So You Wanna Buy a House?…

Great! So you’ve decided that you want to buy a house? You’ve never done this before, or maybe you have but it’s been a long time or maybe last time you bought your house directly from the owner when the market was high… What do you do? Where do you start?

Most people start by looking on the Internet. They start looking, maybe send an email or two to a listing agent, check Craigslist, etc… When they find something they want to see, they might call the listing agent and ask to see it. The listing agent may or may not even answer their phone (that’s the truth). The prospective buyers may get lucky, get a listing agent on the phone who agrees to show them the property without even knowing if the buyers are qualified to purchase the house. Two hours later, they see the house, but realize it doesn’t quite fit the bill. Repeat that scenario several times and just tote up the hours wasted. You can bet the buyers feel pretty discouraged at that point.

Here’s a few tips that I counsel prospective buyers to use:

• Interview buyer’s agents to find a qualified Realtor® who knows their market, has a proven track record, and with whom you are comfortable working with. Some good questions to ask yourself are: Has this professional demonstrated a comprehensive knowledge about the market and area in which you would like to buy? Are you confident that they have your best interests at heart? Are you confident in their negotiating skills? Do they have a strategy for helping you find the best deal?

Now, why would a buyer want to use a Realtor®? WHY NOT? For one, it’s free to the buyer (the seller pays the commission out of the listing agreement). Secondly, you want their expertise! Realtors® are market experts bound by their agency agreement with you to represent you and your best interests in the transaction. Third, if you don’t work with a Realtor®, you may not be able to see most of the homes on the market as you would not have access to the MLS lockboxes.

• Get pre-approved with a reputable lender. If you don’t have a reputable lender, usually your Realtor® can point you in the right direction. This is crucial to do before you start looking at homes. It will prepare you for the purchase price you can afford and tell you what you can expect your payment to be. Plus, by getting pre-approved, you will have an edge over buyers who just get pre-qualified. You will demonstrate to a seller that you are serious about purchasing, qualified to purchase the house they are selling, and that you have a certainty to close (no suprises since the lender has already approved your application).
• Set clear expectations with your Realtor® so you know what to expect and to ensure that you are all working together to meet your goal of home ownership. For example, if you need to bring Mom or Dad along for a second opinion, make that known so arrangements can be made. Or if you need to move by a certain date, make that known up-front to avoid a last minute dash to find a place to live.
• Communicate with your Realtor®. Eliminate assumption and ambiguity by asking all the questions you have (no question is dumb and if they’re experienced they’ve probably heard it all before anyway). If you are not happy with something, tell them. Allow them the chance to make it right and give you the service you deserve. Sometimes that can be hard, but better than starting all over with someone new. Go to them with you questions first before soliciting feedback from friends and family who aren’t the market experts. Better to get the right information than misinformation, even from people who mean well.

These tips may seem simple, but they can save you so much time and energy. I’ve met many clients who started looking online, got nowhere and ended up in a time crunch at the end to find a home. Think of all the time they could have saved by doing a little homework up front! As always, if I can help you find the home or your dreams or the Realtor® to help you get that home of your dreams. Drop me a line! Happy Hunting!!!