Buying a home is exciting! Searching for the right home and navigating the home buying process can be fun.
Over the past 7 years, having worked with home buyers in finding the perfect home and sellers in the successful sale of their homes, I understand the process can sometimes feel confusing and complex and especially if it is something you are doing yourself. Depending on what stage you are in, I would like to share my top ten strategies on how you can make the process go smoother for you and your professional so you can enjoy a good real estate experience:
Hire a professional: A good professional is your advocate, partner and consultant in the process. They help you navigate the process and put the puzzle pieces together. They understand the ins and out of the home buying process, have a network of trusted professionals that can assist you an make the process go smoothly. Their job is to help simplify the process and make it go smooth and stress-free as possible. To read more about what a professional can do for you, click here.
Sign a Buyer Agency Agreement: This is a document that protects you and the professional working on your behalf. Signing the buyer agency agreement ensures that you have someone who has a fiduciary responsibility towards you, who is obligated by the law to protect and act in your best interest and who is committed to you and your success. This also in turn, protects the agent working on your behalf and ensures that time spent working for you and on your behalf is protected and that they get paid when the transaction closes. Understand that your professional only gets paid when they help you buy or sell your home. Signing the agreement ensures that when they invest time and resources working on your behalf, that they get paid. If you’ve ever wondered who pays the buyer’s agent, click here to find out more.
Speak to a Mortgage Professional early in the process: This is one of the primary and most essential piece of the home buying puzzle and should be done as soon as you start thinking about buying a home. If you are not paying cash for your home, chances are you will be financing it. Without financing or cash, there’s no home and all would be wasted effort on your part and on the part of all those assisting you with the process. Speaking to a mortgage professional early on in the process will help you understand your financing options and the mortgage professional will advise you on the best financing option for you. They will work to get you the best terms and conditions on your financing. Getting pre-approved early in the process will let you know that in fact, you can purchase a home and will let you know how much home you can buy. When it is determined that you are not yet ready, the mortgage professional will take you by the hand and show you how you can effectively and successfully prepare, and sometimes they can give you a potential timeframe for which you’d be ready if you followed through with their recommendations. Here are some great lending professionals I would like to recommend in the area and here are some common mistakes to avoid when looking to buy a home.
Always seek professional advice: Advice from friends, family, colleagues, etc may mean well but may not always be helpful. In fact, it can be damaging or lead to a strain on the process. It’s like going to a mechanic when in fact what you need is a doctor. Trust the professional you have hired to help you with the process, they do this on a day-to-day basis, and your success is their success. They may not always have all the answers but a good professional should be able to find the right answers or point you in the right direction. Remember, they are your consultant during the process so always ask them questions about the process. There is no foolish question, the only foolish question is the ones that have not been asked.
Practice open House protocol: Whenever you stop by an open house in the absence of your real estate professional, remember to introduce yourself and let the agent on duty know you are already working with an agent.
Always text, call or email your Real Estate professional to schedule appointments for homes you’d like to view: Your real estate professional can schedule for you to see any home or homes on the market whether it is listed by their company or not. They can also show you homes that are not listed on the MLS like a for-sale-by-owner; just let them know the address and they’ll schedule the tour for you. When you want to view property(s), a rule of thumbs is to give your agent advanced notice, for example, 24hrs so they can plan, call, schedule, map the route, and confirm the appointments for the tour.
Giving advanced notice also makes it possible for your professional to plan the tour properly to ensure that the flow of the tour works in progression from one area of the town to another in a smooth consistent pattern, timing each tour so they overlap to ensure a smooth workflow, confirming the appointments to ensure that it works for the homeowners especially during holidays or special events or sometimes illness in the home and that it is not being shown by other agents at the same time.
Always make your expectations or concerns known: Like any relationship, effective communication is important. It helps the other party know what they might or might not be doing or if you prefer something else. Your professional wants to do all possible to provide you with the best service. They won’t know unless you know let them know what your concerns are. Communicating openly and effectively will go a long way.
Do not sign forms you do not understand: Your professional will go over every paperwork that is required for the process with you. Ensure you understand the terms and the conditions of your contract, your timelines, and adhere to the stipulated timeline/deadlines as much as possible. You can always have your attorney review the details if you need to.
Keep your Professional informed throughout the process: Remember your professional is your partner during the process and having done this many times over, is able to offer professional counsel and advice. Concealing certain facts pertinent to the transaction may hurt you in the long run if not disclosed in a timely manner.
Online search engines: In today’s world, most buyers begin their home search online. Problem is that most sites open to the public do not have updated data and so chances are that some of the info you may be viewing on public websites might be outdated. Your professional should be able to set up property alerts for you directly from the MLS so you can view real-time data as seen by most agents so you can be aware of the present status of properties as soon as they come available or change on the market. This will go a long way in eliminating frustrations and disappointments as you only get to view homes that are most likely available on the market. As with any home you might be interested in, reach out to your professional and they will be able to research and inform you of its up-to-date status.
Endeavor to be on time for appointments with your real estate professional: When possible, give your agent a heads-up if running late for appointments especially showing appointments, that way they know you are still on your way and can make adjustments on the schedule if and when possible with showing times accordingly.