Latest / Military Real Estate Rookie Show / After The Pre-Approval

Transcript

After The Pre-Approval · Military Real Estate Rookie Show

• 0:00
  SPEAKER_00: Hello, welcome to the Military Real Estate Ricky Show.
• 0:03
  SPEAKER_00: I'm your host, Rena.
• 0:05
  SPEAKER_00: Today's topic is going to be amazing, everyone.
• 0:10
  SPEAKER_00: This is talking about you got your pre-approval.
• 0:13
  SPEAKER_00: Now what?
• 0:14
  SPEAKER_00: This is very important for all of us who's buying a home.
• 0:19
  SPEAKER_00: You got your pre-approval, and now you want to know what's the next step.
• 0:24
  SPEAKER_00: This is going to be amazing because it teaches you about the next steps on hey, now that I got a pre-approval, what's my next step?
• 0:36
  SPEAKER_00: Now, your mortgage lender and your real estate agent are there to guide you to the next steps and give you all the ins and outs of you have now been pre-approved.
• 0:49
  SPEAKER_00: This is exciting.
• 0:50
  SPEAKER_00: And I want you guys to listen carefully because this will tell you as a buyer what's next.
• 0:57
  SPEAKER_00: And also you get education on this because you may have a family member or a friend who do not know about the pre-approval process or anything like that.
• 1:08
  SPEAKER_00: And then you could feel comfortable showing them and telling them about all the things that goes along with it.
• 1:14
  SPEAKER_00: So, congratulations.
• 1:15
  SPEAKER_00: You call your family, you tell your friends, you're already looking at houses online, you're mentally decorating the living room, and you found the perfect kitchen, you already know where the couch is going.
• 1:29
  SPEAKER_00: And then your real estate agent says, Okay, now we need to talk about inspections, earnest money, appraisals, titles, underwriting, disclosures, and closing costs.
• 1:43
  SPEAKER_00: Those are some key words that your real estate agent, besides your mortgage lender, will go over with you.
• 1:50
  SPEAKER_00: So this is going to be very educational, and I hope you get a lot from it.
• 1:54
  SPEAKER_00: I hope you learn a lot.
• 1:56
  SPEAKER_00: This podcast is for educational purposes so you guys can learn about how to buy a home the proper way.
• 2:04
  SPEAKER_00: And if you're like, wait a minute, I thought I was pre-approved.
• 2:08
  SPEAKER_00: Well, my friend, there are a lot of things that go into that pre-approval process.
• 2:13
  SPEAKER_00: You prove to start the process, not skip the process, right?
• 2:18
  SPEAKER_00: And now I want you to make sure that you understand that.
• 2:22
  SPEAKER_00: So again, welcome back to my podcast, Military Real Estate Rookie, the podcast where we talk about real estate in plain language, especially for our military members, veterans, first-time homebuyers, inspiring investors.
• 2:37
  SPEAKER_00: I'm your host, Rena.
• 2:39
  SPEAKER_00: And today we're going to talk and walk to you, walk about through this, what happens after you get pre-approved and before you get those keys to your new home.
• 2:48
  SPEAKER_00: So grab a coffee, your notebook, or your phone because we're breaking this down step by step.
• 2:55
  SPEAKER_00: Now, let's go.
• 2:57
  SPEAKER_00: Now, now that you've gotten pre-approved, you think, hey, let's go shopping.
• 3:02
  SPEAKER_00: Let's start with something exciting.
• 3:04
  SPEAKER_00: You talked to a lender, right?
• 3:06
  SPEAKER_00: You provided your information, your income, all the things that the lender requested.
• 3:12
  SPEAKER_00: You provide your financial information, the lender reviewed your situation, and now you're pre-approved.
• 3:19
  SPEAKER_00: You feel really, really good.
• 3:21
  SPEAKER_00: That's good.
• 3:22
  SPEAKER_00: Congratulations.
• 3:23
  SPEAKER_00: You feel confident, you're ready to shop.
• 3:25
  SPEAKER_00: But here's my first rookie lessons, right?
• 3:28
  SPEAKER_00: Don't confuse amount for this amount.
• 3:31
  SPEAKER_00: Don't confuse approved for this amount with this is the amount I should spend.
• 3:37
  SPEAKER_00: Now, let me say that again.
• 3:39
  SPEAKER_00: Don't confuse approved for this amount with this is the amount I should spend.
• 3:44
  SPEAKER_00: If the lender says, hey Rena, you qualify for a$400,000 house.
• 3:51
  SPEAKER_00: This does not mean Rena needs to buy a$400,000 house.
• 3:57
  SPEAKER_00: No, that is not what it means.
• 3:59
  SPEAKER_00: Those are two completely different conversations.
• 4:02
  SPEAKER_00: You have to look at your entire financial position because you have to consider the mortgage payment, property taxes, home insurance, HOA, utilities, maintenance, repairs, and your lifestyle, right?
• 4:20
  SPEAKER_00: Because you don't want to be housebroken.
• 4:22
  SPEAKER_00: Because I don't want you to buy a beautiful home and then sitting inside the beautiful home eating Roman noodles every night.
• 4:30
  SPEAKER_00: No, this is not going to happen on my watch.
• 4:34
  SPEAKER_00: We want the house and the quality of life both, right?
• 4:38
  SPEAKER_00: So you want to make sure that you can absolutely enjoy the home.
• 4:43
  SPEAKER_00: Now it's time to build your real estate team.
• 4:46
  SPEAKER_00: Now, depending on your transaction, that can include your lender, your real estate agent, the closing attorney, title professional, home inspector, appraisal, insurance agent, and potentially other professionals, right?
• 5:01
  SPEAKER_00: So this is your team.
• 5:02
  SPEAKER_00: And if you're a veteran using a VA loan, I strongly recommend working with people who understand the VA loan process.
• 5:11
  SPEAKER_00: You don't necessarily want to be someone's first VA transaction if they don't understand the requirements and expectations.
• 5:19
  SPEAKER_00: You want people who you know is going to do the very best job, and they are very experienced.
• 5:25
  SPEAKER_00: Because remember, you are buying a home, not conducting a group project.
• 5:31
  SPEAKER_00: Now you need everybody communicating.
• 5:34
  SPEAKER_00: This is key.
• 5:35
  SPEAKER_00: They should be on email.
• 5:36
  SPEAKER_00: You should be having all the phone numbers and all the emails, right?
• 5:41
  SPEAKER_00: So your real estate agent is supposed to do that, right?
• 5:44
  SPEAKER_00: So she's supposed to introduce everybody to all the team members.
• 5:47
  SPEAKER_00: Now, now comes the fun.
• 5:50
  SPEAKER_00: House hunting.
• 5:51
  SPEAKER_00: This is where people start saying, I want an open floor plan, I need a big kitchen, I want a pool, I want a big garage.
• 6:01
  SPEAKER_00: And then the agent asks, What's your budget?
• 6:04
  SPEAKER_00: And then you say, Sutherland gets quiet.
• 6:07
  SPEAKER_00: I don't know my budget.
• 6:09
  SPEAKER_00: This is where you need to separate the needs from the wants.
• 6:13
  SPEAKER_00: Maybe you need three bedrooms, two baths, maybe a reasonable commute, a certain location, safe access, space for family, good schools, but you want countertaps that looks, you know, stainless steel appliances, a pool, whole, a huge closet, a movie room, a chef's kitchen, a three-car garage.
• 6:37
  SPEAKER_00: There's nothing wrong with one of these things, right?
• 6:40
  SPEAKER_00: But don't let the want destroy the budget.
• 6:43
  SPEAKER_00: That is what most people failed to realize.
• 6:47
  SPEAKER_00: And now you found it, right?
• 6:49
  SPEAKER_00: You found the purple house.
• 6:51
  SPEAKER_00: You walk through the front door and say, This is it.
• 6:54
  SPEAKER_00: This is it, guys.
• 6:56
  SPEAKER_00: This is it.
• 6:56
  SPEAKER_00: You can see yourself living there, you can see Thanksgiving dinner, you can see the Christmas tree there, you can see your family sitting around the kitchen, and then reality kicks in, right?
• 7:08
  SPEAKER_00: You have to make an offer.
• 7:10
  SPEAKER_00: And an offer isn't simply, I'll give you$350,000.
• 7:15
  SPEAKER_00: There can be many components.
• 7:17
  SPEAKER_00: The offer may address things like purchase price, financing, earnest money, closing date, due diligency, or inspection provisions, contendencies, seller sessions or credits, personal property, other negotiable terms within the contract.
• 7:36
  SPEAKER_00: And this is where having a good real estate agent matters because your agent should be helping you understand the offer, not just saying, sign here, sign on the dollar line, just go ahead and sign.
• 7:50
  SPEAKER_00: No, that agent should be walking you through that process, giving you these options that before you sign that on the dollar line.
• 7:58
  SPEAKER_00: Now, once you made the decision to sign the contract, then you look for the next step, which is the earnest money.
• 8:05
  SPEAKER_00: The earnest money, this one may confuse a lot of the first-time buyers, but earning earnest money is generally money deposited to show the seller that you're serious about transactions subject to terms of the contract.
• 8:19
  SPEAKER_00: But here's the important part earnest money is not the same as the down payment.
• 8:25
  SPEAKER_00: A lot of buyers get confused about that, right?
• 8:28
  SPEAKER_00: Depending on the transaction and contract, it may later be applied toward the buyer's funds needed to close.
• 8:36
  SPEAKER_00: But what happens to the earnest money if the contract terminates?
• 8:40
  SPEAKER_00: Well, this happened to me.
• 8:42
  SPEAKER_00: There's where there's the contract terms matter.
• 8:45
  SPEAKER_00: So don't just hand over money without understanding.
• 8:48
  SPEAKER_00: You have a certain time period where you get your earnest money back, and the real estate agent should educate you on that so you can understand, right?
• 8:57
  SPEAKER_00: So, how much earnest money?
• 8:59
  SPEAKER_00: Where does it go?
• 9:01
  SPEAKER_00: When is it due?
• 9:02
  SPEAKER_00: What happened if the deal doesn't close?
• 9:05
  SPEAKER_00: Know your contract.
• 9:06
  SPEAKER_00: This is very important.
• 9:08
  SPEAKER_00: And your real estate agent should make you, should understand that, and she would make sure that you're educated on that.
• 9:14
  SPEAKER_00: Now comes the inspection.
• 9:16
  SPEAKER_00: Once you've already, you know, given the earnest money to maybe the title company or the attorney, the next is the inspection typically is like seven to ten days.
• 9:25
  SPEAKER_00: And this is where I tell buyers, don't fall in love with the house so much that you're stopped looking at the home.
• 9:33
  SPEAKER_00: You walk in and think, oh my goodness, this kitchen is beautiful.
• 9:38
  SPEAKER_00: Meanwhile, the inspector is saying, ma'am, we have a problem.
• 9:43
  SPEAKER_00: It may be lipstick on a pig, right?
• 9:46
  SPEAKER_00: It looks good on the outside, but in the inside, it's got a lot of problems.
• 9:51
  SPEAKER_00: So the inspection is about evaluating the property condition, identifying petition issues.
• 9:58
  SPEAKER_00: It can uncover things you didn't understand or didn't notice, and it may have roof issues, HVAC concerns, plumbing problems, electrical issues, moisture, structural concerns, and much more.
• 10:12
  SPEAKER_00: But the inspector should go over that with you and then send you something via email.
• 10:16
  SPEAKER_00: And here's something important: an inspection is not a guarantee that the house has no problems.
• 10:22
  SPEAKER_00: It's one of the parts of the due diligencies, right?
• 10:25
  SPEAKER_00: So you have to make sure you communicate with the inspector to get some idea of how bad of a good in shape the actual home is.
• 10:35
  SPEAKER_00: So the next step is the appraisal.
• 10:38
  SPEAKER_00: Now you made it through the inspection, you're thinking, okay, we're good.
• 10:42
  SPEAKER_00: We're good.
• 10:43
  SPEAKER_00: Not so fast.
• 10:44
  SPEAKER_00: Here comes the appraisal.
• 10:46
  SPEAKER_00: The appraisal can be a little tricky because the lender actually ordered the appraisal.
• 10:51
  SPEAKER_00: So the lender generally wants an independent opinion of the property's value as part of the financing process, right?
• 10:58
  SPEAKER_00: Why?
• 10:59
  SPEAKER_00: Because the lender is lending money based on the property.
• 11:02
  SPEAKER_00: Let's say you agree to buy a house for$350,000, right?
• 11:08
  SPEAKER_00: But the appraiser comes back and say, this is worth$330,000.
• 11:13
  SPEAKER_00: Huh?
• 11:14
  SPEAKER_00: And now you got a conversation to have.
• 11:17
  SPEAKER_00: The parties may have a different option depending on the circumstances and the contract.
• 11:22
  SPEAKER_00: The letter, the seller might address the price and the buyer might bring additional funds if appropriate.
• 11:29
  SPEAKER_00: But the parties must negotiate because you want to uh sign something and then it's not the right price.
• 11:35
  SPEAKER_00: You want to be comfortable on both sides, or the transaction could potentially terminate depending on the contract.
• 11:42
  SPEAKER_00: The point is the appraisal can matter.
• 11:46
  SPEAKER_00: Just because they put a certain number on Zillow or Realtor.com does not mean that this price is exactly what the appraise uh offer is, right?
• 11:56
  SPEAKER_00: So you cannot assume that it's a good wish list, is what I would say.
• 12:02
  SPEAKER_00: Now, the next step after the appraisal is done, you know, let's talk about the favorite part of the home buying process.
• 12:08
  SPEAKER_00: It's the underwriting.
• 12:09
  SPEAKER_00: This is hurry up and wait.
• 12:11
  SPEAKER_00: This is okay, you know.
• 12:12
  SPEAKER_00: Maybe not my favorite, but it's like nerve-wracking.
• 12:16
  SPEAKER_00: You've done all these things, you're waiting on the final loan to be approved.
• 12:20
  SPEAKER_00: And because this is when the bar the buyer starts saying, I've already gave you that.
• 12:24
  SPEAKER_00: And the learner said, We need an updated copy.
• 12:26
  SPEAKER_00: Sorry.
• 12:27
  SPEAKER_00: So there'll be a bunch of paperwork that's duplicated, and you'd be frustrated.
• 12:32
  SPEAKER_00: But I said this last week, the buyer said.
• 12:34
  SPEAKER_00: So there's some things that duplicate it, okay?
• 12:37
  SPEAKER_00: Or somebody else asked the title company and the lender asks for the same exact thing.
• 12:42
  SPEAKER_00: We need another one, we need a new one.
• 12:44
  SPEAKER_00: We couldn't read it.
• 12:45
  SPEAKER_00: You know, underwriting is where the lender evaluates the borrower's financial information and loan requirements.
• 12:53
  SPEAKER_00: So during this stage, don't go crazy financial, don't subtly go out and buy a brand new car.
• 13:00
  SPEAKER_00: Don't open up five credit cards, don't quit your job without understanding the consequences, and don't make financial major moves without talking to your lender.
• 13:12
  SPEAKER_00: You want to get to the closing table, not accidentally creating a problem two weeks before closing.
• 13:19
  SPEAKER_00: So those are some important key when you're in the middle of that loan fully being approved.
• 13:26
  SPEAKER_00: Now, another one is the title.
• 13:28
  SPEAKER_00: Who actually owns this house?
• 13:30
  SPEAKER_00: So the title company usually runs this, they take care of all of that.
• 13:35
  SPEAKER_00: You know, uh, you found a house, you made the offer, you passed the inspection, you made it through appraisal, the lender is working on the loan, but somebody has to verify the property ownership and look for potential title issues.
• 13:50
  SPEAKER_00: That's where the title comes in.
• 13:52
  SPEAKER_00: The process may uncover existing liens, ownership issues, prior claims, unpaid obligations, recording issues, other matter affecting the title.
• 14:05
  SPEAKER_00: This is very important.
• 14:06
  SPEAKER_00: And depending on the transaction, the title insurance may also be involved.
• 14:11
  SPEAKER_00: The goal is to identify and address little problems before you close, because nobody wants to buy a house and then discover surprise, somebody else has claimed a property.
• 14:23
  SPEAKER_00: Well, no, thank you.
• 14:24
  SPEAKER_00: So those are some things that the title company take care of.
• 14:29
  SPEAKER_00: And if they become a problem, they will reach out to you and let you know.
• 14:33
  SPEAKER_00: But if all's good, then the next step is the closing disclosure.
• 14:37
  SPEAKER_00: Now we're getting close, and this is when the numbers really matter.
• 14:42
  SPEAKER_00: The buyer will generally receive a closing disclosure in a finance residential transaction subject to federal disclosures and requirements.
• 14:52
  SPEAKER_00: This document provides important information about loan terms, project monthly payments, closing costs, cash to close, taxes, insurance, credits, other transactions.
• 15:08
  SPEAKER_00: And I want you to hear me clearly read every page.
• 15:13
  SPEAKER_00: Read it, read it, read it.
• 15:15
  SPEAKER_00: And if you don't understand, you need to make sure you reach out because they their job is to educate you on these things before you sign.
• 15:23
  SPEAKER_00: So don't just sign it, look at it, ask questions, compare the numbers.
• 15:28
  SPEAKER_00: If something doesn't make sense, ask your lender or closing professional.
• 15:33
  SPEAKER_00: There is no prize for being that person who signed the fastest.
• 15:37
  SPEAKER_00: This is your money, this is your home.
• 15:40
  SPEAKER_00: This is this is a big decision, this is a major decision.
• 15:44
  SPEAKER_00: So please read every detail if you have questions.
• 15:47
  SPEAKER_00: Reach out to that closing professional.
• 15:49
  SPEAKER_00: Okay.
• 15:50
  SPEAKER_00: So next up is the seller.
• 15:52
  SPEAKER_00: Where did all my money go?
• 15:54
  SPEAKER_00: The seller is asking.
• 15:55
  SPEAKER_00: Now let's talk to the sellers.
• 15:57
  SPEAKER_00: The sellers play a major part in this because sellers have their own version of wait, what happened to my money?
• 16:04
  SPEAKER_00: You know, so they're thinking they're gonna get all this$350,000, but there are fees that are associated with this.
• 16:10
  SPEAKER_00: You sell the house for$350,000, you might think I'm getting$350,000.
• 16:17
  SPEAKER_00: No, there can be this deductions such as mortgage payoff, real estate compensation, taxes and probation, uh, seller credits, HOA balances, other lings, closing experience, expenses, and other transactions related to these charges.
• 16:36
  SPEAKER_00: What's left is your estimated net proceeds, and that number is what you really want to pay attention because you don't want to go to the closing table table and get surprised.
• 16:48
  SPEAKER_00: Sales price is not the same as your take-home proceeds.
• 16:52
  SPEAKER_00: I hope that it educates you guys on that.
• 16:55
  SPEAKER_00: So the seller needs to look at all their paperwork prior to going and sign on the dotted line when it comes to the closing.
• 17:03
  SPEAKER_00: Now, VA buyers, I'm talking to you now.
• 17:06
  SPEAKER_00: Now, my military family, this one for you.
• 17:09
  SPEAKER_00: If you're using your VA benefit to buy a home, understand that VA financing doesn't mean every cost disappeared.
• 17:18
  SPEAKER_00: There are specific VA rules regarding allowable charges and transactions has its own expense.
• 17:25
  SPEAKER_00: So don't walk into process thinking I'm a veteran, so closing is completely free, right?
• 17:31
  SPEAKER_00: Instead, ask the question.
• 17:33
  SPEAKER_00: You need to understand your loan, understand the closing costs, understand your credits, understand your cash to close, and work with professionals who understand VA transactions.
• 17:45
  SPEAKER_00: Your VA benefit is a powerful tool.
• 17:49
  SPEAKER_00: Now, you just need to know how to use it.
• 17:52
  SPEAKER_00: Know how to use it, you know, because this is very important.
• 17:55
  SPEAKER_00: You're not going to get a free house, it's just backed by a VA loan.
• 18:00
  SPEAKER_00: It's guaranteed.
• 18:01
  SPEAKER_00: So you need to have the funds in place and the savings in order for you to buy the home.
• 18:07
  SPEAKER_00: Now, the next one is the final walkthrough.
• 18:10
  SPEAKER_00: You're at the closing table, you know, and you're going to make sure that, you know, all the things that you had, you know, discussions on were fixed.
• 18:19
  SPEAKER_00: And we're almost there.
• 18:20
  SPEAKER_00: You made it through, okay?
• 18:22
  SPEAKER_00: So you made it through the pre-approval, house honey, offers, contract, inspections, appraisal, underwriting, title, closing preps.
• 18:33
  SPEAKER_00: Now comes the final walkthrough.
• 18:35
  SPEAKER_00: Now the final walkthrough is important as well.
• 18:38
  SPEAKER_00: This is your opportunity to make sure that the property is generally in good condition as you had required by the contract and that all agree upon items have been addressed.
• 18:50
  SPEAKER_00: Did the set or leave the items that were supposed to stay?
• 18:53
  SPEAKER_00: Did you agree upon repairs getting completed?
• 18:56
  SPEAKER_00: Is the property substantially as expected, right?
• 19:00
  SPEAKER_00: Is this a time to start negotiating the entire process?
• 19:04
  SPEAKER_00: But it's also important the final step before closing.
• 19:08
  SPEAKER_00: So this isn't a time to start negotiating the entire transaction from scratch.
• 19:14
  SPEAKER_00: But remember, this is an important final step before closing.
• 19:18
  SPEAKER_00: So it's very key that you go do your walkthrough so nothing was missed and you are not surprised at the closing table.
• 19:26
  SPEAKER_00: Now, the good part, the keys.
• 19:29
  SPEAKER_00: And you are ready to be in your home the moment you've been waiting for, you sit down, you sign and sign and sign and sign and sign and sign and sign again.
• 19:39
  SPEAKER_00: And you're probably wondering how many trees did die on this closing.
• 19:43
  SPEAKER_00: But eventually the transaction gets funded and recorded as required.
• 19:49
  SPEAKER_00: And then you get your keys.
• 19:51
  SPEAKER_00: Congratulations, you have your keys.
• 19:54
  SPEAKER_00: You are an owner of this property.
• 19:56
  SPEAKER_00: That little piece of metal represents such something much bigger than what it actually is: a new home, a new chapter, a new investment, a place for your family, or maybe your first step in building wealth through real estate.
• 20:11
  SPEAKER_00: Yay, you have made it.
• 20:13
  SPEAKER_00: You have a piece of land.
• 20:16
  SPEAKER_00: You know, so those are some steps and congratulations on making it to this point.
• 20:22
  SPEAKER_00: But before we wrap up, let me give you my real estate rookies, my military real estate rookies, some rules.
• 20:29
  SPEAKER_00: Okay, here we go.
• 20:31
  SPEAKER_00: Rule number one: don't spend the max just because the lender says you qualify for it.
• 20:36
  SPEAKER_00: Now, we've already talked about this because, hey, you qualify for$400,000, but do you need$400,000?
• 20:43
  SPEAKER_00: Think about it.
• 20:44
  SPEAKER_00: Number two is understand your contract before you sign it.
• 20:47
  SPEAKER_00: Read, read, understand it.
• 20:49
  SPEAKER_00: If you have questions, reach out to that lender or that title company or that real estate agent.
• 20:54
  SPEAKER_00: You need to read.
• 20:55
  SPEAKER_00: Now three is don't skip your due diligencies.
• 20:58
  SPEAKER_00: That means if it's seven days and you have to do an inspection, you know, take that whole seven days just to figure out, hey, do I really want this house?
• 21:06
  SPEAKER_00: You know, because after that, then you know you're you're financially obligated in some respects.
• 21:11
  SPEAKER_00: Number four, don't make major financial changes during the mortgage process without talking to your lender.
• 21:18
  SPEAKER_00: That means don't take out credit cards, don't buy a new car, don't buy furniture.
• 21:22
  SPEAKER_00: You have to maintain exactly what was on your credit report.
• 21:25
  SPEAKER_00: Number five, read your closing disclosures, read your closing documents line by line.
• 21:31
  SPEAKER_00: Say, for instance, if you know a seller missed some credits and things of that nature, you need to capture that.
• 21:36
  SPEAKER_00: You know, typically we're not all perfect.
• 21:38
  SPEAKER_00: So you have to talk to your lender and make sure that you do not miss, you have not missed none of that because it's all boils down to money.
• 21:46
  SPEAKER_00: Number six is like I told you, ask questions.
• 21:50
  SPEAKER_00: Question is it's no dumb questions, as everybody once said.
• 21:53
  SPEAKER_00: So you need to make sure that you're comfortable in signing these documents and know your cash to.
• 22:00
  SPEAKER_00: Close is number seven.
• 22:02
  SPEAKER_00: Know how much you're going to have to have in order at the table in order for you to get this loan funded.
• 22:09
  SPEAKER_00: Number eight is if you're selling, know your estimated net proceeds.
• 22:14
  SPEAKER_00: The seller should not be surprised.
• 22:15
  SPEAKER_00: He should, he or she should have a good estimate on how much they are going to have as far as their take home before the closing.
• 22:23
  SPEAKER_00: And number nine is if you're using VA financing, understand how your VA benefits work.
• 22:29
  SPEAKER_00: You know, there's a 1-800 number that you can use.
• 22:32
  SPEAKER_00: You can read on it through the internet, the education and also reach out to your lender who's supposed to be very educated on VA loans, you know.
• 22:41
  SPEAKER_00: And so number 10 is, and this is my favorite, don't be afraid to say, I don't understand.
• 22:47
  SPEAKER_00: Can you explain it?
• 22:49
  SPEAKER_00: That's not being difficult.
• 22:51
  SPEAKER_00: That's being an informed buyer or seller because you don't want to get to the closing table and say, Well, I never knew this and I never did that, and my real estate agent never walked me through this process.
• 23:02
  SPEAKER_00: So I don't know.
• 23:03
  SPEAKER_00: So listen, listen, military real estate rookies.
• 23:07
  SPEAKER_00: Now, before I go, I need you to do me a favor.
• 23:10
  SPEAKER_00: If you enjoyed this episode, don't keep it to yourself.
• 23:14
  SPEAKER_00: Follow, subscribe to my military real estate rookie show.
• 23:19
  SPEAKER_00: Leave me a five-star review.
• 23:21
  SPEAKER_00: I'm trying, guys.
• 23:23
  SPEAKER_00: Share this episode with somebody who's getting ready to buy a house.
• 23:27
  SPEAKER_00: It's so many unknowns.
• 23:29
  SPEAKER_00: And so there's a lot of first-time homebuyers, and things change all the time.
• 23:34
  SPEAKER_00: And especially send this to military spouses, veteran friends, active duty service members, or first-time homebuyers who keep saying, I want to buy a house, but I don't understand.
• 23:45
  SPEAKER_00: I don't know where to start.
• 23:47
  SPEAKER_00: Because now they have somewhere to start and they won't be surprised and not understand the whole entire process.
• 23:55
  SPEAKER_00: And I want to hear from you.
• 23:57
  SPEAKER_00: Send me questions.
• 23:58
  SPEAKER_00: What should I break down next?
• 24:00
  SPEAKER_00: Should we talk about VA loans, earnest money, home inspections, appraisals, credit scores, buying an investment apartment of property, how to become a real estate investor properly, or maybe how to buy your first property while you're still serving in the military, like I did.
• 24:23
  SPEAKER_00: Let me know.
• 24:24
  SPEAKER_00: I'm here to learn as we can go along together, you know.
• 24:28
  SPEAKER_00: So, and remember, you don't have to become a real estate expert overnight.
• 24:33
  SPEAKER_00: You just need to understand the next steps because real estate is a process.
• 24:39
  SPEAKER_00: And when you understand the process, you can make better decisions.
• 24:44
  SPEAKER_00: And I'm Brina, I'm Brina Barron, your host from Military Real Estate Rookie.
• 24:49
  SPEAKER_00: And thank you all for listening.
• 24:50
  SPEAKER_00: I appreciate your support.
• 24:52
  SPEAKER_00: And if this episode gave you even one piece of information you didn't know before, hit that follow button, subscribe, and share this episode.
• 25:03
  SPEAKER_00: Because somebody you know may be sitting at a home right now and saying, I want to buy a house, but I'm scared because I don't know how this works.
• 25:12
  SPEAKER_00: I may not be pre approved, my credit is up and down.
• 25:16
  SPEAKER_00: Send them this episode.
• 25:18
  SPEAKER_00: And remember, don't just buy real estate, understand the real estate itself.
• 25:24
  SPEAKER_00: I'll see you guys on the next episode.
• 25:26
  SPEAKER_00: All right, military real estate rookie, Rena's out.