First-time buyers

Buying a home can be nerve-racking, especially when it’s your first time. Brandon, Veronica, and Troy all remember how they felt the first time they bought a home, so they understand what you’re feeling!

Their experience guiding first-timers through the buying process will ensure you transition smoothly from the first step of setting your goals to the last step when you move into your new home.

Here’s some information geared to first-time buyers.

Buyers-assistance programs

There are many public and private programs to help first-time homeowners buy a house.

• Housing Action Resource Trust (HART): provides affordable housing and homeownership opportunities
• National Association of Realtors’ Housing Opportunity Program
• Nehemiah Program: the nation’s largest privately funded down-payment assistance program
• U.S. Department of Housing and Urban Development’s list of local homebuying programs
• District of Columbia
• Maryland
• Virginia

How realtors get paid

Most realtors work on contingency: they do not get paid until a client buys or sells a home. The sales commission is their paycheck, compensating them for their time and covering their expenses (such as advertising, automobile, office equipment and supplies, and utilities).

Typically the buyer’s and seller’s agents each receive 3 percent of the sales price. But your Realtor does not usually get the entire 3 percent—it is split again with his or her real estate office.

• Buyer: Most real estate services are paid for from the seller’s proceeds. Approximately 25 percent of the time, however, the buyer pays a portion of the commission. The buyer’s portion of the total commission is usually around 0.25 to 0.5 percent of the purchase price.
• Seller: Traditionally the seller pays the real estate commission for both the selling and the listing agents (typically a total of 6 percent of the sales price). Brandon Green & Associates will detail this expense and any other selling costs (such as taxes) in our initial presentation to you.