Even with all the ways a buyer can find a Realtor — the Internet, newspaper ads, social networking sites and word of mouth from family and friends, a decidedly low-tech yard sign often still works best.
And that was just what led a Northern Virginia couple to their first home purchase.
Steve Corbin had rented all of his adult life. But he wanted to buy a home in which to raise his two young children.
“We thought this was the perfect time because a lot of houses were for sale, interest rates were low and we wanted to take advantage of the [$8,000] federal tax credit for first-time homebuyers,” said Corbin, who works in retail.
Corbin’s mother, Lois, who helped her son and his wife find their first home also found their Realtors when she saw a yard sign for Dan and Traci Rochon, who sell for Keller Williams Realty in Alexandria.
“Lois saw our contact information on the sign, and called us,” Traci said.
The property the Rochons had listed wasn’t right for Corbin, but, as it often turns out in real estate, he liked the Realtors and continued his search with the their help. The goal was to find a property in the Rose Hill section of Alexandria.
He looked at short-sale and foreclosed properties, but either they weren’t right or Corbin lost out to other buyers during the negotiations.
“You do have to react quickly when you find a house in this market,” said Dan Rochon. “Lois and Steve lost two houses they liked to all-cash buyers.”
When a bank takes over a property, he explained, they want to move it quickly because it shows up as a liability on their books..
“So when a buyer comes in with cash, the banks are anxious to do a deal,” he said.
The search also included the Internet, newspaper ads and trips up and down the streets in Rose Hill looking for properties for sale. By late August, Corbin’s efforts paid off and he found a home he liked in the neighborhood he wanted. The home was owned by an investor, who had done some renovations before putting it up for sale.
Corbin wanted to stay under $339,000 but ended up paying $349,000. He put 20 percent down, got conventional financing and was able to use the first-time homebuyer tax credit. The deal closed in November.
After losing out on two properties, Corbin was a more experienced buyer and Dan Rochon said this time around, the negotiations were not difficult.
“There wasn’t a lot of haggling,” Rochon said. “Steve was anxious to get into a house, and when he found a house he liked, he jumped on it.”
