10 Things a Buyer Should Know before Buying a Home
Home buying can be exciting and in today’s world – a bit daunting. For first-time buyers, it is a scary endeavor to not only find the right home but to understand all of the steps/lingo from showings to closing. Even seasoned homeowners can easily forget the details, many of which may have changed since they last purchased a home.
Best Coast Realty, LLC gets it. We offer one on one assistance from showings to closings. Our helpful BUYER GUIDE BOOK has lots of resources, tips and worksheets to help our buyers. We completely understand that buyers have lots and lots of questions and need lots of assistance. That’s what we do and what we love about being a REALTOR.
There are, however, a few things buyer’s agents wish you DID already know…their wish list for helping you work together, as a team, to making the home buying process smooth.
1. Get Pre-Approved by a Lender. Getting your financials in order is an essential first step. A buyer’s agent can point you toward lenders and credit repair specialists who can help. Be sure you are preapproved for a loan before enlisting the services of a buyer’s agent.
2. Start the Search. Window shopping is fine. It will help you determine what you like and what you don’t like in a house. Attend open houses, tour neighborhoods, and talk to friends and family. But, when you secure the services of a buyer’s agent, please be ready to make decisions.
3. Know Your Budget. Make sure you have considered all the additional costs of owning a home and the cost of maintaining your current lifestyle (travel, entertainment, dining, etc.)—and subtract these expenses from the mortgage amount to determine what you can really afford, without compromising your quality of life. And, avoid large purchases and opening lines of credit!
4. Be Careful of Your Comments. With the increase of home security systems and baby monitors – anything you say is vulnerable to reaching the seller’s ears. And, no posting photos or comments on Social Media. It’s fine to discuss facts about a home’s features, but wait until you’ve left the property to share any opinions and conclusions.
5. Some Topics Are Off Limits. Please don’t ask or expect your buyer’s rep to provide advice on legal or tax matters. They can’t give it. Buyer’s agents are REAL ESTATE specialists. They can, however, suggest other professional experts. Plus, Fair Housing laws prohibit agents from engaging in discriminatory practices, which includes discussing certain topics, such as the racial composition of a community, or whether an area is safe.
6. Reduce Distractions. When touring homes, it’s best to leave your children with a trusted sitter or family member. You’ll be more focused on the job at hand – which is to evaluate homes. Please respect their time as much as they respect yours.
7. Talking to the Listing Agent. You hired a buyer’s agent to represent you. The listing agent isn’t an enemy, but they are responsible for getting the most money for their client—the seller.
8. The Delicate Art of Negotiating. Yes, the purchase price is a big deal, but other contingencies also play an important role in the home buying experience. The seller may opt to accept a different buyer’s offer, simply because they appear more flexible and willing to work together to make the sale, even if the price is a little lower.
9. Finding the Right Home Takes Time. Unless you plan on paying cash and already know exactly what you want and where to find it, it’s probably going to take a little time. Sometimes things fall into place quickly, but more often, it requires a little patience to find the right house, at the right price, and to finalize the transaction.
10. You Are Entering a Relationship. When you secure the services of a buyer’s agent, they are agreeing to invest time and effort into helping you with your home buying experience. It’s a relationship based on mutual loyalty. To clarify expectations, your agent may ask you to sign a buyer representation agreement. This is a common practice in many states, and helps ensure you are receiving the highest level of representation in your transaction.
However, don’t hesitate to ask questions before signing any legal document! Your buyer’s agent would rather talk through any points of concern, immediately. It’s the best way to cement your relationship as a team, working together to help you achieve your dreams of home ownership.
Information gathered from www.rebac.net
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