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Q.
I'm not sure what I want to buy? What do I do?
A. Write
a wants & needs list. Buyers are often disappointed
because they are looking for the
"perfect" house. By developing a practical
list, you increase your chances of finding several homes that
meet your needs. A home is an investment, so get
the most for what you can afford now. It will appreciate over
time and you can always move up as your financial ability
grows. An agent can also help you in assessing your
needs.
Q. What are the steps in the buying process?
| Step
1: |
Get
Pre-qualified, and if possible, pre-approved. Your
lender will help you determine how much you can
afford. Stay within your price range as you are
looking at homes. When you find your home and
an offer is presented, the sellers will consider
your offer more seriously if you are pre-qualified
or pre-approved. |
| Step
2: |
Hire
an experienced agent to assist you. An agent will
begin to search for properties that meet your needs
and wants. They will email, fax, call or mail you
the information, show you the home, write up the
offer, present it and once under contract coordinate
the escrow. |
| Step
3: |
Be
prepared to write up a non-contingent offer.
If you have a property that you need to sell, it
should be in escrow waiting to close or already sold
and closed. |
| Step
4: |
Be
flexible to look at properties at any time. Hot
properties sometimes sell in less than 24
hours. |
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Q.
Why use a Real Estate Buyers Representative?
A. Purchasing
real estate is a complex and major transaction. In the
majority of cases the seller will be represented by an agent.
Every buyer deserves to have complete and fair representation
in the real estate transaction. An agent can be an
excellent representative .
The real estate buyer agent is responsible in protecting their
clients' best interests. Research by the NATIONAL ASSOCIATION
OF REALTORS® has shown that when a buyer agent is used, the
prospective buyer found their home one week faster and
examined three more properties than those consumers who did
not use a buyers agent.
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Q.
What is a REALTOR® and how do I select one?
A. First, it is important that the
real estate agent you select is a REALTOR®. Not
every agent is a REALTOR®. To be a REALTOR®,
you must be a member of the NATIONAL ASSOCIATION OF REALTORS®
This subjects REALTORS® to a strict Code of
Ethics. To tell if an agent is a REALTOR®, look
for the big R on a real estate agent’s card. You
may have to search for the right fit when selecting your
agent. When "shopping" for a REALTOR®
, ask about any professional designations they may hold.
Designations are an indication that the REALTOR®
has made extra effort to become knowledgeable and
professional.
You may wish to contact a local association of REALTORS®
in the area you are located to see if they may have a referral
process, refer to the Yellow Pages, contact the Chamber of
Commerce, or ask friends and neighbors for their
recommendations.
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Q.
What happens
if I sell my house first and can't find a new home?
A. The
changes of this happening are slim. If it does happen,
however, temporary housing (a short term rental) is
available. Unfortunately, when you commit to make a move, you
have to go for it! It’s a little tricky because on your
re-purchase, few sellers will even look at an offer unless
your existing house has an accepted offer and IS IN ESCROW!
Sold and closed is even more desirable.
When an offer is presented, you have the option of asking for
a longer close (60 days) or a 30 or 45-day rent back after a
quick close (you rent your home from the new buyers after
close of escrow and make payments to them). This gives
you enough time to locate your new home, write up an offer and
close escrows concurrently. You can see the importance
of having a knowledgeable and experienced agent. You
need guidance through these delicate transitions.
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