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| 8 Insider Tips Every Homebuyer Must Know | << Back to Report List |
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1. Don’t go it alone
What you need most in today’s complex marketplace is a professional
buyer’s agent who represents your interests only. Acquiring the services
of a buyer’s agent means that you have a licensed real estate agent
representing you during the search and purchase of a home. Sellers have
always been represented by an agent, but traditionally buyers have not.
Now, you can have your own agent guiding you through the process of
locating and negotiating the best price based on up-to-date comparative
pricing information. As the buyer, you are entitled to the same
representation and level of service as sellers. In addition, there is no
cost to the buyer for the service of a buyer’s agent; the buyer’s agent
is paid from the selling agent’s commission. 2. Get pre-approved
This will not only help you feel more confident, it will also give you
an advantage when there are multiple offers on a home – sellers love
buyers that are pre-approved for their loan. The fact that your loan has
already been approved is of great value to the seller because there is
less of a chance that you will back out of the sale. Becoming
pre-approved is very easy. You should complete a loan application that
includes a credit check prior to beginning your home search process.
Your agent can recommend reputable lenders.3. Research
Investigate the areas where you’re considering living before you start
looking. This will keep your search from having false starts. Get a good
idea of the price ranges these homes sell for. This is where a buyer’s
agent is a great asset. A buyer’s agent will be able to keep you
informed of newly listed properties, as well as determine the housing
demand in the area.4. Beat the competition to new listings
The search process can be both fun and sometimes stressful. The best
homes at the best prices sell fast. Keeping on top of this is critical
to your search. Connecting with a professional buyer’s agent that
understands what you’re searching for and keeps you updated will give
you the greatest selection of properties to consider. 5. Be a serious buyer
The best way to accomplish this is with strong earnest money. You should
consider putting 1% or more down to get the sellers attention. Remember,
earnest money goes toward the purchase price of the property if the
seller accepts your offer. 6. Keep your offer clean & simple
Make sure that your contract to purchase is “clean” and not bogged down
with unnecessary contingencies, especially repairs. Keep the time frames
of repairs and responses to a minimum. The cleaner your offer, the
easier you make things for the seller – and you. This may help you
purchase the property at the best price also. 7. Be calm
Even in a hot market, be cool and calculated with your decisions. Your
home purchase may be your single largest investment. It’s important to
make sure that you’re purchasing something that is not only a good
investment, but something you’ll enjoy for years to come.8. Work with a team
You’ll always have a better chance of your home purchase going smoothly
if all of the professionals involved work as a team. A good buyer’s
agent should have a team assembled consisting of a loan officer, a home
inspector and closer at a title company. The ability of these
professionals to communicate with each other and manage your contract,
inspection, loan and title work is critical to making sure your closing
goes smoothly and no detail falls through the cracks.
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© 2007 Naert Realty. |
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