First time homebuyers, they often start their process online in order to get an idea of how the process will work. If you're more of a face to face person, you might want to check out a home buying workshop. In this edition of Your Home, Solomon Syed has more.
"A homebuyer's workshop is perfect for someone who has never bought a home. It explains to them the contract, the negotiations, how a buyer's agent will represent them, how an attorney will represent them, how the buyer's agent will go through the home with them," said Beth Grzyboski, Associate Real Estate Broker.
There's a lot of jargon in the real estate world and having someone break down those terms can be beneficial.
Grzyboski added, "They don't understand what earnest money deposit is. To them, they consider that a down payment. To us, an earnest money deposit is really to show the seller, it's like a down payment, but it indicates to the seller the sincerity of the buyer. So, the more money down with the contract offer, it shows the seller how serious they are about purchasing that particular home. It's usually one percent of the sales price."
Getting to know the timeline of events, expectations, and how long the transaction is as a whole can be helpful.
"What I try to do is explain from the step one to closing. What to expect within that six week or eight week time frame. What is expected of them for paperwork, attorneys, the financial institution they're going through, who to contact from homeowner's insurance. These are all new things to them and it can be quite overwhelming," said Grzyboski.
Now, workshops aren't only geared towards first time homebuyers. If you haven't purchased a home in a long time, there are some elements of the process that have changed that you should be aware of.
Grzyboski went on to say, "There are certain inspections that we encourage our buyers to pay for, radon inspections, pest inspections, structural inspections. Over the past 20 or 30 years, people never did a radon inspection."
Real estate agents also hold home selling workshops, so if you're trying to sell your home, there are informational sessions for you as well. Also, you don't need to have done anything or bring anything when attending a workshop.