"Be an informed buyer; attend home buying seminar"

THE SUN COURIER Thursday, June 15, 2006

Whether you're a first-time or seasoned home buyer, today's free home buying seminars can provide you with valuable information on the latest trends and practices in buying help you make educated decisions throughout the process.

I was recently invited to a seminar by Joseph Wolf, CPA, licensed real estate broker with Realty One Real Living Brecksville, so I decided to attend to get a first-hand perspective of the value of the program. The seminar was highly informative and educational.

Attendees were given an overview of laws pertaining to real estate, transactions in Ohio, particularly regarding broker/agent representation and choosing an agent. The various types of agencies and their benefits were explained, including the dual, seller, buyer, and sub-agency.

Attendees where given sample agency disclosure statements so that they could see first-hand the types of documents that they'll encounter during their initial meeting with a broker/agent. Under Ohio law, agencies are required to provide, the buyer with a written disclosure notice explaining the relationship between the agency and, buyer and the types of services that will be provided.

The seminar also covered the types of fees that are involved in a real estate transaction and what goes into determining the selling price of a home.

As a part of the seminar, Wolf encouraged attendees create a comprehensive plan for their home search. The plan, according Wolf, should include an of all of the available resources, as well as strategies for finding the right broker/ agent, conducting an effective and efficient home search, obtaining pre-approval and identifying the right home, conducting negotiations, facilitating the closing, and taking possession of the property.

The various search vehicles and their benefits were discussed from home books the Internet, newspapers, open houses, drive-by signs, and more. According to National Association of Realtors' 2005 Profile of Home Buyers and Sellers, yard signs and the Internet are the two ways that buyers are finding their homes.

Whether you use the Internet or traditional means do your initial search, buyers across the board are still turning to agents to manage the home-buying process, according to the NAR.

Wolf encouraged buyers to be realistic about their search criteria and to look at the entire marketplace. He discussed the Multiple Listing Service, For-Sale-By-Owner options, and other resources for finding a home and talked about the importance of fine tuning a list of potential properties and doing drive-by and on-site evaluations.

Attendees learned about the difference between pre-qualification and pre-approval, with pre-approval being the most important part of a buyer's initial tasks. They also learned about the ACID test, a budgeting tool that looks at assets, credit, income and debt to help buyers determine how much of a mortgage payment they can afford.
They were also given a' sample "Purchase Power Worksheet," which breaks down all of the potential expenses that determine a monthly mortgage payment.

Other areas discussed included the significance and important of a credit report and score, and different types of financing options.

Most financial institutions and realty firms offer free public home buying seminars monthly on similar topics. Call your Realtor or bank to find out the upcoming dates and times. Happy house hunting! Linda Chojnacki