What are Property Virgins and is that really a term? Yes that really is a term and Property Virgins are first time homebuyers. In today’s economy being a property virgin can be overwhelming and stressful and potential homebuyers can benefit from the knowledge and expertise provided by Sandra Rinomato. Property Virgins takes viewers inside the intense world of house hunting through the eyes of first-time buyers. The series focuses on the roller-coaster journey of property virgins’ first foray into real estate, offering tell-it-like-it-is entertainment and practical take-home advice.
Let’s take a look at one of the recent episodes and see what lessons were learned here.
Erica and Rodrigo live in South Florida and live in what Sandra refers to “as the most cramped quarters”. The real challenge will be a small down payment and large debt. Even Sandra mentions how much of a challenge this one will be. Their current living condition is in a shed behind Rodrigo’s parent’s house and no personal bathroom. This means they have to go inside the house to share a bathroom.
So here is what they have to work with
Erica and Rodrigo have qualified for a Government insured loan of $120,000 and a down payment of $12,000 they have $132,000 to spend. They meet Sandra in the Miami Lakes area which would be their dream location. Since Erica is a hair stylist and she would like a garage so she can work out of. Since the Miami Lakes area is slightly above what they can afford Sandra advises to expand the search to an area that they can afford.
House Number One
The search takes this couple north to Miramar; this home is listed at $124,900 and has been recently renovated with a nice covered patio. Erica and Rodrigo like what they initially see, even though some of the tile would need to be updated. “This is exactly what I wanted” explains Erica. Sandra tells Erica that while the garage does have electrical, the plumbing is at the other side of the house and it could be costly to install. They decide to keep looking.
House Number 32
Still in the city of Miramar, this house just dropped its price by $50,000 and it is now listed at $114,900. This bank approved short sale has everything the couple has on their wish list right down to the plumbing in the garage. As they initially walk into the house they love the large open space. Erica is very happy with the garage and the plumbing hook up. Both Property Virgins are enjoying the house. So now can they get this house?
Both decide they have something now to talk to Sandra about. They tell Sandra that they both love the house. Sandra is happy to hear the news but part of her job is point out potential problems. It is a typical raining day in South Florida and the rain has highlighted some wet spots, including decay in the house. As Sandra puts it “due diligence is the order of the day.” It is better to find out problems now then later.
Their FHA loan may have restrictions on the condition of the home and Erica and Rodrigo decide that they need to re-evaluate their wish list. Since they are going to be getting married and will start a family soon after the garage that was a requirement before is no longer a must have.
This means the search continues for these Property Virgins.
House Number 33
The search now leads these Property Virgins to the popular town of Pembroke Pines. This 3 bedroom townhome is bank approved short sale and is listed at $120,000. Both Property Virgins like the house. They decide that this is a life style change and they see this house as in their future.
They tell Sandra that they wish to place an offer on the property. Sandra advised that what they may wish to do is offer $125,000 and ask for closing cost. Rodrigo and Erica agree and an offer is made. Did the bank approve the offer? Sandra returned to the Property Virgins and told them to start packing because they are closing in 30 days. These Property Virgins are now anxious to get their life going in the right direction thanks to Sandra.
If you use your head to make the final decision, you will find one that will win over your heart.
Due diligence is always in order and can save you a lot of heart ache and money.
Time is on your side take the time to look at your budget and put some away some money together so you can get the home of your dreams.
So what other lessons can one learn? I recommend you watch Property Virgin on HGTV and see for yourself! Then, come back here and share your comments and advice. I would love to hear your tips I am sure you have great ones!