer is written. A bank representative did not reside at the home so cannot fill out a disclosure with information about the condition of the home. While negotiations are easier and much faster, buyers must accept the risk and purchase the home in as-is condition. While it is always recommended to have a home inspected, it becomes extremely important to be diligent and inspect everything thoroughly when buying a bank owned property.

Copyright 2012 www.terieckholm.com

It's No Trick--Here's a Halloween Real Estate Treat!

Real estate closings can be fun this time of year and not just because there is a big bowl of candy on the closing table. In Minnesota, when a home is sold by a traditional seller to a new home buyer, all parties sit down in the same room during closings as all the paperwork is done at the same time. After all the signing is done, the closers leave the room to make copies of the documents and to prepare the checks from the final settlement. During this time, sellers often pass over the keys and explain some idiosyncrasies of the home, Often these expected concerns like how to change the code for the electronic door opener or where the water shut off is located. Buyers will question what day the trash is picked up and what the schools are like.

But just before Halloween, the questions and necessary information traded between the seller and the new homeowner become a little more festive. New homeowners from neighborhoods big and small often want to know how many kids are in the neighborhood and consequently, how many bags of candy will be needed. One time an Anoka County seller in a very small neighborhood noted that the 6 year old next store had already come over and let it be known that she prefers Reese's Pieces. Since the little girl was missing a front tooth, the seller made sure to add the necessary lisp for effect. It is good to share a light-hearted moment after all the stress of buying/selling is complete!

Have a festive, fun and safe HALLOWEEN!

Copyright 2011www.terieckholm.com

First Time Homebuyer’s Real Estate Word for Today is Appraisal

First Time Homebuyer Real Estate Word is Appraisal

In a past episode of Cash Cab, an Emmy award winning television game show that takes place in a NYC taxicab, a carload of contestants were struggled to define the acronym, FSBO. This is a term often used in the real estate world to describe a person selling their home by owner (For Sale By Owner). As a REALTOR® I was a bit surprised but then I started to remember of all the times a look of confusion came over a buyer’s eyes when I mentioned escrow or earnest money. These terms sound so much alike when being bombarded with new terminology like, mortgage, deed, easement, appraisal, and association dues, etc. It is understandable that a buyer who is more interested in room sizes and kitchen counters to be confused with the everyday real estate jargon like down payment or cash to close. Buyer confusion is totally understandable because afterall for most people, buying a home is a once or twice in a lifetime experience.

This is only one of many terms that could possibly confuse a First Time Homebuyer so I thought a glossary of real estate terms might be helpful. For the past several weeks I have presented terms often used by REALTORS® in a series of posts for the first time homebuyer with explanations. This way you can skip buying that big “how to buy a house” book or attending that First Time Homebuyer Class and have a quick resource at your fingertips. I am continuing the series with Today’s Real Estate Term:

Appraisal An appraisal is the process of determining the value of a parcel of real estate at a particular point in time. A real estate appraiser is an independent 3^rd party who will assess the property and prepare a valuation report. This is most often ordered by the buyer’s lender and paid for by the home buyer to verify the amount the buyer is requesting for the mortgage is not more than the current value of the home. The appraiser will try to find three to six comparable homes that have been sold in the last few months to compare to the subject home. The process involves comparing the size, structure, age and features of the subject home/land to the comparable sold homes to determine an appraised value.

An appraisal is similar to a market analysis performed by a real estate agent but it does differ in several key ways. A real estate agent does a market analysis at the request of a seller to determine the best price to list a home. It will take into account homes that are currently listed for sale but an appraisal will not. Appraisers are often licensed and trained to do a precise, detailed value analysis while the market comparison done by a real estate agent is used to determine a price. While an appraiser will charge a fee of several hundred dollars to appraise a property, most real estate agents do not charge a fee to provide a market analysis of a home. A market analysis can be a cost effective way for a homeowner to get value of their home if offered for sale but this document is not acceptable to verify value for a mortgage.

Copyright 2011www.terieckholm.com

My Headache Today Can Help Homebuyers Avoid One in the Future!

Don’t you hate when you forget the simple things? Like this morning, I have all my vitamins and allergy medications set out to take first thing when I wake up but today I realized at noon, I hadn’t taken them. No biggie…except for the generic Allegra that keeps away sinus headaches. By lunchtime it was too late and the headache had already started. Oh well, it won’t last for too long.

This reminds me of a rather expensive headache that a homebuyer could experience if they don’t take care of the simple things in a timely manner. Filing for homestead is a very simple process. It is a matter of taking the paperwork to the county offices prior to December 31 and dropping it off. It doesn’t even cost anything. But it does take a bit of time out of your crazy moving-in day.

The closer often cautions the buyer to head to the county offices immediately but moving day is busy. Some buyers, especially in the summer months, will opt to wait a few days, or weeks. After all, they have MONTHS before the paperwork has to be filed.

This can be a bad choice. Remember I said moving day is busy right? It is also a very confusing time with boxes, bags and furniture being unloaded. Paperwork can be misplaced and forgotten but unlike my allergies, forgetting to file homestead means a bigger headache (i.e. higher property taxes). And, unlike my headache, this cannot be resolved in a matter of hours. The higher taxes will last an entire year!

So remember to file the homestead paperwork as quickly as you can after closing on your new home and avoid that HUGE tax headache!

Copyright 2011 www.terieckholm.com

Friday Fun--Which Home in the Hundred Acre Wood would be YOUR Choice?

Okay all you homebuyers out there....Just imagine for one moment that you were going to buy a home in the Hundred Acre Wood (you know that wonderful place where Winnie the Pooh and all his pals hang out). Let's pretend that Pooh and all his friends have decided to put their homes up for sale. Whose home would you choose?

• Eeyore's? I'd avoid this one. An A-Frame built of sticks without a proper foundation that a butterfly could knock down in a second isn't worth consideration.
• Gopher's? Though Gopher's actual home is never shown, it would appear to be underground. Underground, earth berm homes lack the curb appeal necessary for most buyers.
• Owl's? The tree Owl's house is built in doesn't seem to support the weight of the home. On a very blustery day, the whole thing could be blown down.
• Pooh's? Now at first glance, Pooh's place looks sturdy but I'd question the upkeep of a home maintained by a bear of very little brain. When a homeowner cannot even take down the name plaque of the previous owner, Mr. Saunders, it is doubtful that he would have the ability to do the upkeep on the interior. Besides when the rain, rain, rain came down, down, down, much of it ended up inside Pooh's house.
  
• Rabbit's? Now Rabbit was a character that really took care of his property! He always seems to have a rake or broom in his hand. His garden is fenced and meticulously arranged. But he does seem to have a egress problem with his door. If a guest cannot have dinner, or several pots of honey, without getting stuck on the way out, there is a problem.
• Tigger's? It seems that Tigger may be the homeless resident of the Hundred Acre Wood as he is always bouncing up to his neighbor's homes but never appears to be at his own.
• Christopher Robin's? Though probably the best choice of a home as it is currently being occupied by humans, Christopher Robin's home is not located in the Hundred Acre Woods and so it does not meet your current buying criteria.
• Kanga's? All things considered, I would choose Kanga and Roo's home. Kanga seems to have a lovely, well maintained rambler with a covered front porch. We know it is a two bedroom because Roo has his own bedroom. All other homes in the wood appear to be one room efficiency dwellings. To me, Kanga's two bedroom gem appears to be a choice for a home buyer in the Hundred Acre Wood.

The question above is whimsical but not unlike what an actual buyer might go through when considering homes for sale currently listed in the Minneapolis/St. Paul Multiple Listing Service (MLS). I have shown a few foreclosures in the past that were not much better than Eeyore's pile of sticks. This is especially true when it comes to unmaintained decks. There have been several so rickety, that my clients and I avoided being on at the same time, if at all.

I have also shown homes with narrow hallways and doorways. Though, I only recall one home where a full grown person could have actually gotten stuck in the floor opening of a spiral stairway, there were several others where I had to recommend buyers to consider how furniture would get in and out due to tight corners and narrow spaces.

And maintenance issues, or lack there of, by people whose heads seem to be a little "stuffed with fluff" is a common occurrence. I have seen homes where repairs were quite literally made with duct tape rather than a proper replacement.

Most home buyers strive to find the well maintained gem similar to Kanga's house. Buyer's dream homes usually are properties where all repairs and replacements have been made to code with proper materials. It is a house that is usable and accessible to everyone in the family without ducking their heads or turning sideways to squeeze through a doorway. Sometimes a buyer will even choose to look outside their original location parameters and consider a home on the edge of the preferred community to buy the exceptional home of their dreams.

Finding and buying the perfect home takes time but the process is made much easier when working with a knowledgeable REALTOR® that can tell an Eeyore-designed pile of sticks from a comfortable cabin like Kanga's.

*Note All Character Photos were shots of Disney® Pins in a personal collection.

Copyright 2011 www.terieckholm.com

First Time Homebuyer's Word of the Day is Buyer's Agent

The average home buyer only buys a home once every eight years. That said, even a repeat home buyer can forget some of the simple terms used in real estate on a daily basis. It can be hard to remember whether the earnest money or the money escrowed is a down payment and (if it is, on what?) Often buyers are easily confused by similar sounding terms like easement and encroachment as they both deal with property lines and usage but what do they really mean?

Whether you are a novice, first time buyer or someone who hasn’t purchased a home for several years, sometimes a refresher on real estate terms can be very helpful. I often notice buyers (and sellers) with a glazed look on their face when certain terms come up so I thought an online real estate glossary would be helpful. The real estate term for today is:

Buyer’s Agent An individual contracted by the buyers to represent them in the purchase of their home.

When buying a house, the home is listed by a broker or company. The REALTOR® that lists the home is the listing agent for the home and is under contract with fiduciary duties to the seller. When a buyer calls on a sign or enters an open house, the information they provide is shared with the seller because the listing agent is required to disclose all information to their client.

A buyer can have their own representation when purchasing a home. They do not have to work with the listing agent. In fact, many buyers prefer to have their own agent working on their behalf. If a buyer signs a contract to work exclusively with a specific REALTOR® that agent will work on behalf of the buyer to get the best deal while keeping all private information confidential. A buyer’s agent can show their clients any listed home and it doesn’t cost anything to hire your own agent because the fee is paid for by the seller of the home with a shared commission.

Copyright 2011 www.terieckholm.com