What Buyers Should Know
“Rob and I have been visiting your website regularly and are quite impressed. He has begun the preliminary work on getting our finances in order. My job is to work with the REALTOR. In order to be smart consumers, are there basic questions that we should be asking? Seriously, we are going to fiercely pursue this until it becomes unreasonable. We don’t want to make any hasty decisions.” - Cathy O.
Above all, you should enjoy your REALTOR’S personality. It makes everything else a little easier.
Negotiations can get stressful. You need to be convinced that your REALTOR is on your side.
Some “top agents” can actually get too busy to provide the level of hand holding you need.
Some “top agents” get there because they do offer exceptional service and have great systems.
Your REALTOR’S level of production is subordinate to their ability to communicate.
Your REALTOR should be highly responsive to your questions and calls, no matter what.
You don’t know what you don’t know. Your REALTOR should.
The way I work with Buyers is:
First I schedule an appointment in my office.
I have a questionnaire that I work from.
We have what I call the “Real Estate 101″ talk.
We talk about your priorities in the home you’d like to own.
We explore your affordability range – (your financial comfort zone).
We discuss what compromises you may be able or willing to make.
We explore different neighborhoods on the map and how they stack up.
We talk about how an offer is structured, and preview the contract you’ll sign.
We discuss the types of inspections you should be prepared for.
I introduce you to a loan officer that I am confident in –
(Lenders can make or break your transaction. You enter 2 contracts in your home purchase; 1 with the Seller and 1 with the lender. They’re inter-dependent, but not inter-related. It is your choice on what company you use, but having someone who is responsive to your REALTOR is valuable and can make a critical difference, particularly with the structured time frames you’ve negotiated).
When we find a home you like, I do a “CMA” (Comparative Market Analysis).
We discuss the negotiation strategy, and determine your offering price.
Some houses need to be bought at full listed price.
Others not.
A lot of how “pricing” is determined is a function of the local market.
Some of it has to do with how much you want the home, or how realistic the Seller is.
Your REALTOR should have a solid handle on the current market trends and your motivation.
I used to try and tell Buyer’s not to worry. Buying a home can be fun.
Then, I learned that, once an offer is accepted, ALL Buyers worry.
Now I just say that worry is normal, so for the next 4 to 8 weeks you might as well get used to it!
Escrow is a series of unrelated issues and processes moving simultaneously towards the closing.
While it is routine in structure, each player involved has a separate agenda and differing priorities.
There are plenty of nightmare stories out there, but I don’t believe you need to know them all.
The fact is that every real estate sale is a little different.
They all have some issue or problem. And some are bigger than others.
Your REALTOR should be able to offer you a clear perspective during those critical moments.
Your REALTOR should work with diligence, yet not be overly tied to “keeping the deal together”.
Ultimately, your REALTOR should have the experience to either solve what does occur - OR -
The insight to locate those resources you need in order to resolve the pressing issues at hand.
The most crucial task of your REALTOR’S job is to give you your options at the critical moments.
You should feel like your REALTOR has empowered you to be in control of your purchase.
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