First Time Home Buyers - What Do You Mean My Job Is Done?
I am currently working with a wonderful couple who are first time home buyers. They were approved for an FHA mortgage and wanted to purchase a condo in the Ronkonkoma area of Long Island where they are more affordable. But, a 40 minute commute at minimum to both their jobs and that is just one way!
Then I got the bright idea of maybe they can afford a co-op since they are cheaper and there are a lot of co-op developments that are closer to their jobs. Their income is fine and their credit scores are high. Turns out I was right and they can get a conventional mortgage. Yeah!
The downside of co-ops is some co-op boards want 15 to 20% down even though the bank said they can put 10% down. I found one development in Islip, New York called Forest Green. They require 10% down and that is perfect! The co-op board there is easy to deal with and that helps tremendously.
So, my buyers went to an open house without me last weekend. They told the listing agent they are working with me so no problems there. They fell in love with one unit that is absolutely gorgeous! The owner updated the kitchen beautifully and the co-op throughout is so nice. The owner really took care of it.
Their offer of $123,000.00 was accepted, they are happy campers and now the real "fun" begins.
I was on the phone with my buyer after I told them their offer was accepted. He and his wife were so grateful for all the help I had given them especially for being able to see they could get a conventional mortgage which means they had more choices for housing. He then told me, "your job is done". Huh? You mean I get to sit back and wait for closing which is pay day for me? I don't think so scooter!
I said to him, "do you know what needs to be done next?" No was his answer. I told him that is the other part of my job, guiding them towards what needs to be done next. Resolving problems if they arise. Giving them suggestions for home inspectors and real estate attorneys. Faxing paperwork to the listing agent and their attorney. Letting them know when it's time to submit their application to the co-op board. Being there during the home inspection. Going to closing with them. "WOW you do all that?" It's my job and I'm happy to do it.
They are amazed at how much work Realtors truly do. It felt good to hear that for a change.
Cell: (631) 703-0201
Office: (631) 226-5995 Ext. 242
Email: JackieC@century21aa.com
Website: www.longislandrealestatelady.com
Website: www.lindenhurstnyrealestate.com
Blog: http://jackieconnellyfornuff.com
Skype ID: LIRealEstateLady
Jackie:
Great points, we do need to educate the public as to what we provide as part of our services.
It is so true that clients don't often understand all the work that goes into a file. But, you explained it beautifully, and I can see a referral down the road! Congratulations.
It is true most of the clients who are first timers do not know how hard we work.
Oh girl if the average first time buyer really knew what all we do for them they would gladly pay us more.
Hi Jackie - Even though we go through the whole process, many don't really get it until they are at the next step. Great post!
Jackie- We are doing it right if they think our job is easy. I try to still check in with my buyers during the entire process so they know I am thinking of them.
Hi Christine, absolutely!
Hi Don, thank you very much. My clients are a pleasure to work with as well!
Hi Elite, Most people do not realize how hard we work until they work with us and see us in action.
Hi Laura, you got that right!
Hi Peggy, People realize once they see everything step by step.
Hi Ellie, I always stay in communication with everyone. At least once per week. With buyers it's usually more than that.
Hi Jackie:
I'm convinced that most of the public doesn't have a clue of all the work we do.
Instead of your job being done, your job has really just begun!
Jackie: The real work isn't finding the home and getting the offer accepted. It's getting the contract to closing. We know that, but it's amazing that buyers don't. Glad you filled in your buyers.
Hi Toula, Yes, my job has truly started. That is what I told them. House hunting is the fun part, lol.
Hi Chris Ann, They are getting an education with this which is a good thing for the future!
Jackie, Congratulations for thinking outside the box and looking into co-ops for them. They sound VERY happy and I'm glad you told them you've got a way to go yet---there is still much work to be done!